Corner Retail Restaurant
1656 Western Avenue Albany, NY 12203
For Sale
$995,000
Corner building with 125 feet of frontage and two tenant spaces, including a fully equipped restaurant/bar and a retail unit.
Property Size4,020 SF
Price / SF$247.51
Days on Market53
Property Features for 1656 Western Avenue
General Information
- Standard status
- Active
- Size
- 4,020 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1977
Listing Agency:
IKON Realty Group
(518) 573-5853
Listed By:
Bruce Ginsburg
(518) 573-5853
Source:
Ikonrealtygroup
Added: Jun 2
Changed: Jul 23
Last Checked: Jul 23 at 5:37PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of IKON Realty Group
Investment Insights
Based on property information with market context.
This corner retail and restaurant property includes a +/-4,020 SF building split for two separate tenants. The larger portion is a +/-2,820 SF fully equipped restaurant/bar space. The remaining +/-1,200 SF is configured as a retail space, creating flexibility for an operator or landlord seeking multiple income streams.
The building sits along Western Ave with approximately 125 feet of frontage and is positioned directly across from Crossgates Mall. The property is also described as having 32,185 cars per day along Western Ave.
As presented, the offering is a high-profile retail/restaurant building with a corner location, current multi-tenant configuration, and frontage on a heavily traveled corridor.
The building sits along Western Ave with approximately 125 feet of frontage and is positioned directly across from Crossgates Mall. The property is also described as having 32,185 cars per day along Western Ave.
As presented, the offering is a high-profile retail/restaurant building with a corner location, current multi-tenant configuration, and frontage on a heavily traveled corridor.
Key Highlights
- Corner retail/restaurant building with 125 ft of frontage on Western Ave.
- +/-4,020 SF building split for two tenants: +/-2,820 SF fully equipped restaurant/bar and +/-1,200 SF retail space.
- Currently operating restaurant/bar space included as a defined tenant area within the property.
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $79.6k | $19.80 |
| − Vacancy | −$5.3k | −$1.33 |
| EGI | $74.3k | $18.47 |
| − OpEx | −$18.6k | −$4.62 |
| NOI | $55.7k | $13.86 |
4,020 SF · lease $19.80/SF/yr · vacancy 6.70% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$795.7K
$696.2K – $928.3K
NOI $55,697 @ 7.0% cap · market cap 5.60%
Second Best
Retail
$693.9K
$607.2K – $809.5K
NOI $48,572 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$1.06M
$928.0K – $1.24M
NOI $74,241 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Top Tier Esthetics
Spa & Massage Center
Liberty Transporting CO
Shipping Company
Skin_by_aanae
Hair Salon
Tip To Toe Nails
Nail Salon
FAQs
What type of property is this?
Retail space - Corner building with 125 feet of frontage and two tenant spaces, including a fully equipped restaurant/bar and a retail unit.
Where is this retail space located?
The property is located at 1656 Western Avenue Albany, NY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Corner retail/restaurant building with 125 ft of frontage on Western Ave.; +/-4,020 SF building split for two tenants: +/-2,820 SF fully equipped restaurant/bar and +/-1,200 SF retail space.; Currently operating restaurant/bar space included as a defined tenant area within the property.
