Mixed-Use Property with Income
1879 Central Avenue, Albany, NY 12205
- Added:
- Jan 12, 2026
- Days on Market:
- 124
- Last Refresh:
- May 16 at 11:06 pm
Property Features for 1879 Central Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Mixed
- Bedrooms
- 4
- Bathrooms
- 6
- Rooms
- Bathroom 5, Bathroom 6, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 3, Bedroom 1, Bathroom 4, Bedroom 2, Bathroom 7
- Parking
- 15
- Basement
- Walk-Out Access
- Standard status
- Pending
- APN
- 012689 29.10-1-15
- Size
- 3,450 SF
- Lot size
- 0.22 Acres
Taxes and HOA fees
- Tax Annual Amount
- 7362
Utilities
- Sewer type
- Public Sewer
- Heating system
- Baseboard, Hot Water(Heating), Forced Air
- Water source
- Public
Building Details
- Year built
- 1956
- Number of units
- 7
- Flooring type
- Vinyl, Linoleum, Carpet
- Building materials
- Block, Vinyl Siding
Listing agent Jennifer Mentiply License #10491212080 (518) 369-4545
Listing office Renovo Real Estate 1490 Saratoga Rd Ste 5, Ballston Spa, NY (518) 288-3349
Listing date Jan 12, 2026
MLS# 202610677
Listing URL
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Immediate cash flow available, with value‑add potential through rent optimization.
- High‑visibility location in Colonie, complete with ample off‑street parking.
- Mixed‑use property featuring commercial spaces, apartments, and a three‑bay garage.
- Durable tenant demand ensures consistently rented units.
- Current 7.1% Cap Rate.
- Coin laundry on premises.
Overview
Located along a high-visibility corridor in Colonie, this mixed-use property offers immediate cash flow with value-add potential. The property includes two street-level commercial spaces occupied by long-term tenants, four one-bedroom apartments, and one studio apartment. A three-bay garage and ample off-street parking are also included. The building has a history of consistent occupancy. The current rents are below market value, offering an opportunity to increase net operating income through rent optimization. The roof was replaced approximately ten years ago, and the studio apartment was recently renovated. The property also features a coin laundry with a washer and dryer on the premises. The property is situated on a 0.22-acre lot. The building size is 3,450 square feet. The total annual rents are currently $61,920, with yearly expenses around $15,000, resulting in a net operating income of approximately $46,920 and a 7.1% capitalization rate.
Financial Insights
Value Estimation Calculated for Retail
Conservative
$463.2K
NOI $41,685 @ 9.00% cap · cautious / downside scenario
Moderate
$595.5K
NOI $41,685 @ 7.00% cap · market / base-case scenario
Aggressive
$833.7K
NOI $41,685 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $64.2k | $18.60 |
| − Vacancy | −$4.6k | −$1.34 |
| EGI | $59.5k | $17.26 |
| − OpEx | −$17.9k | −$5.18 |
| NOI | $41.7k | $12.08 |
3,450 SF · lease $18.60/SF/yr · vacancy 7.20% · expense 30.00%
Alternative Use Scenarios
Best Use
Retail
$595.5K
$521.1K – $694.8K
NOI $41,685 @ 7.0% cap · market cap 6.32%
Second Best
Mixed Use
$580.9K
$508.3K – $677.7K
NOI $40,663 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$910.2K
$796.4K – $1.06M
NOI $63,715 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Shear Perfection
Hair Salon
Location Insight
- Map
- Local Demand
- City
- Albany
- County
- Albany
- State
- New York
- Longitude
- -73.851305
- Latitude
- 42.734299
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Mixed-use property in Colonie with immediate cash flow and upside.
Where is this mixed-use property located?
The property is located at 1879 Central Avenue Albany, NY.
What is the asking price?
The asking price for this property is $659,900.
What are key features of this property?
This property features: Immediate cash flow available, with value‑add potential through rent optimization.; High‑visibility location in Colonie, complete with ample off‑street parking.; Mixed‑use property featuring commercial spaces, apartments, and a three‑bay garage.
