Mixed-Use Building with Retail
197 Lark Street Albany, NY 12210
197 Lark Street, Albany, NY, 12210
$649,900
For Sale
$649,900
Street-level retail is leased while three residential units above generate monthly income, with a rare 2-car garage for parking or deliveries.
Property Size3,160 SF
Price / SF$205.66
Days on Market346
Property Features for 197 Lark Street
General Information
- Standard status
- Active
- Size
- 3,160 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1880
Listing Agency
Coldwell Banker Prime Properties
Listed by
Amanda Penrose
(518) 639-4663
Source
Signatureonerealtygroup
Added: Aug 7, 2025 Checked: Jul 17 at 3:15 am
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 Coldwell Banker Prime Properties
Investment Insights
Based on property information with market context.
This mixed-use building includes a street-level commercial space and three residential units above. The commercial space is currently rented and has approval for a variety of uses, with existing equipment that provides a starting point for a food service operation. The three residential units are well maintained, including a 1BR unit facing Lark Street and another unit with skyline views and private rooftop access. The top-floor unit offers three bedrooms, two full baths, and in-unit laundry.
A rare 2-car garage off Spring Street provides parking or delivery options. The property is described as being steps from nearby shops and restaurants, as well as Washington Park.
Reported gross annual income is $66,600, reflecting both the leased commercial space and the residential unit rentals.
A rare 2-car garage off Spring Street provides parking or delivery options. The property is described as being steps from nearby shops and restaurants, as well as Washington Park.
Reported gross annual income is $66,600, reflecting both the leased commercial space and the residential unit rentals.
Key Highlights
- Mixed‑use building built in 1880 with 3,100+ SF total, featuring street‑level commercial space plus 3 residential units
- Street‑level commercial space is rented for $2,200/month and is approved for a variety of uses
- Three residential units generate $3,350/month: includes a 1BR facing Lark St, a unit with skyline views and private rooftop access, and a top‑floor 3BR/2BA with in‑unit laundry
Local 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 | $62.6k | $19.80 |
| − Vacancy | −$4.2k | −$1.33 |
| EGI | $58.4k | $18.47 |
| − OpEx | −$14.6k | −$4.62 |
| NOI | $43.8k | $13.86 |
3,160 SF · lease $19.80/SF/yr · vacancy 6.70% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$625.5K
$547.3K – $729.7K
NOI $43,782 @ 7.0% cap · market cap 6.74%
Second Best
Retail
$545.4K
$477.3K – $636.4K
NOI $38,181 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$833.7K
$729.5K – $972.7K
NOI $58,359 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Happie Collective
Department Store
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Street-level retail is leased while three residential units above generate monthly income, with a rare 2-car garage for parking or deliveries.
Where is this triplex located?
The property is located at 197 Lark Street Albany, NY.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Mixed‑use building built in 1880 with 3,100+ SF total, featuring street‑level commercial space plus 3 residential units; Street‑level commercial space is rented for $2,200/month and is approved for a variety of uses; Three residential units generate $3,350/month: includes a 1BR facing Lark St, a unit with skyline views and private rooftop access, and a top‑floor 3BR/2BA with in‑unit laundry
