Mixed-Use Building in Center
197 Lark Street, Albany, NY 12210
MULTI_FAMILY - Other - Albany, NY
Property size:
3,160 SFLot size:
0.04 AcresPrice / SF:
$240/SF- Added:
- Aug 7, 2025
- Days on Market:
- 283
- Last Refresh:
- May 16 at 11:06 pm
Property Features for 197 Lark Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Mixed
- Bedrooms
- 5
- Bathrooms
- 5
- Rooms
- Bedroom 5, Bathroom 1, Bedroom 4, Bathroom 5, Bedroom 2, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 3
- Parking
- 2
- Parking features
- Garage
- Window features
- Display Window(s), Skylight(s)
- Basement
- Full, Unfinished, Interior Entry
- Standard status
- Active
- APN
- 65.80-3-24
- Size
- 3,160 SF
- Lot size
- 0.04 Acres
Taxes and HOA fees
- Tax Annual Amount
- 9843
Utilities
- Sewer type
- Public Sewer
- Heating system
- Hot Water(Heating)
- Water source
- Public
Building Details
- Year built
- 1880
- Number of units
- 4
- Flooring type
- Laminate, Wood
- Building materials
- Brick
- Roof type
- Rubber
- Architectural style
- Other
Listing agent Amanda Penrose License #10401332555 (518) 760-1050
Listing office Coldwell Banker Prime Properties 433 Loudon Rd, Green Island, NY (518) 427-9000
Listing date Aug 7, 2025
MLS# 202523509
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
- High‑income generating mixed‑use building with $66,600 gross annual income.
- Prime Center Square location with high visibility and foot traffic.
- Street‑level commercial space rented at $2,200/month, approved for various uses, with existing equipment for food service.
- Three well‑maintained residential units generating $3,350/month.
- Rare 2‑car garage for parking or deliveries.
- Residential unit with skyline views and private rooftop access.
Overview
This mixed-use building is located in Albany's Center Square neighborhood. The property features over 3,100 square feet of space, including a street-level commercial space that is currently rented for $2,200 per month and is approved for a variety of uses. Existing equipment provides a starting point for food service operation. Above the commercial space, there are three residential units that generate $3,350 per month. One unit is a one-bedroom apartment facing Lark Street. Another unit offers skyline views and private rooftop access. The top-floor unit includes three bedrooms, two full baths, and in-unit laundry. A two-car garage is accessible off Spring Street, suitable for parking or deliveries. The property's gross annual income is $66,600. The building is located steps from shops, restaurants, and Washington Park. The property is zoned mixed. The lot size is 0.04 acres.
Financial Insights
Value Estimation Calculated for Retail
Conservative
$424.2K
NOI $38,181 @ 9.00% cap · cautious / downside scenario
Moderate
$545.4K
NOI $38,181 @ 7.00% cap · market / base-case scenario
Aggressive
$763.6K
NOI $38,181 @ 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 | $58.8k | $18.60 |
| − Vacancy | −$4.2k | −$1.34 |
| EGI | $54.5k | $17.26 |
| − OpEx | −$16.4k | −$5.18 |
| NOI | $38.2k | $12.08 |
3,160 SF · lease $18.60/SF/yr · vacancy 7.20% · expense 30.00%
Alternative Use Scenarios
Best Use
Retail
$545.4K
$477.3K – $636.4K
NOI $38,181 @ 7.0% cap · market cap 5.02%
Second Best
Mixed Use
$532.1K
$465.6K – $620.8K
NOI $37,245 @ 7.0% cap · market cap 4.90%
Theoretical Best
Office A
$833.7K
$729.5K – $972.7K
NOI $58,359 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Happie Collective
Department Store
Location Insight
- Map
- Local Demand
- City
- Albany
- County
- Albany
- State
- New York
- Longitude
- -73.764112
- Latitude
- 42.656307
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Mixed-use property with commercial space and residential units in Albany.
Where is this mixed-use property located?
The property is located at 197 Lark Street Albany, NY.
What is the asking price?
The asking price for this property is $759,900.
What are key features of this property?
This property features: High‑income generating mixed‑use building with $66,600 gross annual income.; Prime Center Square location with high visibility and foot traffic.; Street‑level commercial space rented at $2,200/month, approved for various uses, with existing equipment for food service.
