Mixed-Use Building with
New
For Sale
$639,900
197 Lark Street, Albany, NY 12210
MULTI_FAMILY - Other - Albany, NY
Property Size3,160 SF
Lot Size0.04 Acres
Price / SF$202.50
Days on Market1
Property Features for 197 Lark Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Mixed
Bedrooms
5
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 2, Bathroom 1, Bathroom 5, Bathroom 2, Bedroom 4, Bedroom 1, Bathroom 4, Bedroom 3, Bedroom 5, Bathroom 3
Parking
2
Parking features
Garage
Window features
Skylight(s), Display Window(s)
Basement
Interior Entry, Full, Unfinished
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
From 787 North or South, take Exit 3A/Empire State Plaza. Right onto S Swan, Left onto Washington. Left on Lark. Property is on the corner of Lark and Spring between The Larkin and NoHo Pizza.
Standard status
Active
APN
010100 65.80-3-24
Size
3,160 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
9021
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Water source
Public
Building Details
Year built
1880
Number of units
4
Flooring type
Wood, Laminate
Building materials
Brick
Roof type
Rubber
Architectural style
Other
Listing Agency:
Coldwell Banker Prime Properties · Coldwell Banker Real Estate
(518) 427-9000
Listed By:
Amanda Penrose · License #10401332555
(518) 760-1050
Added: Aug 11
Last Checked: Aug 11 at 8:06PM
MLS# 202623726
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.
Investment Insights
Based on property information with market context.
This 3,160-square-foot mixed-use building combines a street-facing commercial area with three residential units. The commercial space includes existing equipment that can support a food service operation and is approved for a variety of uses. Residential features include a one-bedroom apartment facing Lark Street, a unit with skyline views and private rooftop access, and a top-floor residence with three bedrooms, two full bathrooms, and in-unit laundry.
Built in 1880, the brick property has wood and laminate flooring, hot water heat, a rubber roof, and public water and sewer service. A two-car garage accessed from Spring Street provides enclosed parking and delivery capability. The property occupies 0.04 acres and carries Mixed zoning.
Built in 1880, the brick property has wood and laminate flooring, hot water heat, a rubber roof, and public water and sewer service. A two-car garage accessed from Spring Street provides enclosed parking and delivery capability. The property occupies 0.04 acres and carries Mixed zoning.
Key Highlights
- 3,160‑square‑foot mixed‑use building with commercial space and 3 residential units
- Street‑level commercial area approved for a variety of uses
- Existing equipment supports a food service operation
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,181
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.97%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$763,620
$763.6K
Cap Rate 7%
$545,443
$545.4K
Cap Rate 9%
$424,233
$424.2K
Market Conditions
NOI Build-Up for 3,160 SF
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.
Gross rent
$58.8K $18.60/SF
− Vacancy
−$4.2K −$1.34/SF
EGI
$54.5K $17.26/SF
− OpEx
−$16.4K −$5.18/SF
NOI
$38.2K $12.08/SF
Area
Albany, NY
Vacancy
7.20%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$763,620
Cap Rate 7%
$545,443
Cap Rate 9%
$424,233
Alternative Uses
Best Use
Retail
$545.4K
$477.3K – $636.4K
NOI $38,181 @ 7.0% cap · market cap 5.97%
Second Best
Mixed Use
$532.1K
$465.6K – $620.8K
NOI $37,245 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$833.7K
$729.5K – $972.7K
NOI $58,359 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,402
Businesses Nearby
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level commercial space sits beneath three residential units and includes equipment suited to a food service operation.
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 $639,900.
What are key features of this property?
This property features: 3,160‑square‑foot mixed‑use building with commercial space and 3 residential units; Street‑level commercial area approved for a variety of uses; Existing equipment supports a food service operation
