Mixed-Use Building with
New
For Sale
$639,900
197 Lark Street, Albany, NY 12210
COMMERCIAL - Albany, NY
Property Size4,360 SF
Lot Size0.04 Acres
Price / SF$146.77
Days on Market1
Property Features for 197 Lark Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 1, Bathroom 4, Bathroom 5, Bathroom 2, Bathroom 3
Parking
2
Parking features
Off Street, Open
Interior features
Walk-In Closet(s)
Basement
Unfinished, Full, Interior Entry
Lot features
Views, Road Frontage
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
4,360 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
9021
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1880
Floors in Building
3
Flooring type
Hardwood, Laminate
Building materials
Brick
Roof type
Rubber
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 5:06PM
MLS# 202623729
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 brick mixed-use building combines a street-level commercial space with three residential units above. The commercial area includes existing equipment that may support a food-service operation, while the residential component includes a one-bedroom unit, a residence with private rooftop access, and a top-floor apartment with three bedrooms, two full baths, and in-unit laundry. Interior finishes include hardwood and laminate flooring, with hot-water heating and wall-unit cooling.
A two-car garage is accessed from Spring St and can accommodate parking or deliveries. The property is located at 197 Lark Street in Albany’s Center Square neighborhood, near shops, restaurants, and Washington Park. Mixed zoning, public water, public sewer, and an 1880 construction date round out the property profile.
A two-car garage is accessed from Spring St and can accommodate parking or deliveries. The property is located at 197 Lark Street in Albany’s Center Square neighborhood, near shops, restaurants, and Washington Park. Mixed zoning, public water, public sewer, and an 1880 construction date round out the property profile.
Key Highlights
- Mixed‑use property with a street‑level commercial space and 3 residential units
- Top‑floor apartment has 3 bedrooms, 2 full baths, and in‑unit laundry
- Residential unit includes private rooftop access
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
$52,680
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
8.23%
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%
$1,053,600
$1.1M
Cap Rate 7%
$752,571
$752.6K
Cap Rate 9%
$585,333
$585.3K
Market Conditions
NOI Build-Up for 4,360 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
$81.1K $18.60/SF
− Vacancy
−$5.8K −$1.34/SF
EGI
$75.3K $17.26/SF
− OpEx
−$22.6K −$5.18/SF
NOI
$52.7K $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%
$1,053,600
Cap Rate 7%
$752,571
Cap Rate 9%
$585,333
Alternative Uses
Best Use
Retail
$752.6K
$658.5K – $878.0K
NOI $52,680 @ 7.0% cap · market cap 8.23%
Second Best
Mixed Use
$734.1K
$642.4K – $856.5K
NOI $51,388 @ 7.0% cap · market cap 8.03%
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,520 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level commercial space is combined with multiple residential units and off-street parking.
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: Mixed‑use property with a street‑level commercial space and 3 residential units; Top‑floor apartment has 3 bedrooms, 2 full baths, and in‑unit laundry; Residential unit includes private rooftop access
