Mixed-Use Building with
For Sale
$639,900
197 Lark Street, Albany, NY 12210
Street-level commercial space is combined with three residential units and existing food-service equipment.
Property Size4,360 SF
Price / SF$146.77
Days on Market10
Property Features for 197 Lark Street
General Information
Standard status
Active
Size
4,360 SF
Total Parking Spaces
2
Property subtype
Commercial
Additional Details
Gross Income
$66,600
Multifamily Units
3
Amenities
private rooftop access
in-unit laundry
Building Details
Year Built
1880
Buildings
1
Tenancy
Multi
Listing Agency:
Coldwell Banker Prime Properties
Listed By:
Amanda Penrose
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Aug 7
Changed: Aug 16
Last Checked: Aug 16 at 9:36AM
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.
Built in 1880, this 4,360-square-foot mixed-use property combines a street-facing commercial area with three residential units. The commercial space is approved for a variety of uses and includes existing equipment associated with food service. Residential accommodations include a one-bedroom unit facing Lark Street, a unit with skyline views and private rooftop access, and a top-floor three-bedroom, two-bath residence with in-unit laundry.
A two-car garage is accessed from Spring Street and can serve parking or delivery needs. The property is located in Albany’s Center Square neighborhood, near shops, restaurants, and Washington Park.
A two-car garage is accessed from Spring Street and can serve parking or delivery needs. The property is located in Albany’s Center Square neighborhood, near shops, restaurants, and Washington Park.
Key Highlights
- 4,360‑square‑foot mixed‑use building constructed in 1880
- Street‑level commercial space approved for a variety of uses
- Three residential units, including a 3‑bedroom, 2‑bath top‑floor unit
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
Lease Details
3
Residential units
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level commercial space is combined with three residential units and existing food-service equipment.
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: 4,360‑square‑foot mixed‑use building constructed in 1880; Street‑level commercial space approved for a variety of uses; Three residential units, including a 3‑bedroom, 2‑bath top‑floor unit
