Mixed-Use Building with
204 Lancaster Street Albany, NY 12201
204 Lancaster Street, Albany, NY, 12201
$649,000
For Sale
$649,000
Ground-floor retail with apartments above offers flexible owner-occupant or investment use in a steady traffic area.
Property Size4,123 SF
Price / SF$157.41
Days on Market182
Property Features for 204 Lancaster Street
General Information
- Standard status
- Active
- Size
- 4,123 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1930
Listing agency
Hanna Commercial
Listed by
Philip Sabatino
(518) 639-4663
Source
Signatureonerealtygroup
Added: Jan 22 Updated: Jul 10 at 1:48PM Checked: Jul 22 at 7:03AM
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 Hanna Commercial
Investment Insights
Based on property information with market context.
This mixed-use property at 204 Lancaster Street combines a street-level storefront with two residential apartments above. The ground-floor space is currently operated as a tailor shop and has strong street presence, with the upper level configured for apartment living. The building has been updated with recent capital improvements, including a new commercial central air conditioning system, a new rubber roof, and a brand new hot water tank.
The property is located in a vibrant Albany neighborhood and is described as having steady foot and vehicle traffic, supporting day-to-day visibility for the retail component. It is a historic building that offers a practical live-and-work layout for owner-occupants or a two-part configuration for investors.
For tenants, buyers, or operators, the storefront can support a variety of commercial uses, while the residential units provide an additional income stream within the same asset. The offering also notes that tailor inventory can be purchased separately or included with the sale, which may be useful for a buyer looking to continue the existing business immediately.
The property is located in a vibrant Albany neighborhood and is described as having steady foot and vehicle traffic, supporting day-to-day visibility for the retail component. It is a historic building that offers a practical live-and-work layout for owner-occupants or a two-part configuration for investors.
For tenants, buyers, or operators, the storefront can support a variety of commercial uses, while the residential units provide an additional income stream within the same asset. The offering also notes that tailor inventory can be purchased separately or included with the sale, which may be useful for a buyer looking to continue the existing business immediately.
Key Highlights
- Mixed‑use building built in 1930 with ground‑floor retail and two apartments above
- Ground‑floor storefront is currently operated as a tailor shop and can support a wide variety of commercial uses
- Two residential apartments located above the retail space
Local Financial Insights For 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 | $76.7k | $18.60 |
| − Vacancy | −$5.5k | −$1.34 |
| EGI | $71.2k | $17.26 |
| − OpEx | −$21.3k | −$5.18 |
| NOI | $49.8k | $12.08 |
4,123 SF · lease $18.60/SF/yr · vacancy 7.20% · expense 30.00%
Alternative Uses
Best Use
Retail
$711.7K
$622.7K – $830.3K
NOI $49,816 @ 7.0% cap · market cap 7.68%
Second Best
Multifamily LT 5
$670.8K
$586.9K – $782.6K
NOI $46,954 @ 7.0% cap · market cap 7.23%
Theoretical Best
Office A
$1.09M
$951.8K – $1.27M
NOI $76,144 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
UG TATTOOS
Tattoo & Piercing Shop
Waldorf Tuxedo
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
Similar Off Market Nearby
- Lark Street Flower Market Inc — NEW LOCATION, 219 Lark St, Albany, NY 12210
- Taysha Florist — 191 Henry Johnson Blvd, Albany, NY 12210
- Olive & June Floral Co. — 472 madison ave, albany, ny 12208
FAQs
What type of property is this?
Storefront property - Ground-floor retail with apartments above offers flexible owner-occupant or investment use in a steady traffic area.
Where is this storefront property located?
The property is located at 204 Lancaster Street Albany, NY.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Mixed‑use building built in 1930 with ground‑floor retail and two apartments above; Ground‑floor storefront is currently operated as a tailor shop and can support a wide variety of commercial uses; Two residential apartments located above the retail space
