Mixed-Use Building with Retail and
For Sale
$599,000
204 Lancaster Street, Albany, NY 12201
MULTI_FAMILY - Other - Albany, NY
Property Size4,123 SF
Lot Size0.04 Acres
Price / SF$145.28
Days on Market170
Property Features for 204 Lancaster Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Mixed
Bedrooms
2
Bathrooms
4
Full bathrooms
2
Half bathrooms
3
Rooms
Bathroom 1, Bedroom 2, Bathroom 5, Bathroom 4, Bedroom 1, Bathroom 2, Bathroom 3
Security features
Security
Window features
Wood Frames
Interior features
High Speed Internet, Tray Ceiling(s), Walk-In Closet(s), Built-in Features, Crown Molding
Basement
Partial
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Head down Lark Street, and the property will be on the left-hand side
Standard status
Active
APN
010100 76.23-3-11
Size
4,123 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
9883
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1930
Number of units
3
Flooring type
Wood
Building materials
Brick
Roof type
Rubber
Architectural style
Other
Listing Agency:
Hanna Commercial
(518) 458-7000
Listed By:
Philip Sabatino · License #10401299525
(518) 376-2717
Added: Mar 3
Changed: Jul 24
Last Checked: Aug 20 at 9:06AM
MLS# 202612819
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.
204 Lancaster Street is a mixed-use, historic Albany building featuring a ground-floor retail space and two residential apartments above. The storefront is currently operated as a tailor shop, with the residential units providing separate space within the same property.
The building is positioned in a mixed-use zoned setting, offering flexibility for buyers looking to combine commercial frontage with on-site residential income. Recent capital improvements reported in the listing include a new commercial central air conditioning system, a new rubber roof, and a brand new hot water tank.
With approximately 4,123 square feet of total property size on a 0.04-acre lot, this is a versatile ownership opportunity for an owner-occupant or investor interested in managing both the commercial and residential components of the building.
The building is positioned in a mixed-use zoned setting, offering flexibility for buyers looking to combine commercial frontage with on-site residential income. Recent capital improvements reported in the listing include a new commercial central air conditioning system, a new rubber roof, and a brand new hot water tank.
With approximately 4,123 square feet of total property size on a 0.04-acre lot, this is a versatile ownership opportunity for an owner-occupant or investor interested in managing both the commercial and residential components of the building.
Key Highlights
- Brick mixed‑use building in historic Albany with ground‑floor retail and two residential apartments above
- Retail currently used as a tailor shop with strong street presence and suitable for multiple commercial uses
- Recent capital improvements over $25,000: new commercial central air, rubber roof, and brand new hot water tank
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
$49,816
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
8.32%
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%
$996,320
$996.3K
Cap Rate 7%
$711,657
$711.7K
Cap Rate 9%
$553,511
$553.5K
Market Conditions
NOI Build-Up for 4,123 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
$76.7K $18.60/SF
− Vacancy
−$5.5K −$1.34/SF
EGI
$71.2K $17.26/SF
− OpEx
−$21.3K −$5.18/SF
NOI
$49.8K $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%
$996,320
Cap Rate 7%
$711,657
Cap Rate 9%
$553,511
Alternative Uses
Best Use
Retail
$711.7K
$622.7K – $830.3K
NOI $49,816 @ 7.0% cap · market cap 8.32%
Second Best
Multifamily LT 5
$670.8K
$586.9K – $782.6K
NOI $46,954 @ 7.0% cap · market cap 7.84%
Theoretical Best
Office A
$1.09M
$951.8K – $1.27M
NOI $76,144 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
4,369
Businesses Nearby
Explore this area
Business Placement
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?
Triplex - Ground-floor retail with two residential apartments above, plus recent capital improvements including HVAC, roof, and hot water system.
Where is this triplex located?
The property is located at 204 Lancaster Street Albany, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Brick mixed‑use building in historic Albany with ground‑floor retail and two residential apartments above; Retail currently used as a tailor shop with strong street presence and suitable for multiple commercial uses; Recent capital improvements over $25,000: new commercial central air, rubber roof, and brand new hot water tank
