Mixed-Use Building with
For Sale
$649,000
204 Lancaster Street, Albany, NY 12210
Ground-floor retail with apartments above offers flexible owner-occupant or investment use in a steady traffic area.
Property Size1,900 SF
Price / SF$341.58
Days on Market85
Property Features for 204 Lancaster Street
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Mixed Use
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Building Size
1,900 SF
Listing Agency:
(518) 489-9199
Listed By:
Pyramid Brokerage Albany
(518) 489-9199
Source:
Pyramidbrokerage
Added: Jun 3
Changed: Aug 23
Last Checked: Aug 25 at 4:54AM
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 Pyramid Brokerage Albany
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
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
$22,957
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
3.54%
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%
$459,140
$459.1K
Cap Rate 7%
$327,957
$328.0K
Cap Rate 9%
$255,078
$255.1K
Market Conditions
NOI Build-Up for 1,900 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
$35.3K $18.60/SF
− Vacancy
−$2.5K −$1.34/SF
EGI
$32.8K $17.26/SF
− OpEx
−$9.8K −$5.18/SF
NOI
$23.0K $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%
$459,140
Cap Rate 7%
$327,957
Cap Rate 9%
$255,078
Alternative Uses
Best Use
Retail
$328.0K
$287.0K – $382.6K
NOI $22,957 @ 7.0% cap · market cap 3.54%
Second Best
Multifamily LT 5
$309.1K
$270.5K – $360.6K
NOI $21,638 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$501.3K
$438.6K – $584.8K
NOI $35,089 @ 7.0% cap · market cap 5.41%
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
Under-served
Demand for This Use
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?
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
