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 Market134
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:
Pyramidbrokerage
Listed By:
Pyramid Brokerage Albany
(518) 489-9199
Source:
Pyramidbrokerage
Added: Jun 3
Changed: Sep 14
Last Checked: Oct 12 at 4:34PM
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 Pyramidbrokerage
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 / Yr
$22,957
Cap Rate
3.54%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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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
