Mixed-Use Building with Retail
For Sale
$649,000
204 Lancaster Street, Albany, NY 12210
COMMERCIAL - Albany, NY
Property Size4,123 SF
Lot Size0.04 Acres
Price / SF$157.41
Days on Market199
Property Features for 204 Lancaster Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Parking features
On Street
Security features
Security
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
10411
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1930
Floors in Building
3
Building materials
Brick
Roof type
Rubber
Listing Agency:
Hanna Commercial
(518) 458-7000
Listed By:
Philip Sabatino · License #10401299525
(518) 376-2717
Added: Feb 2
Changed: Aug 4
Last Checked: Aug 20 at 9:06AM
MLS# 202611373
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 historic mixed-use building offering a ground-floor retail storefront with strong street presence and two residential apartments above. The retail space is currently operated as a tailor shop and is suitable for a wide variety of commercial uses, with the option to purchase tailor inventory separately.
The property is situated in an established Albany neighborhood with steady foot and vehicle traffic. The building layout supports an owner-occupant or investor configuration that combines street-level commercial space with residential units overhead.
With a compact lot and existing income-producing mix of uses on-site, this property can be acquired as a versatile retail-plus-residential investment or as a mixed-use owner-occupied asset.
The property is situated in an established Albany neighborhood with steady foot and vehicle traffic. The building layout supports an owner-occupant or investor configuration that combines street-level commercial space with residential units overhead.
With a compact lot and existing income-producing mix of uses on-site, this property can be acquired as a versatile retail-plus-residential investment or as a mixed-use owner-occupied asset.
Key Highlights
- Mixed‑use building at 204 Lancaster Street with ground‑floor retail plus two residential apartments above
- Ground‑floor retail space is currently operated as a tailor shop and can support a variety of commercial uses
- Brick construction with natural gas heating and central air cooling
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
7.68%
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 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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Ground-floor retail storefront is currently used as a tailor shop, with two residential apartments above.
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 at 204 Lancaster Street with ground‑floor retail plus two residential apartments above; Ground‑floor retail space is currently operated as a tailor shop and can support a variety of commercial uses; Brick construction with natural gas heating and central air cooling
