Mixed-Use Building with Retail
For Sale
$575,000
204 Lancaster Street, Albany, NY 12201
MultiFamily, Albany, NY
Property Size4,123 SF
Lot Size0.04 Acres
Price / SF$139.46
Days on Market212
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 4, Bathroom 5, Bathroom 1, Bathroom 2, Bedroom 1, Bathroom 3, Bedroom 2
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: Sep 21
Last Checked: Oct 1 at 4:06PM
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.
This mixed-use building at 204 Lancaster Street combines a ground-floor retail area with two residential apartments above. The property contains 4,123 square feet on a 0.04-acre lot and was built in 1930. Brick construction, wood flooring, crown molding, tray ceilings, built-in features, and walk-in closets contribute to the building’s physical character. The ground-floor space is currently operated as a tailor shop.
Recent property improvements include a commercial central air-conditioning system, a rubber roof, and a new hot water tank. The building has mixed zoning, natural-gas heating, public water, public sewer, and high-speed internet. Central air, public utilities, and the combination of commercial and residential areas support continued mixed-use occupancy.
Recent property improvements include a commercial central air-conditioning system, a rubber roof, and a new hot water tank. The building has mixed zoning, natural-gas heating, public water, public sewer, and high-speed internet. Central air, public utilities, and the combination of commercial and residential areas support continued mixed-use occupancy.
Key Highlights
- Ground‑floor retail area with two residential apartments above
- 4123 square feet on a 0.04‑acre lot
- Built in 1930 with brick construction and wood flooring
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
8.66%
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 8.66%
Second Best
Mixed Use
$694.2K
$607.4K – $809.9K
NOI $48,595 @ 7.0% cap · market cap 8.45%
Theoretical Best
Office A
$1.09M
$951.8K – $1.27M
NOI $76,144 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,369
Businesses Nearby
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Business Placement
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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?
Mixed-use property - Ground-floor retail space is paired with two residential apartments.
Where is this mixed-use property located?
The property is located at 204 Lancaster Street Albany, NY.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Ground‑floor retail area with two residential apartments above; 4123 square feet on a 0.04‑acre lot; Built in 1930 with brick construction and wood flooring
