Church Facility with Commercial
For Sale
$389,000
221 ALLEN ST, Albany, NY 12206
Mixed-zoning property with a finished basement, private parking, and restaurant-use infrastructure already in place.
Property Size2,990 SF
Price / SF$130.10
Days on Market122
Property Features for 221 ALLEN ST
General Information
Standard status
Active
Size
2,990 SF
Property subtype
Mixed Use
Site & Location
Corner Location
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$12,452
Amenities
Ansul system
fully finished basement
Central Air
3
22 Parking Spaces.
261x106
Other Building, Exterior Lighting.
Building Details
Tenancy
Single
Listing Agency:
Realty One Group Key
(518) 728-1511
Listed By:
Ryan Edson · License #10401395263
(518) 728-1511
Source:
Xome
Added: May 2
Changed: Aug 29
Last Checked: Aug 30 at 1:50PM
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 Realty One Group Key
Investment Insights
Based on property information with market context.
Located at 221 N Allen Street in Albany, this 2990 SF commercial property is currently leased to a church and includes a flexible interior layout. The building previously operated as a restaurant and catering facility, with commercial kitchen infrastructure and plumbing remaining in place. An Ansul system, finished basement, and private off-street parking add functional value for the existing religious use or other supported commercial applications.
The property occupies the corner of N Allen St and Willow St, just off Central Ave. Its position provides access to a high-traffic corridor and places the building within a mixed-zoning setting. The combination of a church lease, former food-service configuration, basement area, and on-site parking creates a varied commercial property profile.
The property occupies the corner of N Allen St and Willow St, just off Central Ave. Its position provides access to a high-traffic corridor and places the building within a mixed-zoning setting. The combination of a church lease, former food-service configuration, basement area, and on-site parking creates a varied commercial property profile.
Key Highlights
- 2990 SF commercial property currently leased to a church
- Corner position at N Allen St and Willow St, just off Central Ave
- Commercial kitchen infrastructure and plumbing remain in place
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
$31,601
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
8.12%
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%
$632,020
$632.0K
Cap Rate 7%
$451,443
$451.4K
Cap Rate 9%
$351,122
$351.1K
Market Conditions
NOI Build-Up for 2,990 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
$48.4K $16.20/SF
− Vacancy
−$3.3K −$1.10/SF
EGI
$45.1K $15.10/SF
− OpEx
−$13.5K −$4.53/SF
NOI
$31.6K $10.57/SF
Area
Albany, NY
Vacancy
6.80%
Lease Rate
$16.20 /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%
$632,020
Cap Rate 7%
$451,443
Cap Rate 9%
$351,122
Alternative Uses
Best Use
Specialty Retail
$591.8K
$517.8K – $690.5K
NOI $41,427 @ 7.0% cap · market cap 10.65%
Second Best
Industrial
$451.4K
$395.0K – $526.7K
NOI $31,601 @ 7.0% cap · market cap 8.12%
Theoretical Best
Office A
$788.8K
$690.2K – $920.3K
NOI $55,219 @ 7.0% cap · market cap 14.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,317
Businesses Nearby
18k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 76%
Shops & Services 24%
Dunkin' Donuts
Dining
5,954 visits/mo
0.3 miles
KeyBank
Shops & Services
4,333 visits/mo
0.3 miles
SUBWAY
Dining
4,180 visits/mo
0.3 miles
Papa John's Pizza
Dining
3,391 visits/mo
0.3 miles
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
Median Home Value
Market
Vacancy Rate% for Retail in Albany, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Mixed-zoning property with a finished basement, private parking, and restaurant-use infrastructure already in place.
Where is this church & religious facility located?
The property is located at 221 ALLEN ST Albany, NY.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: 2990 SF commercial property currently leased to a church; Corner position at N Allen St and Willow St, just off Central Ave; Commercial kitchen infrastructure and plumbing remain in place
