Multi-Building Office
For Sale
$449,000
Pending
255 Lark St, Albany, NY 12210
Well-maintained office property with a main building and detached rear annex plus on-site parking for five vehicles.
Property Size2,824 SF
Days on Market199
Property Features for 255 Lark St
General Information
Standard status
Pending
Size
2,824 SF
Total Parking Spaces
5
Taxes and HOA fees
Annual Taxes
$11,491
Listing Agency:
Berkshire Hathaway Home Services Blake
(518) 858-4719
Listed By:
Karen Zalewski-Wildzunas · License #10401299136
(518) 858-4719
Source:
Exprealty
Added: Feb 12
Changed: Aug 21
Last Checked: Aug 29 at 12:03PM
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 Berkshire Hathaway Home Services Blake
Investment Insights
Based on property information with market context.
This well-maintained office property includes a main building plus a detached rear annex, offering flexible space for professional offices, creative users, or multi-tenant use. An on-site parking area is available for five vehicles, providing convenient access for occupants and visitors.
Located in the heart of Albany’s Lark Street district, the property is surrounded by restaurants, retail, government offices, and residential density, with convenient access to downtown and major routes.
For owner-users or investors, the two-building configuration can support a range of occupancy setups while keeping the overall building footprint centralized on the same site.
Located in the heart of Albany’s Lark Street district, the property is surrounded by restaurants, retail, government offices, and residential density, with convenient access to downtown and major routes.
For owner-users or investors, the two-building configuration can support a range of occupancy setups while keeping the overall building footprint centralized on the same site.
Key Highlights
- Well‑maintained office property in Albany’s Lark Street district
- Includes a main building plus a detached rear annex for flexible office or multi‑tenant use
- On‑site parking for five (5) vehicles
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
$38,650
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
8.61%
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%
$773,000
$773.0K
Cap Rate 7%
$552,143
$552.1K
Cap Rate 9%
$429,444
$429.4K
Market Conditions
NOI Build-Up for 2,824 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
$62.7K $22.20/SF
− Vacancy
−$11.2K −$3.95/SF
EGI
$51.5K $18.25/SF
− OpEx
−$12.9K −$4.56/SF
NOI
$38.7K $13.69/SF
Area
Albany, NY
Vacancy
17.80%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$773,000
Cap Rate 7%
$552,143
Cap Rate 9%
$429,444
Alternative Uses
Best Use
Office B
$552.1K
$483.1K – $644.2K
NOI $38,650 @ 7.0% cap · market cap 8.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$745.1K
$651.9K – $869.2K
NOI $52,154 @ 7.0% cap · market cap 11.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,369
Businesses Nearby
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained office property with a main building and detached rear annex plus on-site parking for five vehicles.
Where is this office building located?
The property is located at 255 Lark St Albany, NY.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Well‑maintained office property in Albany’s Lark Street district; Includes a main building plus a detached rear annex for flexible office or multi‑tenant use; On‑site parking for five (5) vehicles
