Brick Office Building with
For Sale
$449,000
Pending
255 Lark Street, Albany, NY 12210
COMMERCIAL - Albany, NY
Property Size2,824 SF
Lot Size0.11 Acres
Days on Market189
Property Features for 255 Lark Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Parking
5
Directions
Lark Street south - two blocks before Madison.
Standard status
Pending
APN
010100 76.23-3-15
Size
2,824 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
11491
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Building materials
Brick
Listing Agency:
Berkshire Hathaway Home Services Blake · Berkshire Hathaway HomeServices
(518) 464-0870
Listed By:
Karen Zalewski-Wildzunas · License #10301219752
(518) 858-4719
Added: Feb 12
Changed: Aug 4
Last Checked: Aug 20 at 7:06AM
MLS# 202612009
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 2,824-square-foot office property consists of a primary brick building and a detached rear annex on a 0.11-acre parcel. The configuration supports professional office, creative, and multi-tenant applications. Central air and forced-air electric heating serve the building, while public water and public sewer are available.
The property occupies a commercially active setting on Lark Street in Albany, near restaurants, retail, government offices, and residential density. Its location provides access to downtown and major routes, with on-site parking for five vehicles. The combination of separate structures, existing office improvements, and parking creates a practical layout for an owner-user or multiple occupants.
The property occupies a commercially active setting on Lark Street in Albany, near restaurants, retail, government offices, and residential density. Its location provides access to downtown and major routes, with on-site parking for five vehicles. The combination of separate structures, existing office improvements, and parking creates a practical layout for an owner-user or multiple occupants.
Key Highlights
- 2,824 SF office property on a 0.11‑acre parcel
- Primary brick building plus detached rear annex
- 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Office property with a detached rear annex, central air, and on-site parking for professional or creative users.
Where is this office building located?
The property is located at 255 Lark Street 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: 2,824 SF office property on a 0.11‑acre parcel; Primary brick building plus detached rear annex; On‑site parking for five (5) vehicles
