Mixed-Use Income
For Sale
$2,199,000
261 Central Avenue, Albany, NY 12206
Mixed-use property with 7 residential units and 2 commercial spaces, professionally managed, on Albany’s Central Avenue corridor.
Property Size5,952 SF
Price / SF$369.46
Days on Market10
Property Features for 261 Central Avenue
General Information
Standard status
Active
Size
5,952 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Multifamily Units
7
Amenities
Central air
Central Air Cooling
Electric Heating
Heat Pump Heating
Laminate Flooring
Metered
Off Street
Vinyl Flooring
Wall Unit(s) Cooling
Building Details
Year Built
1930
Tenancy
Multi
Listing Agency:
REALTY ONE GROUP KEY
(518) 630-5360
Listed By:
RYAN EDSON
Source:
Corcoran
Added: Jul 22
Changed: Jul 25
Last Checked: Jul 30 at 7:57AM
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.
This mixed-use income building includes 7 residential units and 2 commercial spaces within a combination property. The offering is presented as having professional management in place.
Located on Albany’s Central Avenue commercial corridor, the property is described as having convenient access to downtown, major highways, hospitals, schools, and public transportation.
The configuration supports both income-focused ownership and owner-occupant use, with commercial and residential spaces under one roof.
Located on Albany’s Central Avenue commercial corridor, the property is described as having convenient access to downtown, major highways, hospitals, schools, and public transportation.
The configuration supports both income-focused ownership and owner-occupant use, with commercial and residential spaces under one roof.
Key Highlights
- Built in 1930 mixed‑use building with 7 residential units and 2 commercial spaces
- Includes a total of 9 spaces: 1 commercial and 6 residential, plus additional 248 Sherman (7 residential and 2 commercial)
- Professionally managed property
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $132.1k | $22.20 |
| − Vacancy | −$23.5k | −$3.95 |
| EGI | $108.6k | $18.25 |
| − OpEx | −$27.2k | −$4.56 |
| NOI | $81.5k | $13.69 |
5,952 SF · lease $22.20/SF/yr · vacancy 17.80% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.16M
$1.02M – $1.36M
NOI $81,461 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$868.6K
$760.0K – $1.01M
NOI $60,799 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,922 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,817
Businesses Nearby
Explore this area
Business Placement
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Mixed-use property with 7 residential units and 2 commercial spaces, professionally managed, on Albany’s Central Avenue corridor.
Where is this apartment building located?
The property is located at 261 Central Avenue Albany, NY.
What is the asking price?
The asking price for this property is $2,199,000.
What are key features of this property?
This property features: Built in 1930 mixed‑use building with 7 residential units and 2 commercial spaces; Includes a total of 9 spaces: 1 commercial and 6 residential, plus additional 248 Sherman (7 residential and 2 commercial); Professionally managed property
