Mixed-Use Income
For Sale
$2,149,000
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$361.06
Days on Market88
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
Building Details
Year Built
1930
Tenancy
Multi
Listing Agency:
Realty One Group Key
Listed By:
Ryan Edson · License #10401395263
(518) 630-5360
Source:
Signatureonerealtygroup
Added: Jun 19
Changed: Sep 13
Last Checked: Sep 13 at 10:26AM
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
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
$60,799
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
2.83%
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%
$1,215,980
$1.2M
Cap Rate 7%
$868,557
$868.6K
Cap Rate 9%
$675,544
$675.5K
Market Conditions
NOI Build-Up for 5,952 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
$117.8K $19.80/SF
− Vacancy
−$7.3K −$1.23/SF
EGI
$110.5K $18.57/SF
− OpEx
−$49.7K −$8.36/SF
NOI
$60.8K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,215,980
Cap Rate 7%
$868,557
Cap Rate 9%
$675,544
Alternative Uses
Best Use
Apartment 5plus
$868.6K
$760.0K – $1.01M
NOI $60,799 @ 7.0% cap · market cap 2.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,922 @ 7.0% cap · market cap 5.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
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 $2,149,000.
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
