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 Market179
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) 728-1511
Source:
Signatureonerealtygroup
Added: May 5
Changed: Oct 29
Last Checked: Oct 28 at 8:35AM
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
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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 / Yr
$60,799
Cap Rate
2.83%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
7
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,817
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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
