6-Unit Mixed-Use
For Sale
$679,900
285 WASHINGTON AVE, Albany, NY 12206
Apartment residences and two street-level commercial spaces occupy this established Albany property near downtown amenities.
Property Size5,772 SF
Price / SF$117.79
Days on Market17
Property Features for 285 WASHINGTON AVE
General Information
Standard status
Active
Size
5,772 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$15,900
Amenities
Central Air, A/C - Other
3
34X97
Building Details
Year Built
1902
Listing Agency:
KW Platform
(518) 368-3932
Listed By:
Benjamin Romer · License #10401317745
(518) 368-3932
Source:
Xome
Added: Aug 15
Changed: Aug 29
Last Checked: Aug 30 at 2:21PM
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 KW Platform
Investment Insights
Based on property information with market context.
Built in 1902, this 5,772-square-foot mixed-use property combines a six-unit apartment building with two commercial spaces at street level. Central air conditioning is among the listed interior features, and the configuration supports both residential and commercial occupancy within one asset.
The property is located at 285 Washington Ave in Albany, within walking distance of restaurants, bars, shopping, and Washington Park. Downtown Albany is also nearby, providing an urban setting with access to established neighborhood amenities. The building offers a combination of apartment and storefront space in a prominent city location.
The property is located at 285 Washington Ave in Albany, within walking distance of restaurants, bars, shopping, and Washington Park. Downtown Albany is also nearby, providing an urban setting with access to established neighborhood amenities. The building offers a combination of apartment and storefront space in a prominent city location.
Key Highlights
- Six‑unit apartment building with two street‑level commercial spaces
- 5,772 square feet of mixed‑use space
- Built in 1902
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
$58,960
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
8.67%
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%
$1,179,200
$1.2M
Cap Rate 7%
$842,286
$842.3K
Cap Rate 9%
$655,111
$655.1K
Market Conditions
NOI Build-Up for 5,772 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
$114.3K $19.80/SF
− Vacancy
−$7.1K −$1.23/SF
EGI
$107.2K $18.57/SF
− OpEx
−$48.2K −$8.36/SF
NOI
$59.0K $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%
$1,179,200
Cap Rate 7%
$842,286
Cap Rate 9%
$655,111
Alternative Uses
Best Use
Retail
$996.3K
$871.8K – $1.16M
NOI $69,741 @ 7.0% cap · market cap 10.26%
Second Best
Mixed Use
$971.9K
$850.4K – $1.13M
NOI $68,030 @ 7.0% cap · market cap 10.01%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,597 @ 7.0% cap · market cap 15.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,078
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Apartment residences and two street-level commercial spaces occupy this established Albany property near downtown amenities.
Where is this mixed-use property located?
The property is located at 285 WASHINGTON AVE Albany, NY.
What is the asking price?
The asking price for this property is $679,900.
What are key features of this property?
This property features: Six‑unit apartment building with two street‑level commercial spaces; 5,772 square feet of mixed‑use space; Built in 1902
