6-Unit Mixed-Use
New
For Sale
$679,900
285 Washington Avenue, Albany, NY 12206
COMMERCIAL - Other - Albany, NY
Property Size5,772 SF
Lot Size0.08 Acres
Price / SF$117.79
Days on Market4
Property Features for 285 Washington Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Multi Residence
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
From Washington Park, head west on Washington Avenue toward Lark Street. Continue past Lark Street; 285 Washington Ave is located just above Lark Street, between Henry Johnson Boulevard and Lexington Avenue.
Standard status
Active
APN
010100 65.71-3-37
Size
5,772 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
15900
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1902
Building materials
Brick
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Benjamin R Romer · License #10401317745
(518) 368-3932
Added: Aug 17
Changed: Aug 18
Last Checked: Aug 20 at 12:06AM
MLS# 202624235
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.
Built in 1902, this 5,772-square-foot brick mixed-use property contains six apartment units and two commercial spaces at street level. Central air serves the building, with public water and public sewer in place. The Multi Residence zoning designation supports its mixed-use configuration as described in the listing information.
The property is located in Albany’s Center Square neighborhood at 285 Washington Avenue. Restaurants, bars, shopping, and Washington Park are within walking distance, while downtown Albany is also conveniently nearby. The existing layout provides a combination of residential and commercial space within an established urban setting.
The property is located in Albany’s Center Square neighborhood at 285 Washington Avenue. Restaurants, bars, shopping, and Washington Park are within walking distance, while downtown Albany is also conveniently nearby. The existing layout provides a combination of residential and commercial space within an established urban setting.
Key Highlights
- Six‑unit mixed‑use building with two street‑level commercial spaces
- 5,772 square feet on a 0.08‑acre lot
- Built in 1902 with brick construction
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
Lease Details
6
Residential units
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 - Brick building with residential units, two street-level commercial spaces, central air, and public utilities.
Where is this mixed-use property located?
The property is located at 285 Washington Avenue 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 mixed‑use building with two street‑level commercial spaces; 5,772 square feet on a 0.08‑acre lot; Built in 1902 with brick construction
