Six-Unit Mixed-Use
New
For Sale
$679,900
285 Washington Avenue, Albany, NY 12206
Residential units and street-level commercial space create a flexible mixed-use configuration.
Property Size5,772 SF
Price / SF$117.79
Days on Market5
Property Features for 285 Washington Avenue
General Information
Standard status
Active
Size
5,772 SF
Property subtype
Commercial
Building Details
Year Built
1902
Buildings
1
Tenancy
Multi
Listing Agency:
KW Platform
Listed By:
Benjamin R Romer
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Aug 17
Changed: Aug 21
Last Checked: Aug 21 at 5:23AM
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.
Constructed in 1902, this 5,772-square-foot mixed-use building contains six apartment units and two commercial spaces at street level. The combination of residential and commercial components creates a diversified property configuration, with existing income-producing use and potential for repositioning, new leasing, or owner-user occupancy.
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 conveniently nearby. The urban setting provides direct access to neighborhood amenities and established city services.
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 conveniently nearby. The urban setting provides direct access to neighborhood amenities and established city services.
Key Highlights
- Six‑unit mixed‑use apartment building
- Two street‑level commercial spaces
- 5,772 square feet of total property size
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
573
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 - Residential units and street-level commercial space create a flexible mixed-use configuration.
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 apartment building; Two street‑level commercial spaces; 5,772 square feet of total property size
