Mixed-Use Property with
For Sale
$485,000
342 Hamilton Street, Albany, NY 12210
Office space, two apartments, and separate utilities support flexible owner-user or rental configurations.
Property Size3,649 SF
Price / SF$132.91
Days on Market44
Property Features for 342 Hamilton Street
General Information
Standard status
Active
Size
3,649 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$3,462
Building Details
Year Built
1847
Listing Agency:
Kellie Kieley Realty LLC
(518) 320-6377
Listed By:
Mark A Calicchia · License #10401348007
(518) 320-6377
Source:
Capmarkrealty
Added: Jul 19
Changed: Aug 29
Last Checked: Aug 31 at 12:56PM
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 Kellie Kieley Realty LLC
Investment Insights
Based on property information with market context.
This mixed-use property combines professional office space with two residential apartments. The first floor includes three private offices, a conference room, kitchenette, newer central air, and original woodwork. The second- and third-floor apartments each have two bedrooms and one full bath. One unit is vacant, while the other is occupied on a month-to-month basis. Separate utilities and electrical panels serve the property, and the water service line has been replaced in recent years.
The offering includes 342 Hamilton Street and the adjacent 346 Hamilton Street parking lot, which provides six spaces. Built in 1847, the property has a stated size of 3,649 and is located in downtown Albany. The office layout can accommodate an owner-user or be divided into separate rental areas, subject to applicable requirements.
The offering includes 342 Hamilton Street and the adjacent 346 Hamilton Street parking lot, which provides six spaces. Built in 1847, the property has a stated size of 3,649 and is located in downtown Albany. The office layout can accommodate an owner-user or be divided into separate rental areas, subject to applicable requirements.
Key Highlights
- Mixed‑use property with professional office space and two residential apartments
- First‑floor office layout includes three private offices, conference room, and kitchenette
- Two apartments, each with two bedrooms and one full bath
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
$43,008
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
8.87%
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%
$860,160
$860.2K
Cap Rate 7%
$614,400
$614.4K
Cap Rate 9%
$477,867
$477.9K
Market Conditions
NOI Build-Up for 3,649 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
$76.6K $21.00/SF
− Vacancy
−$7.8K −$2.14/SF
EGI
$68.8K $18.86/SF
− OpEx
−$25.8K −$7.07/SF
NOI
$43.0K $11.79/SF
Area
Albany, NY
Vacancy
10.20%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$860,160
Cap Rate 7%
$614,400
Cap Rate 9%
$477,867
Alternative Uses
Best Use
Office B
$713.4K
$624.3K – $832.4K
NOI $49,941 @ 7.0% cap · market cap 10.30%
Second Best
Mixed Use
$614.4K
$537.6K – $716.8K
NOI $43,008 @ 7.0% cap · market cap 8.87%
Theoretical Best
Office A
$962.7K
$842.4K – $1.12M
NOI $67,390 @ 7.0% cap · market cap 13.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,281
Businesses Nearby
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Office space, two apartments, and separate utilities support flexible owner-user or rental configurations.
Where is this mixed-use property located?
The property is located at 342 Hamilton Street Albany, NY.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Mixed‑use property with professional office space and two residential apartments; First‑floor office layout includes three private offices, conference room, and kitchenette; Two apartments, each with two bedrooms and one full bath
