Building Details

Year Renovated 2020

Tenancy Multi

Listing Agency: CBRE - Albany

Listed By: Michael Del Vecchio · License #1049120211

Source: Crexi

Added: Aug 26 Changed: Oct 16 Last Checked: Oct 16 at 6:34AM

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Investment Insights

Based on property information with market context.

This mixed-use property contains 59,379 square feet of retail and office space. A comprehensive renovation completed from 2017 through 2020 updated the building and produced a modern, energy-efficient, low-maintenance asset. The configuration supports both commercial functions within one property, with the improvements suited to retail and office occupancy.

Located at 350-359 Northern Boulevard in Albany, the property is positioned near I-90, I-787, and I-87, providing access to major transportation routes. Albany Memorial Hospital is adjacent to the property, while the surrounding area includes dense residential neighborhoods, upscale retail, and established office developments. Zoning is Mixed Use - Community Highway.

Key Highlights

• 59,379‑square‑foot mixed‑use retail and office property
• Comprehensive renovation completed from 2017–2020
• Zoned Mixed Use - Community Highway

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$812,679

Cap Rate

7.56%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$16,253,580 $16.3M

Cap Rate 7%

$11,609,700 $11.6M

Cap Rate 9%

$9,029,767 $9.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 59,379 SF

Gross rent

$1.32M $22.20/SF

− Vacancy

−$234.6K −$3.95/SF

EGI

$1.08M $18.25/SF

− OpEx

−$270.9K −$4.56/SF

NOI

$812.7K $13.69/SF

Area

Albany, NY

Vacancy

17.80%

Lease Rate

$22.20 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$16,253,580

Cap Rate 7%

$11,609,700

Cap Rate 9%

$9,029,767

Alternative Uses

Best Use

Office B

$11.61M

$10.16M – $13.54M (±1% cap)

NOI $812,679 @ 7.0% cap · market cap 7.56%

Second Best

Retail

$10.25M

$8.97M – $11.96M (±1% cap)

NOI $717,450 @ 7.0% cap · market cap 6.67%

Theoretical Best

Office A

$15.67M

$13.71M – $18.28M (±1% cap)

NOI $1,096,611 @ 7.0% cap · market cap 10.20%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Shopping centers

Suggested Use

Top Pick Real Estate Agency Spa & Massage Center HVAC Service Parking Lot & Garage (Bike/Boat/Book/etc) Store Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

630

Businesses Nearby

Explore this area Business Placement

Demographics for 12204, NY

7,818

Population

4,290

Households

1.8

Avg Household Size

37

Median Age

39%

College-Educated

91%

High-School Grad

4.1 sq mi

ZIP Area

1,907

Density / Sq Mi

$75,197

Median Household Income

$48,911

Median Earnings

$1,294

Median Rent

$226,300

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Updated property combining retail and office space with direct connections to major regional routes.

Where is this mixed-use property located?

The property is located at 350-359 Northern Boulevard Albany, NY.

What is the asking price?

The asking price for this property is $10,750,000.

What are key features of this property?

This property features: 59,379‑square‑foot mixed‑use retail and office property; Comprehensive renovation completed from 2017–2020; Zoned Mixed Use - Community Highway