Renovated Mixed-Use
New
For Sale
Contact for pricing
350-359 Northern Boulevard, Albany, NY 12204
Updated property combining retail and office space with direct connections to major regional routes.
Property Size59,379 SF
Price / SF$181.04
Days on Market6
Property Features for 350-359 Northern Boulevard
General Information
Standard status
Active
Size
59,379 SF
Total Parking Spaces
300
Property subtype
Mixed Use, Retail, Office
Zoning
Mixed Use - Community Highway
Occupancy
100%
Investment Type
Stabilized
Additional Details
Highway Access
Yes
Building Details
Year Renovated
2020
Tenancy
Multi
Listing Agency:
CBRE - Albany
Listed By:
Michael Del Vecchio · License #1049120211
Source:
Crexi
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 8:39AM
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 CBRE - Albany
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.
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 = 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
$812,679
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
7.56%
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%
$16,253,580
$16.3M
Cap Rate 7%
$11,609,700
$11.6M
Cap Rate 9%
$9,029,767
$9.0M
Market Conditions
NOI Build-Up for 59,379 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
$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 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%
$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
NOI $812,679 @ 7.0% cap · market cap 7.56%
Second Best
Retail
$10.25M
$8.97M – $11.96M
NOI $717,450 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$15.67M
$13.71M – $18.28M
NOI $1,096,611 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
