Loudon Plaza Mixed-Use
For Sale
$11,999,000
359 Northern Boulevard, Albany, NY 12204
Premier mixed-use retail and office property in Albany, NY.
Property Size59,379 SF
Price / SF$202.07
Days on Market130
Property Features for 359 Northern Boulevard
General Information
Standard status
Active
Size
59,379 SF
Property subtype
Retail
Listing Agency:
CBRE | Albany
(518) 466-8656
Listed By:
Jared Skaarup · License #10401342490
(518) 466-8656
Source:
Cbre
Added: Mar 25
Changed: Jul 10
Last Checked: Jul 31 at 7:45AM
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.
Loudon Plaza, located at the border of Loudonville and Albany, NY, is a 59,379-square-foot mixed-use property featuring both retail and office spaces. The property, situated on Northern Boulevard, underwent extensive renovations from 2017 to 2020, resulting in a modern and energy-efficient building. The asset includes approximately 25,817 square feet of retail, restaurant, and personal-service space, complemented by approximately 33,562 square feet of professional office suites. The retail plaza is 100% occupied and anchored by long-term tenants. The location provides immediate access to major transportation arteries, including I-90, I-787, and I-87. It is located adjacent to Albany Memorial Hospital and surrounded by dense residential neighborhoods, upscale retail, and high-quality office developments. Renovations included new retail storefronts and modernized office suites, along with parking lot and sidewalk improvements. There are approximately 300 parking spaces available.
Key Highlights
- Fully renovated (2017‑2020) mixed‑use retail and office property.
- 100% occupied retail plaza with long‑term tenants providing stable cash flow.
- Premier location at the border of Loudonville and Albany, NY, with immediate access to I‑90, I‑787, and I‑87.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.32M | $22.20 |
| − Vacancy | −$234.6k | −$3.95 |
| EGI | $1.08M | $18.25 |
| − OpEx | −$270.9k | −$4.56 |
| NOI | $812.7k | $13.69 |
59,379 SF · lease $22.20/SF/yr · vacancy 17.80% · expense 25.00%
Alternative Uses
Best Use
Office B
$11.61M
$10.16M – $13.54M
NOI $812,679 @ 7.0% cap · market cap 6.77%
Second Best
Retail
$10.25M
$8.97M – $11.96M
NOI $717,450 @ 7.0% cap · market cap 5.98%
Theoretical Best
Office A
$15.67M
$13.71M – $18.28M
NOI $1,096,611 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
483
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
$226,300
Median Home Value
Market
Average Price Trend$/SF for Mixed-use properties in Albany, NY
Properties on Market for Mixed-use properties in Albany
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 - Premier mixed-use retail and office property in Albany, NY.
Where is this mixed-use property located?
The property is located at 359 Northern Boulevard Albany, NY.
What is the asking price?
The asking price for this property is $11,999,000.
What are key features of this property?
This property features: Fully renovated (2017‑2020) mixed‑use retail and office property.; 100% occupied retail plaza with long‑term tenants providing stable cash flow.; Premier location at the border of Loudonville and Albany, NY, with immediate access to I‑90, I‑787, and I‑87.
