Two-Story Mixed-Use
For Sale
$1,038,389
376-378 Delaware Avenue, Delmar, NY 12054
Retail space, an upstairs apartment, rear parking, and basement storage support a versatile Hamlet-zoned property.
Property Size4,242 SF
Price / SF$244.79
Days on Market8
Property Features for 376-378 Delaware Avenue
General Information
Standard status
Active
Size
4,242 SF
Property subtype
Commercial
Zoning
Hamlet
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Building Details
Year Built
1948
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Howard Hanna Capital Inc
Listed By:
Charles Curto
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Aug 24
Changed: Aug 30
Last Checked: Aug 30 at 7:52PM
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 Howard Hanna Capital Inc
Investment Insights
Based on property information with market context.
This two-story mixed-use building combines commercial and residential space within a 4,242 SF property constructed in 1948. The first floor provides approximately 3,000 SF of retail area occupied by Perfect Blend, which has operated at the property since 2016. A separate-access second floor contains a 1,242 SF two-bedroom apartment with a long-term residential tenant.
The property includes rear parking governed by a formal shared-parking agreement, along with a full basement used for retail storage. Hamlet zoning supports the property's established mixed-use configuration. Located at 376-378 Delaware Avenue in Delmar, the building sits along Delaware Avenue near surrounding retail, commercial, and residential uses.
The property includes rear parking governed by a formal shared-parking agreement, along with a full basement used for retail storage. Hamlet zoning supports the property's established mixed-use configuration. Located at 376-378 Delaware Avenue in Delmar, the building sits along Delaware Avenue near surrounding retail, commercial, and residential uses.
Key Highlights
- 4,242 SF mixed‑use property at 376‑378 Delaware Avenue, Delmar, NY 12054
- Approximately 3,000 SF of first‑floor retail space occupied by Perfect Blend since 2016
- 1,242 SF second‑floor two‑bedroom apartment with separate residential access
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
$54,862
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
5.28%
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%
$1,097,240
$1.1M
Cap Rate 7%
$783,743
$783.7K
Cap Rate 9%
$609,578
$609.6K
Market Conditions
NOI Build-Up for 4,242 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
$76.4K $18.00/SF
− Vacancy
−$3.2K −$0.76/SF
EGI
$73.1K $17.24/SF
− OpEx
−$18.3K −$4.31/SF
NOI
$54.9K $12.93/SF
Area
Albany County, NY
Vacancy
4.20%
Lease Rate
$18.00 /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%
$1,097,240
Cap Rate 7%
$783,743
Cap Rate 9%
$609,578
Alternative Uses
Best Use
Specialty Retail
$783.7K
$685.8K – $914.4K
NOI $54,862 @ 7.0% cap · market cap 5.28%
Second Best
Retail
$731.5K
$640.1K – $853.4K
NOI $51,204 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,658 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
9k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Sunoco
Shops & Services
4,523 visits/mo
0.4 miles
KeyBank
Shops & Services
4,121 visits/mo
0.1 miles
Demographics for 12054, NY
17,282
Population
7,221
Households
2.4
Avg Household Size
46
Median Age
68%
College-Educated
98%
High-School Grad
15.5 sq mi
ZIP Area
1,115
Density / Sq Mi
$128,684
Median Household Income
$69,853
Median Earnings
$1,658
Median Rent
$334,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Retail space, an upstairs apartment, rear parking, and basement storage support a versatile Hamlet-zoned property.
Where is this mixed-use property located?
The property is located at 376-378 Delaware Avenue Delmar, NY.
What is the asking price?
The asking price for this property is $1,038,389.
What are key features of this property?
This property features: 4,242 SF mixed‑use property at 376‑378 Delaware Avenue, Delmar, NY 12054; Approximately 3,000 SF of first‑floor retail space occupied by Perfect Blend since 2016; 1,242 SF second‑floor two‑bedroom apartment with separate residential access
