Mixed-Use Storefront and
For Sale
$329,000
404 Delaware Avenue, Albany, NY 12209
For sale mixed-use building with an occupied retail storefront plus one vacant 1BR and one occupied 3BR apartment.
Property Size2,425 SF
Price / SF$135.67
Days on Market133
Property Features for 404 Delaware Avenue
General Information
Standard status
Active
Size
2,425 SF
Property subtype
Commercial
Additional Details
Multifamily Units
2
Listing Agency:
BA Realty Group
Listed By:
Adam Gelman
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Apr 6
Changed: Aug 15
Last Checked: Aug 15 at 11:43AM
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 BA Realty Group
Investment Insights
Based on property information with market context.
This mixed-use property includes a street-level storefront and two apartments. The storefront is currently occupied by a hair salon and is available for viewing by appointment only. Apt 1 is vacant and configured as a 1-bedroom unit. Apt 2 is occupied and is configured as a 3-bedroom apartment.
The building is located in the heart of the Delaware Avenue Business District and is close to the Spectrum Theater and numerous restaurants, supporting retail and neighborhood-serving uses.
The combination of an active storefront and residential units can be attractive to buyers seeking a property with both income-producing and flexible components, given that one apartment is available while the other remains occupied. Prospective tenants, investors, and owner-occupants should note that access to the storefront is appointment-based, and the property’s current configuration features a functioning retail space alongside one vacant and one occupied apartment.
The building is located in the heart of the Delaware Avenue Business District and is close to the Spectrum Theater and numerous restaurants, supporting retail and neighborhood-serving uses.
The combination of an active storefront and residential units can be attractive to buyers seeking a property with both income-producing and flexible components, given that one apartment is available while the other remains occupied. Prospective tenants, investors, and owner-occupants should note that access to the storefront is appointment-based, and the property’s current configuration features a functioning retail space alongside one vacant and one occupied apartment.
Key Highlights
- Mixed‑use building with an occupied retail storefront and 2 apartments
- Storefront currently occupied by a hair salon (shown by appointment only)
- Apt 1 is a vacant 1BR apartment
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
$29,300
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
8.91%
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%
$586,000
$586.0K
Cap Rate 7%
$418,571
$418.6K
Cap Rate 9%
$325,556
$325.6K
Market Conditions
NOI Build-Up for 2,425 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
$45.1K $18.60/SF
− Vacancy
−$3.2K −$1.34/SF
EGI
$41.9K $17.26/SF
− OpEx
−$12.6K −$5.18/SF
NOI
$29.3K $12.08/SF
Area
Albany, NY
Vacancy
7.20%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
30.00%
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%
$586,000
Cap Rate 7%
$418,571
Cap Rate 9%
$325,556
Alternative Uses
Best Use
Retail
$418.6K
$366.3K – $488.3K
NOI $29,300 @ 7.0% cap · market cap 8.91%
Second Best
Multifamily LT 5
$394.5K
$345.2K – $460.3K
NOI $27,617 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$639.8K
$559.8K – $746.4K
NOI $44,785 @ 7.0% cap · market cap 13.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
748
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12209, NY
10,231
Population
4,768
Households
2.1
Avg Household Size
37
Median Age
46%
College-Educated
88%
High-School Grad
2.2 sq mi
ZIP Area
4,650
Density / Sq Mi
$81,642
Median Household Income
$51,848
Median Earnings
$1,165
Median Rent
$200,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - For sale mixed-use building with an occupied retail storefront plus one vacant 1BR and one occupied 3BR apartment.
Where is this storefront property located?
The property is located at 404 Delaware Avenue Albany, NY.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Mixed‑use building with an occupied retail storefront and 2 apartments; Storefront currently occupied by a hair salon (shown by appointment only); Apt 1 is a vacant 1BR apartment
