Building Details

Building Size 9,569 SF

Listing Agency: Pyramidbrokerage

Listed By: Pyramid Brokerage Albany Show Phone

Source: Pyramidbrokerage

Added: Sep 1, 2025 Changed: Oct 1 Last Checked: Oct 16 at 5:52AM

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Investment Insights

Based on property information with market context.

This investment opportunity is located in the Downtown Albany Warehouse District and includes three parcels. The first parcel, located at 405 N Pearl, features a +/-9,569 SF two-story warehouse with an interior loading dock, freight elevator, industrial crane, 16' ceilings, and ample office space. The second parcel, located at 403 N Pearl, is a fully rented three-family residential property with long-term tenants. The third parcel, located at 380 N Pearl, is a +/-1.06 acre fenced gravel parking lot directly across the street from the other two. This property offers a great opportunity for an owner-user or a redevelopment project.

Key Highlights

• Three parcels included: warehouse, three‑family rental, and parking lot.
• +/-9,569 SF two‑story warehouse with interior loading dock.
• +/-1.06 acre fenced gravel parking lot.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$114,806

Cap Rate

7.20%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,296,120 $2.3M

Cap Rate 7%

$1,640,086 $1.6M

Cap Rate 9%

$1,275,622 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,569 SF

Gross rent

$143.5K $15.00/SF

− Vacancy

−$8.5K −$0.89/SF

EGI

$135.1K $14.11/SF

− OpEx

−$20.3K −$2.12/SF

NOI

$114.8K $12.00/SF

Area

Albany, NY

Vacancy

5.90%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,296,120

Cap Rate 7%

$1,640,086

Cap Rate 9%

$1,275,622

Alternative Uses

Best Use

Warehouse

$1.64M

$1.44M – $1.91M (±1% cap)

NOI $114,806 @ 7.0% cap · market cap 7.20%

Second Best

Multifamily LT 5

$1.56M

$1.36M – $1.82M (±1% cap)

NOI $108,975 @ 7.0% cap · market cap 6.83%

Theoretical Best

Office A

$2.52M

$2.21M – $2.95M (±1% cap)

NOI $176,720 @ 7.0% cap · market cap 11.08%

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

Property Analytics

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Current Use

Commercial land

Suggested Use

Top Pick Skin Care Clinic Carpet & Flooring Store (Bike/Boat/Book/etc) Store Pet Grooming Service Butcher Garden Center

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

Location Intelligence

Trade Area within ½ mile

705

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 12207, NY

2,399

Population

1,553

Households

1.5

Avg Household Size

37

Median Age

36%

College-Educated

90%

High-School Grad

1.0 sq mi

ZIP Area

2,399

Density / Sq Mi

$32,418

Median Household Income

$49,531

Median Earnings

$689

Median Rent

$242,500

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Frequently Asked Questions

What type of property is this?

Warehouse - Three parcels in downtown Albany's Warehouse District for sale.

Where is this warehouse located?

The property is located at 405 N Pearl Street Albany, NY.

What is the asking price?

The asking price for this property is $1,595,000.

What are key features of this property?

This property features: Three parcels included: warehouse, three‑family rental, and parking lot.; +/-9,569 SF two‑story warehouse with interior loading dock.; +/-1.06 acre fenced gravel parking lot.