Albany Warehouse District Investment
For Sale
$1,595,000
405 N Pearl Street, Albany, NY 12207
Three parcels in downtown Albany's Warehouse District for sale.
Property Size9,569 SF
Price / SF$166.68
Days on Market369
Property Features for 405 N Pearl Street
General Information
Standard status
Active
Size
9,569 SF
Property subtype
Industrial
Building Details
Building Size
9,569 SF
Listed By:
Pyramid Brokerage Albany
(518) 489-9199
Source:
Pyramidbrokerage
Added: Sep 1, 2025
Changed: Sep 4
Last Checked: Sep 4 at 2:05AM
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 Pyramid Brokerage Albany
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 = 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
$114,806
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
7.20%
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%
$2,296,120
$2.3M
Cap Rate 7%
$1,640,086
$1.6M
Cap Rate 9%
$1,275,622
$1.3M
Market Conditions
NOI Build-Up for 9,569 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
$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 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%
$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
NOI $114,806 @ 7.0% cap · market cap 7.20%
Second Best
Multifamily LT 5
$1.56M
$1.36M – $1.82M
NOI $108,975 @ 7.0% cap · market cap 6.83%
Theoretical Best
Office A
$2.52M
$2.21M – $2.95M
NOI $176,720 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Dagen Trucking & Warehousing — 105 boat st, albany, ny 12202
- Storage Options — 2 Rensselaer Ave, Rensselaer, NY 12144
- Life Storage - Albany — 44 Broadway, Albany, NY 12202
- Self-Storage at U-Haul — 139 Broadway, Albany, NY 12202
- Document Storage — 418 Broadway, Albany, NY 12207, United States
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.
