Mixed-Use Building with
For Sale
$419,900
407 Central Avenue, Albany, NY 12206
Mixed-use building combining first-floor retail space with two residential units above for diversified income possibilities.
Property Size3,510 SF
Price / SF$119.63
Days on Market63
Property Features for 407 Central Avenue
General Information
Standard status
Active
Size
3,510 SF
Property subtype
Commercial
Units
Multifamily Units
2
Office Units
1
Taxes and HOA fees
Annual Taxes
$7,091
Amenities
Central air
Corner Lot
Baseboard Heating
Flat Roof
Forced Air Heating
Laminate Flooring
Level
Natural Gas Heating
Off Street
On Street
Road Frontage
Rubber Roof
Window Unit(s) Cooling
Building Details
Year Built
1890
Listing Agency:
REALMART REALTY LLC
(888) 362-6543
Listed By:
QIZHAN J YAO · License #0902217
Source:
Corcoran
Added: Jun 20
Changed: Aug 21
Last Checked: Aug 21 at 8:35AM
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 REALMART REALTY LLC
Investment Insights
Based on property information with market context.
407 Central Avenue is a mixed-use property offering commercial space on the first floor with two residential units on the second and third floors. The upper level includes two spacious four-bedroom, one-bath apartments, creating a building configuration designed to support multiple revenue streams.
The property is listed for sale and can be structured for different buyer objectives, including investors seeking a mixed-income profile or owner-occupants who want to run the commercial space while living in one of the residential units. The layout provides practical flexibility, with the retail component separated from the residential floors.
For tenants and buyers, this kind of vertical mixed-use setup can be appealing when you want the convenience of having commercial and residential uses within the same asset. The presence of two four-bedroom apartments may also be useful for households needing more space, while the first-floor commercial portion can support a range of day-to-day retail or service needs, subject to applicable requirements.
The property is listed for sale and can be structured for different buyer objectives, including investors seeking a mixed-income profile or owner-occupants who want to run the commercial space while living in one of the residential units. The layout provides practical flexibility, with the retail component separated from the residential floors.
For tenants and buyers, this kind of vertical mixed-use setup can be appealing when you want the convenience of having commercial and residential uses within the same asset. The presence of two four-bedroom apartments may also be useful for households needing more space, while the first-floor commercial portion can support a range of day-to-day retail or service needs, subject to applicable requirements.
Key Highlights
- Year built 1890 mixed‑use building with commercial space on the first floor and residential units on the 2nd and 3rd floors.
- First‑floor commercial space with two residential units above.
- 2 spacious residential units: each has 4 bedrooms and 1 bath (2nd and 3rd floors).
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
$35,854
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
8.54%
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%
$717,080
$717.1K
Cap Rate 7%
$512,200
$512.2K
Cap Rate 9%
$398,378
$398.4K
Market Conditions
NOI Build-Up for 3,510 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
$69.5K $19.80/SF
− Vacancy
−$4.3K −$1.23/SF
EGI
$65.2K $18.57/SF
− OpEx
−$29.3K −$8.36/SF
NOI
$35.9K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$717,080
Cap Rate 7%
$512,200
Cap Rate 9%
$398,378
Alternative Uses
Best Use
Retail
$605.9K
$530.1K – $706.8K
NOI $42,410 @ 7.0% cap · market cap 10.10%
Second Best
Multifamily LT 5
$571.0K
$499.7K – $666.2K
NOI $39,973 @ 7.0% cap · market cap 9.52%
Theoretical Best
Office A
$926.0K
$810.3K – $1.08M
NOI $64,823 @ 7.0% cap · market cap 15.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,647
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
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?
Duplex - Mixed-use building combining first-floor retail space with two residential units above for diversified income possibilities.
Where is this duplex located?
The property is located at 407 Central Avenue Albany, NY.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: Year built 1890 mixed‑use building with commercial space on the first floor and residential units on the 2nd and 3rd floors.; First‑floor commercial space with two residential units above.; 2 spacious residential units: each has 4 bedrooms and 1 bath (2nd and 3rd floors).
