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    Remodeled Mixed-Use Building with Bar Title is generated by Realmo AI

    427 S Pearl Street, Albany, NY 12202

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    For Sale
    $329,000

    Fully remodeled mixed-use building with bar and two apartments.

    Type:Commercial
    Property size:
    5,760 SF
    Price / SF:
    $57/SF
    Added:
    Apr 20, 2026
    Days on Market:
    50
    Last Refresh:
    Apr 20 at 8:37 pm

    Property Features for 427 S Pearl Street

    General Information

    Standard status
    Active
    Size
    5,760 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1880

    We can help!

    Listing Contact
    VICTORIA MCLAUGHLIN

    Listing agent VICTORIA MCLAUGHLIN License #10401358419

    Listing office HOWARD HANNA CAPITAL INC

    Listing date Apr 20, 2026

    Source Corcoran

    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

    HighLights

    • High 11%+ CAP Rate and $37,194 Net Operating Income (NOI) provides a strong return on investment.
    • Fully remodeled mixed‑use building with a historic bar space and two income‑producing apartments.
    • Turnkey commercial space with a renovated bar/lounge, custom bar, dining area, kitchen, and updated systems.
    • Two spacious 2‑bedroom apartments with updated layouts, large bathrooms, and strong rental history.
    • Major recent improvements including a new roof (2018), full electrical service update (2023), and new sewer line (2024) offer peace of mind.
    • Tenants pay utilities, keeping operating expenses low and increasing profitability.

    Overview

    Located at 427 S Pearl St in Albany, this mixed-use building features a remodeled commercial space and two apartments. The commercial space includes a renovated bar/lounge with a custom bar, dining area, kitchen, office, one ADA-compliant bathroom, one standard bathroom, and a mop/broom closet. It features USB-integrated outlets, updated systems, and a high-efficiency gas heater installed in 2025. The commercial space is currently generating $1,500 per month, with potential to increase to approximately $2,000 per month upon liquor license approval. The building also includes two 2-bedroom apartments with updated layouts and large bathrooms. Both apartments are currently occupied on a month-to-month basis, generating $1,300 and $1,400 per month, respectively. The property has undergone improvements including a new roof in 2018, a full electrical service update in 2023, and a new sewer line to the street in 2024. Plumbing has been updated with PEX throughout, and newer hot water tanks have been installed. Tenants are responsible for utilities. The total gross income is $50,400 per year, with a net operating income of $37,194. The property size is 5,760 square feet.
    Location Intelligence

    Current Use by Public Records

    ChargePoint Charging Station Electric Vehicle Charging Station Da Wing Spot Restaurant The Wet Lab Restaurant

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Law Firm Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Albany
    State
    New York
    Longitude
    -73.7593987
    Latitude
    42.6379254

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    FAQs

    What type of property is this?
    Mixed-use property - Fully remodeled mixed-use building with bar and two apartments.
    Where is this mixed-use property located?
    The property is located at 427 S Pearl Street 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: High 11%+ CAP Rate and $37,194 Net Operating Income (NOI) provides a strong return on investment.; Fully remodeled mixed‑use building with a historic bar space and two income‑producing apartments.; Turnkey commercial space with a renovated bar/lounge, custom bar, dining area, kitchen, and updated systems.
    (518) 489-1000
    We can help!
    Listing Contact
    VICTORIA MCLAUGHLIN
    Real Estate License ID: 10401358419
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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