Turnkey Restaurant with Apartments
For Sale
$489,000
465 Madison Avenue, Albany, NY
Mixed-use property featuring a restaurant and two apartments for sale.
Property Size3,200 SF
Price / SF$152.81
Days on Market331
Property Features for 465 Madison Avenue
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Mixed Use
Building Details
Building Size
3,200 SF
Listing Agency:
Pyramidbrokerage
(518) 489-9199
Listed By:
Pyramid Brokerage Albany
(518) 489-9199
Source:
Pyramidbrokerage
Added: Sep 25, 2025
Changed: Aug 8
Last Checked: Aug 21 at 5:59AM
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 Pyramidbrokerage
Investment Insights
Based on property information with market context.
This +/- 3,200 square foot property, formerly El Loco, is available for sale. The property features a turnkey restaurant on the ground floor, with two 1-bedroom apartments located above. Situated at the intersection of Lark Street and Madison Avenue, the location offers retail exposure and visibility. There is an opportunity to increase value through raising below-market rents. The property can be delivered vacant, making it suitable for an owner-occupier.
Key Highlights
- Turnkey restaurant on the ground floor with two 1‑bedroom apartments above.
- Iconic location at the intersection of Lark Street and Madison Avenue providing excellent retail exposure and visibility.
- Opportunity to drive value through increasing below market rents.
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
$44,336
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
9.07%
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%
$886,720
$886.7K
Cap Rate 7%
$633,371
$633.4K
Cap Rate 9%
$492,622
$492.6K
Market Conditions
NOI Build-Up for 3,200 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
$63.4K $19.80/SF
− Vacancy
−$4.2K −$1.33/SF
EGI
$59.1K $18.47/SF
− OpEx
−$14.8K −$4.62/SF
NOI
$44.3K $13.86/SF
Area
Albany, NY
Vacancy
6.70%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$886,720
Cap Rate 7%
$633,371
Cap Rate 9%
$492,622
Alternative Uses
Best Use
Specialty Retail
$633.4K
$554.2K – $738.9K
NOI $44,336 @ 7.0% cap · market cap 9.07%
Second Best
Retail
$552.3K
$483.3K – $644.4K
NOI $38,664 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$844.3K
$738.7K – $985.0K
NOI $59,098 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
79
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property featuring a restaurant and two apartments for sale.
Where is this mixed-use property located?
The property is located at 465 Madison Avenue Albany, NY.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Turnkey restaurant on the ground floor with two 1‑bedroom apartments above.; Iconic location at the intersection of Lark Street and Madison Avenue providing excellent retail exposure and visibility.; Opportunity to drive value through increasing below market rents.
