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 Market376
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
Listed By:
Pyramid Brokerage Albany
(518) 489-9199
Source:
Pyramidbrokerage
Added: Sep 25, 2025
Changed: Sep 13
Last Checked: Oct 5 at 3:05PM
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 / Yr
$44,336
Cap Rate
9.07%
Suggested Prices Based on Cap Rates
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
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 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
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Current Use
Location Intelligence
Trade Area within ½ mile
79
Businesses Nearby
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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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.
