Turnkey Restaurant with
For Sale
$389,000
465 Madison Avenue, Albany, NY 12210
Turnkey restaurant on the ground floor with two one-bedroom apartments above, deliverable vacant.
Property Size3,200 SF
Price / SF$121.56
Days on Market568
Property Features for 465 Madison Avenue
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Commercial
Building Details
Year Built
1930
Listing Agency:
Carrow Real Estate Services LLC
Listed By:
Kyle J Bradley
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Jan 9, 2025
Changed: Jul 29
Last Checked: Jul 30 at 6:54PM
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 Carrow Real Estate Services LLC
Investment Insights
Based on property information with market context.
This property is a turnkey restaurant on the ground floor, with two one-bedroom apartments above. The building is approximately 3,200 SF and was built in 1930. It is being offered for sale as a structure that can be delivered vacant, supporting owner-occupancy or other leasing plans.
The restaurant is located at the intersection of Lark Street and Madison Avenue, providing retail frontage at a prominent corner location.
The combination of a street-level restaurant and residential units above can support multiple revenue streams within one mixed-use building while keeping operations vertically integrated.
The restaurant is located at the intersection of Lark Street and Madison Avenue, providing retail frontage at a prominent corner location.
The combination of a street-level restaurant and residential units above can support multiple revenue streams within one mixed-use building while keeping operations vertically integrated.
Key Highlights
- Approximately 3,200 SF mixed‑use building with ground‑floor restaurant
- Turnkey restaurant space on the ground floor
- Two one‑bedroom apartments on the upper level
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $63.4k | $19.80 |
| − Vacancy | −$3.9k | −$1.23 |
| EGI | $59.4k | $18.57 |
| − OpEx | −$26.7k | −$8.36 |
| NOI | $32.7k | $10.21 |
3,200 SF · lease $19.80/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Specialty Retail
$633.4K
$554.2K – $738.9K
NOI $44,336 @ 7.0% cap · market cap 11.40%
Second Best
Multifamily LT 5
$520.6K
$455.5K – $607.4K
NOI $36,443 @ 7.0% cap · market cap 9.37%
Theoretical Best
Office A
$844.3K
$738.7K – $985.0K
NOI $59,098 @ 7.0% cap · market cap 15.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,899
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
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?
Conventional restaurant - Turnkey restaurant on the ground floor with two one-bedroom apartments above, deliverable vacant.
Where is this conventional restaurant located?
The property is located at 465 Madison Avenue Albany, NY.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Approximately 3,200 SF mixed‑use building with ground‑floor restaurant; Turnkey restaurant space on the ground floor; Two one‑bedroom apartments on the upper level
