Mixed-Use Building with
For Sale
$289,900
538 New Scotland Ave, Albany, NY 12208
Separate office and residential areas include a two-bedroom, one-bath apartment and full basement.
Property Size1,720 SF
Price / SF$168.55
Days on Market81
Property Features for 538 New Scotland Ave
General Information
Standard status
Active
Size
1,720 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$6,000
Building Details
Buildings
1
Listing Agency:
RE/MAX Capital
(518) 210-3290
Listed By:
Steve Duggan · License #40DU1087381
(518) 210-3290
Source:
Exprealty
Added: May 28
Changed: Aug 14
Last Checked: Aug 15 at 9:28AM
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 RE/MAX Capital
Investment Insights
Based on property information with market context.
This mixed-use building combines office space with a residential component in a side-by-side layout. The right side contains a two-bedroom, one-bath apartment, while offices occupy the left side. A full basement provides additional interior space, and separate utilities serve the two sections.
The property occupies the corner of New Scotland Avenue and South Main Street in Albany, with hospitals, schools, restaurants, and shopping within walking distance. Its existing combination of office and apartment space provides a clearly defined configuration for an owner or investor evaluating mixed-use occupancy.
The property occupies the corner of New Scotland Avenue and South Main Street in Albany, with hospitals, schools, restaurants, and shopping within walking distance. Its existing combination of office and apartment space provides a clearly defined configuration for an owner or investor evaluating mixed-use occupancy.
Key Highlights
- Mixed‑use layout with offices on the left and a residential unit on the right
- Two‑bedroom, one‑bath apartment
- Full basement included
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
$23,540
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
8.12%
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%
$470,800
$470.8K
Cap Rate 7%
$336,286
$336.3K
Cap Rate 9%
$261,556
$261.6K
Market Conditions
NOI Build-Up for 1,720 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
$38.2K $22.20/SF
− Vacancy
−$6.8K −$3.95/SF
EGI
$31.4K $18.25/SF
− OpEx
−$7.8K −$4.56/SF
NOI
$23.5K $13.69/SF
Area
Albany, NY
Vacancy
17.80%
Lease Rate
$22.20 /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%
$470,800
Cap Rate 7%
$336,286
Cap Rate 9%
$261,556
Alternative Uses
Best Use
Office B
$336.3K
$294.3K – $392.3K
NOI $23,540 @ 7.0% cap · market cap 8.12%
Second Best
Mixed Use
$289.6K
$253.4K – $337.9K
NOI $20,272 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$453.8K
$397.1K – $529.4K
NOI $31,765 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,129
Businesses Nearby
Explore this area
Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Separate office and residential areas include a two-bedroom, one-bath apartment and full basement.
Where is this mixed-use property located?
The property is located at 538 New Scotland Ave Albany, NY.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Mixed‑use layout with offices on the left and a residential unit on the right; Two‑bedroom, one‑bath apartment; Full basement included
