Mixed-Use Office and Apartment
New
For Sale
$279,900
538 New Scotland Ave, Albany, NY 12208
Corner property with separate utilities, a full basement, and an existing two-bedroom apartment alongside office space.
Property Size1,720 SF
Price / SF$162.73
Days on Market1
Property Features for 538 New Scotland Ave
General Information
Standard status
Active
Size
1,720 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Building Details
Year Built
1948
Buildings
1
Listing Agency:
Better Spaces Realty
Listed By:
Michael Field · License #10491203035
(518) 669-1804
Source:
Fieldrealty
Added: Sep 22
Last Checked: Sep 22 at 1:48PM
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 Better Spaces Realty
Investment Insights
Based on property information with market context.
Built in 1948, this 1,720-square-foot mixed-use property combines office space on one side with a two-bedroom, one-bath apartment on the other. The building also includes a full basement and separate utilities for the two portions, creating a distinct configuration for an owner-user or income-oriented buyer.
The property occupies the corner of New Scotland Avenue and South Main Street in Albany. Hospitals, schools, restaurants, and shopping are within walking distance, adding convenience for occupants and supporting the building’s mixed-use setting.
The property occupies the corner of New Scotland Avenue and South Main Street in Albany. Hospitals, schools, restaurants, and shopping are within walking distance, adding convenience for occupants and supporting the building’s mixed-use setting.
Key Highlights
- 1,720‑square‑foot mixed‑use building built in 1948
- Office space occupies one side of the building
- Two‑bedroom, one‑bath apartment on the other side
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
$20,272
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
7.24%
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%
$405,440
$405.4K
Cap Rate 7%
$289,600
$289.6K
Cap Rate 9%
$225,244
$225.2K
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
$36.1K $21.00/SF
− Vacancy
−$3.7K −$2.14/SF
EGI
$32.4K $18.86/SF
− OpEx
−$12.2K −$7.07/SF
NOI
$20.3K $11.79/SF
Area
Albany, NY
Vacancy
10.20%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$405,440
Cap Rate 7%
$289,600
Cap Rate 9%
$225,244
Alternative Uses
Best Use
Mixed Use
$289.6K
$253.4K – $337.9K
NOI $20,272 @ 7.0% cap · market cap 7.24%
Second Best
Multifamily LT 5
$279.8K
$244.9K – $326.5K
NOI $19,588 @ 7.0% cap · market cap 7.00%
Theoretical Best
Office A
$453.8K
$397.1K – $529.4K
NOI $31,765 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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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 - Corner property with separate utilities, a full basement, and an existing two-bedroom apartment alongside office space.
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 $279,900.
What are key features of this property?
This property features: 1,720‑square‑foot mixed‑use building built in 1948; Office space occupies one side of the building; Two‑bedroom, one‑bath apartment on the other side
