Building Details

Year Built 1893

Buildings 1

Stories 4

Listing Agency: Old Albany Real Estate LLC o***@aol.com Show Phone

Listed By: Michael Heinel · License #10401220117 Show Phone

Source: Simplywoodardrealestate

Added: Jun 15, 2025 Changed: Nov 4 Last Checked: Nov 4 at 8:49AM

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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 Old Albany Real Estate LLC

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Investment Insights

Based on property information with market context.

This 3,636-square-foot mixed-use building, constructed in 1893, has commercial space on the ground floor and three full-floor apartments upstairs. The residential mix includes a studio, a one-bedroom unit, and a two-bedroom unit. Renovations were completed around 2000, and each apartment has high-efficiency forced-air heating and air conditioning.

Residents pay for heat, hot water, air conditioning, and electricity. The building also has a laundry area that has been closed for more than three years.

Key Highlights

• 3,636‑square‑foot mixed‑use building
• Ground‑floor commercial space with three full‑floor apartments above
• Apartment mix: studio, one‑bedroom, and two‑bedroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$43,932

Cap Rate

7.19%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$878,640 $878.6K

Cap Rate 7%

$627,600 $627.6K

Cap Rate 9%

$488,133 $488.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,636 SF

Gross rent

$67.6K $18.60/SF

− Vacancy

−$4.9K −$1.34/SF

EGI

$62.8K $17.26/SF

− OpEx

−$18.8K −$5.18/SF

NOI

$43.9K $12.08/SF

Area

Albany, NY

Vacancy

7.20%

Lease Rate

$18.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$878,640

Cap Rate 7%

$627,600

Cap Rate 9%

$488,133

Alternative Uses

Best Use

Retail

$627.6K

$549.2K – $732.2K (±1% cap)

NOI $43,932 @ 7.0% cap · market cap 7.19%

Second Best

Mixed Use

$612.2K

$535.7K – $714.3K (±1% cap)

NOI $42,855 @ 7.0% cap · market cap 7.01%

Theoretical Best

Office A

$959.3K

$839.4K – $1.12M (±1% cap)

NOI $67,150 @ 7.0% cap · market cap 10.99%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Dirty Harry's Downtown (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Carpet & Flooring Store Furniture & Home Goods (Bike/Boat/Book/etc) Store Home Appliance Store Electrical Service Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

4,237

Businesses Nearby

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Ground-floor commercial space is complemented by studio, one-bedroom, and two-bedroom residences above.

Where is this mixed-use property located?

The property is located at 57 Dove Street Albany, NY.

What is the asking price?

The asking price for this property is $611,000.

What are key features of this property?

This property features: 3,636‑square‑foot mixed‑use building; Ground‑floor commercial space with three full‑floor apartments above; Apartment mix: studio, one‑bedroom, and two‑bedroom