Landmark Venue on
For Sale
$849,900
Pending
65 Congress Street, Cohoes, NY 12047
Luxury event and hospitality destination in Cohoes, New York.
Property Size18,389 SF
Days on Market95
Property Features for 65 Congress Street
General Information
Standard status
Pending
Size
18,389 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$11,000
Amenities
Central air
Corner Lot
Garden
Patio
Porch
Slate Roof
Accessible Approach with Ramp
Cleared
Detached
Enclosed
Hardwood Flooring
Level
Lighting
Natural Gas Heating
Off Street
Outdoor Bar
Paved
Private
Road Frontage
Screened
Window Unit(s) Cooling
Building Details
Year Built
1868
Listing Agency:
CRYSTAL COLEMAN REALTY LLC
(518) 229-4539
Listed By:
JACLYN SCOTT
Source:
Corcoran
Added: May 21
Changed: Aug 14
Last Checked: Aug 14 at 6:08AM
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 CRYSTAL COLEMAN REALTY LLC
Investment Insights
Based on property information with market context.
The Venue on Congress is a luxury property located in Cohoes, New York. This income-driven event and hospitality destination spans an entire city block. Originally constructed in 1875, the property is a French Gothic church that has been reimagined into a multi-functional venue. It features 50-foot ceilings, stained glass, and hand-carved oak details. The property offers over 8,000 sq ft of space, including 11 guest rooms, a tavern-style bar, and a commercial kitchen designed to support large-scale events. An outdoor courtyard includes a firepit, stage, and dedicated food truck area. A private parking lot and three-car garage are also present. The Venue on Congress is suited for weddings, live performances, private events, boutique hospitality, or a live/work concept. The property is suitable for various business opportunities.
Key Highlights
- Fully operational, income‑driven event and hospitality destination.
- Boasting 8,000 sq ft of versatile space including 11 guest rooms, tavern‑style bar, and commercial kitchen.
- Features a historic French Gothic church with 50‑foot ceilings, stained glass, and hand‑carved oak details.
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
$70,752
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
8.32%
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%
$1,415,040
$1.4M
Cap Rate 7%
$1,010,743
$1.0M
Cap Rate 9%
$786,133
$786.1K
Market Conditions
NOI Build-Up for 18,389 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
$331.0K $18.00/SF
− Vacancy
−$182.1K −$9.90/SF
EGI
$149.0K $8.10/SF
− OpEx
−$78.2K −$4.25/SF
NOI
$70.8K $3.85/SF
Area
Albany County, NY
Vacancy
55.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
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%
$1,415,040
Cap Rate 7%
$1,010,743
Cap Rate 9%
$786,133
Alternative Uses
Best Use
Hotel Hospitality
$1.01M
$884.4K – $1.18M
NOI $70,752 @ 7.0% cap · market cap 8.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.74M
$5.02M – $6.69M
NOI $401,672 @ 7.0% cap · market cap 47.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
702
Businesses Nearby
Explore this area
Business Placement
Demographics for 12047, NY
23,347
Population
10,963
Households
2.1
Avg Household Size
40
Median Age
33%
College-Educated
91%
High-School Grad
8.8 sq mi
ZIP Area
2,653
Density / Sq Mi
$66,970
Median Household Income
$46,476
Median Earnings
$1,213
Median Rent
$237,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Luxury event and hospitality destination in Cohoes, New York.
Where is this wedding venue located?
The property is located at 65 Congress Street Cohoes, NY.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Fully operational, income‑driven event and hospitality destination.; Boasting **8,000 sq ft of versatile space** including 11 guest rooms, tavern‑style bar, and commercial kitchen.; Features a **historic French Gothic church** with 50‑foot ceilings, stained glass, and hand‑carved oak details.
