Building Details

Buildings 1

Listing Agency: Madison Park Real Estate S***@madisonparkalbany.com

Listed By: Shane Mahar · License #10491207239 Show Phone

Source: Exprealty

Added: Oct 5 Changed: Oct 15 Last Checked: Oct 15 at 1:57AM

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Investment Insights

Based on property information with market context.

The six-property portfolio centers on a 23,408-square-foot office building at 747 Madison Ave. It also includes 17 apartments across three buildings: seven units at 731 Madison Ave, five at 755 Madison Ave, and five at 765 Madison Ave. Most apartment interiors and office spaces have been updated. A 4,000-square-foot warehouse next to the office building is occupied by the owner, and a four-car garage sits beside the warehouse.

An undeveloped lot behind the seven-unit building at 765 Madison Ave has an address on Hamilton St. The ownership has held the properties for 20 years.

Key Highlights

• Six properties, including office, apartment, warehouse, garage, and land assets
• 23,408‑square‑foot office building at 747 Madison Ave
• 17 apartments: seven at 731 Madison Ave, five at 755 Madison Ave, and five at 765 Madison Ave

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$320,369

Cap Rate

8.43%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,407,380 $6.4M

Cap Rate 7%

$4,576,700 $4.6M

Cap Rate 9%

$3,559,656 $3.6M

Market Conditions

NOI Build-Up for 23,408 SF

Gross rent

$519.7K $22.20/SF

− Vacancy

−$92.5K −$3.95/SF

EGI

$427.2K $18.25/SF

− OpEx

−$106.8K −$4.56/SF

NOI

$320.4K $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 Rate 5%

$6,407,380

Cap Rate 7%

$4,576,700

Cap Rate 9%

$3,559,656

Alternative Uses

Best Use

Office B

$4.58M

$4.00M – $5.34M (±1% cap)

NOI $320,369 @ 7.0% cap · market cap 8.43%

Second Best

Warehouse

$4.01M

$3.51M – $4.68M (±1% cap)

NOI $280,843 @ 7.0% cap · market cap 7.39%

Theoretical Best

Office A

$6.18M

$5.40M – $7.20M (±1% cap)

NOI $432,299 @ 7.0% cap · market cap 11.38%

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

Property Analytics

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Current Use

Lucille Allegretti-Freeman Foster Care Service Alex L. Pieterse, ... Physician Hope House Outpatient ... Medical Clinic Cori Wase Physician Cathryn Schultz Physician

Suggested Use

Top Pick Real Estate Agency Acupuncture HVAC Service Furniture & Home Goods Kitchen & Bath Showroom (Bike/Boat/Book/etc) Store

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

Lease Details

17

Residential units

Location Intelligence

Trade Area within ½ mile

3,225

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - A six-property assemblage combines office, apartments, warehouse space, a garage, and an undeveloped lot.

Where is this mixed-use property located?

The property is located at 747 Madison Ave Albany, NY.

What is the asking price?

The asking price for this property is $3,800,000.

What are key features of this property?

This property features: Six properties, including office, apartment, warehouse, garage, and land assets; 23,408‑square‑foot office building at 747 Madison Ave; 17 apartments: seven at 731 Madison Ave, five at 755 Madison Ave, and five at 765 Madison Ave