Building Details

Buildings 1

Building Size 23,408 SF

Listing Agency: MADISON PARK REAL ESTATE Show Phone

Listed By: SHANE MAHAR · License #10491207239

Source: Corcoran

Added: Oct 6 Changed: Oct 7 Last Checked: Oct 7 at 2:49PM

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Investment Insights

Based on property information with market context.

This Albany portfolio brings together office, residential, and supporting property components. Its lead building at 747 Madison Avenue contains 23,408 square feet of office space, with a 4,000-square-foot warehouse beside it and a four-car garage next to the warehouse. Most office spaces and apartment units have updated interiors.

Three apartment buildings provide 17 units: seven at 731 Madison Avenue, five at 755 Madison Avenue, and five at 765 Madison Avenue. An undeveloped lot with a Hamilton Street address sits behind the 765 Madison Avenue building. The portfolio is offered as a six-property package.

Key Highlights

• 23,408ft2 office building at 747 Madison Avenue
• 17 apartment units: 7 at 731 Madison Avenue, 5 at 755 Madison Avenue, and 5 at 765 Madison Avenue
• 4,000ft2 warehouse adjacent to the office building

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.

Property Analytics

Current Use

Office buildings

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Dental Office Storage Facility Auto Parts Store Bakery

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

79

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 - The portfolio combines office, apartment, warehouse, garage, and undeveloped land components.

Where is this mixed-use property located?

The property is located at 747 Madison Avenue 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: 23,408ft2 office building at 747 Madison Avenue; 17 apartment units: 7 at 731 Madison Avenue, 5 at 755 Madison Avenue, and 5 at 765 Madison Avenue; 4,000ft2 warehouse adjacent to the office building