Rehabilitated Mixed-Use Apartment
For Sale
$1,800,000
811 Madison Avenue, Albany, NY 12208
Rehabilitated building with modern updates, including new HVAC for commercial space and a new hot water system.
Property Size8,592 SF
Price / SF$209.50
Days on Market189
Property Features for 811 Madison Avenue
General Information
Standard status
Active
Size
8,592 SF
Property subtype
Multi Family / Multi Family
Additional Details
Multifamily Units
8
Building Details
Year Built
1940
Tenancy
Multi
Listing Agency:
BA Realty Group
(518) 339-2965
Listed By:
Adam Gelman · License #10491212416
(518) 339-2965
Source:
Compass
Added: Jan 23
Changed: Jul 23
Last Checked: Jul 30 at 12:05PM
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 BA Realty Group
Investment Insights
Based on property information with market context.
This rehabilitated mixed-use apartment building includes two long-term commercial tenants and 8 apartment units. The property has been recently rehabbed and modernized, and it includes major building systems upgrades, including new HVAC for the commercial space in 2024 and a new hot water system replaced in 2025.
The property is located at 811 Madison Avenue in Albany, close to UAlbany Downtown Campus, Washington Park, Albany Med, and Albany Law.
For sale offering includes attached income and expense details for the existing commercial and residential setup.
The property is located at 811 Madison Avenue in Albany, close to UAlbany Downtown Campus, Washington Park, Albany Med, and Albany Law.
For sale offering includes attached income and expense details for the existing commercial and residential setup.
Key Highlights
- Two long‑term commercial tenants with 8 apartments (typical student renters mentioned: UAlbany, Albany Law, Albany, and Albany Med)
- New HVAC for the commercial space in 2024
- New hot water system for the building replaced in 2025
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $170.1k | $19.80 |
| − Vacancy | −$10.5k | −$1.23 |
| EGI | $159.6k | $18.57 |
| − OpEx | −$71.8k | −$8.36 |
| NOI | $87.8k | $10.21 |
8,592 SF · lease $19.80/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.10M – $1.46M
NOI $87,766 @ 7.0% cap · market cap 4.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.27M
$1.98M – $2.64M
NOI $158,677 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,003
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Rehabilitated building with modern updates, including new HVAC for commercial space and a new hot water system.
Where is this apartment building located?
The property is located at 811 Madison Avenue Albany, NY.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Two long‑term commercial tenants with 8 apartments (typical student renters mentioned: UAlbany, Albany Law, Albany, and Albany Med); New HVAC for the commercial space in 2024; New hot water system for the building replaced in 2025
