Historic Mixed-Use Building with
For Sale
Contact for pricing
82 N Pearl St, Albany, NY 12210
Four-story historic building includes leased apartments and two retail storefronts, with passenger elevator and one current retail vacancy.
Property Size10,085 SF
Price / SF$113.04
Days on Market193
Property Features for 82 N Pearl St
General Information
Standard status
Active
Size
10,085 SF
Property subtype
RETAIL
Zoning
MU-DT
Additional Details
Multifamily Units
5
Amenities
passenger elevator
Building Details
Year Built
1850
Year Renovated
2020
Stories
4
Tenancy
Multi
Listing Agency:
Carrow Real Estate Services
(518) 462-7491
Listed By:
Rudy R. Lynch · License #10301200002
Source:
Moodyscre
Added: Feb 2
Changed: Aug 8
Last Checked: Aug 13 at 6:20AM
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 Carrow Real Estate Services
Investment Insights
Based on property information with market context.
Located at 82 N Pearl St in Downtown Albany, this four-story historic mixed-use building was originally constructed in 1850 and renovated in 2020. The property features five fully leased market-rate apartments and two high-visibility retail storefronts. One retail space is currently vacant.
The building sits on the corner of North Pearl & Columbia Streets, providing exposure in Albany’s downtown district. It is zoned MU-DT and includes a passenger elevator.
With its apartment and retail income mix and recent renovation, the property offers an owner a turnkey, downtown-focused investment profile. The currently vacant retail storefront also allows for either an owner-occupant setup or leasing opportunity to complete the space.
The building sits on the corner of North Pearl & Columbia Streets, providing exposure in Albany’s downtown district. It is zoned MU-DT and includes a passenger elevator.
With its apartment and retail income mix and recent renovation, the property offers an owner a turnkey, downtown-focused investment profile. The currently vacant retail storefront also allows for either an owner-occupant setup or leasing opportunity to complete the space.
Key Highlights
- +/-10,085 SF four‑story historic mixed‑use building at North Pearl & Columbia Streets in Downtown Albany
- Originally constructed in 1850, renovated in 2020
- Five fully leased market‑rate apartments plus two retail storefronts; one retail space currently vacant
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
$103,016
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
9.04%
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%
$2,060,320
$2.1M
Cap Rate 7%
$1,471,657
$1.5M
Cap Rate 9%
$1,144,622
$1.1M
Market Conditions
NOI Build-Up for 10,085 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
$199.7K $19.80/SF
− Vacancy
−$12.4K −$1.23/SF
EGI
$187.3K $18.57/SF
− OpEx
−$84.3K −$8.36/SF
NOI
$103.0K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$2,060,320
Cap Rate 7%
$1,471,657
Cap Rate 9%
$1,144,622
Alternative Uses
Best Use
Retail
$1.74M
$1.52M – $2.03M
NOI $121,853 @ 7.0% cap · market cap 10.69%
Second Best
Apartment 5plus
$1.47M
$1.29M – $1.72M
NOI $103,016 @ 7.0% cap · market cap 9.04%
Theoretical Best
Office A
$2.66M
$2.33M – $3.10M
NOI $186,250 @ 7.0% cap · market cap 16.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,787
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Four-story historic building includes leased apartments and two retail storefronts, with passenger elevator and one current retail vacancy.
Where is this apartment building located?
The property is located at 82 N Pearl St Albany, NY.
What is the asking price?
The asking price for this property is $1,140,000.
What are key features of this property?
This property features: +/-10,085 SF four‑story historic mixed‑use building at North Pearl & Columbia Streets in Downtown Albany; Originally constructed in 1850, renovated in 2020; Five fully leased market‑rate apartments plus two retail storefronts; one retail space currently vacant
