Four-Story Mixed-Use
For Sale
$1,140,000
82 PEARL ST, Albany, NY 12207
Fully leased downtown property combines residential apartments with two visible retail storefronts and elevator service.
Property Size10,085 SF
Price / SF$113.04
Days on Market163
Property Features for 82 PEARL ST
General Information
Standard status
Active
Size
10,085 SF
Elevators
Yes
Property subtype
Mixed Use
Zoning
MU-DT
Occupancy
100%
Additional Details
Asking Price
$1,190,000
Corner Location
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$29,379
Amenities
passenger elevator
Central Air
3
Corner Lot.
33x104
Corner.
Building Details
Year Built
1850
Year Renovated
2020
Buildings
1
Stories
4
Tenancy
Multi
Listing Agency:
Carrow Real Estate Services LLC
(845) 325-1568
Listed By:
Kyle Bradley · License #10401359503
(845) 325-1568
Source:
Xome
Added: Mar 24
Changed: Aug 31
Last Checked: Sep 1 at 3:57PM
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 LLC
Investment Insights
Based on property information with market context.
This historic mixed-use building provides approximately 10,085 SF across four stories, with five market-rate apartments and two retail storefronts. Originally built in 1850, the property underwent renovation in 2020 and includes a passenger elevator, central air, and a corner-lot configuration. The building is fully leased and designated MU-DT for mixed-use downtown development.
The property occupies the corner of North Pearl and Columbia Streets in downtown Albany, placing the storefronts along a prominent urban intersection. The site measures 33x104, with the address at 82 N Pearl St, Unit 82, Albany, NY 12207. Its combination of residential occupancy, retail frontage, and updated historic construction creates a single asset with multiple income-producing components.
The property occupies the corner of North Pearl and Columbia Streets in downtown Albany, placing the storefronts along a prominent urban intersection. The site measures 33x104, with the address at 82 N Pearl St, Unit 82, Albany, NY 12207. Its combination of residential occupancy, retail frontage, and updated historic construction creates a single asset with multiple income-producing components.
Key Highlights
- Approximately +/-10,085 SF across four stories
- Five market‑rate apartments and two retail storefronts
- Renovated in 2020; original construction dates to 1850
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
Mixed Use
$1.70M
$1.49M – $1.98M
NOI $118,864 @ 7.0% cap · market cap 10.43%
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
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,787
Businesses Nearby
Explore this area
Business Placement
Demographics for 12207, NY
2,399
Population
1,553
Households
1.5
Avg Household Size
37
Median Age
36%
College-Educated
90%
High-School Grad
1.0 sq mi
ZIP Area
2,399
Density / Sq Mi
$32,418
Median Household Income
$49,531
Median Earnings
$689
Median Rent
$242,500
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?
Mixed-use property - Fully leased downtown property combines residential apartments with two visible retail storefronts and elevator service.
Where is this mixed-use property located?
The property is located at 82 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: Approximately +/-10,085 SF across four stories; Five market‑rate apartments and two retail storefronts; Renovated in 2020; original construction dates to 1850
