347 Pearl StAlbany, NY 12202

Property Details for 347 Pearl St

Year built

1940

Lot size

0.06 AC

Property size (Sq ft)

4,800 SF

Zone code

C1

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

010100 76.65-3-48

APU

101007665348

Description

This exceptional investment opportunity presents a mixed-use property located at 347 S Pearl Street in Albany, New York, 12202. The offering includes a street-level commercial space featuring newly installed luxury vinyl tile (LVT) flooring and a renovated bathroom. This space is currently vacant, presenting immediate potential for lease income. Above the street level are two to four bedroom apartments, each boasting renovated kitchens and bathrooms. These apartments currently generate a gross annual income of $16,500. The building is equipped with on-demand hot water and heat. Adding significant value to this offering are two vacant lots located at 74 and 76 Broad Street, included in the sale. The total asking price for this entire package is $179,000. The property is being sold "as is." The square footage of the building is not currently available. This presents a unique chance to acquire a multi-faceted property in a desirable Albany location with immediate income potential and significant upside through lease-up of the vacant commercial space and potential development of the vacant lots. This is an ideal opportunity for investors seeking a strong return on investment in a growing market.

• CAP approach

  CAP return

  Valuation

  6%

  $1,192,394

  6.5%

  $1,100,672

  7%

  $1,022,052

• Comparable approach

  Method

  Valuation

  Relative Method

  $631,384

  Geo Method

  $627,168

• Alternative Use

  Use

  Valuation

  Residential

  $1,364,833

  Hospitality

  $1,250,180

  Educational

  $1,040,135

  Medical

  $1,075,907

  Retail

  $1,617,988

Location Insight

City

Albany

County

Albany

State

New York

Latitude

42.6401

Longitude

-73.7581

CBSA code

10580

CBSA name

ALBANY-SCHENECTADY-TROY, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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