31 Pearl StAlbany, NY 12207

For Sale
$799,900

High-Yield, Renovated Commercial & Residential

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional mixed-use property in Albany, NY, presents a compelling investment opportunity. Located at 31 N Pearl St, this four-story, 8,556 square foot building boasts a newly renovated commercial space (currently vacant) ready for immediate occupancy or leasing. The modern commercial space features new concrete floors, sheetrock, paint, drop ceilings, electrical, and lighting, easily adaptable to various uses, including retail, office, or even a commercial kitchen. Above the commercial space are six fully rented residential apartments, a mix of one- and two-bedroom units, generating substantial rental income. The apartments are currently leased, with leases expiring in 2024 and 2025. The estimated monthly rental income from the apartments is $9,850, with an estimated $3,300 monthly income potential from the vacant commercial space. The building sits on a 2,139 square foot lot and benefits from a prime location near restaurants, state buildings, hotels, and major attractions like the MVP Arena and the Palace Theater. The property offers a strong 12.04% cap rate and a Net Operating Income (NOI) of $96,323. All tenants are current on rent, and the building's fire suppression systems (ROPs & sprinklers) are up-to-date as of August 2024. The seller, retiring after over 50 years in commercial business, is offering this turnkey investment opportunity. A detailed rent roll is available upon request. The building was constructed in 1910 and is zoned for commercial use. Occupancy of the commercial space is available September 1, 2024.

Highlights

  • $799,900 asking price for this mixed-use property in Albany, NY.
  • 8,556 square feet with a price per square foot of $93.49.
  • 12.04% cap rate and a 12.04% pro-forma cap rate, with a $96,323 NOI.
  • Six units, including a vacant commercial space and five fully rented residential apartments.
  • Located at 31 N Pearl St, Albany, NY 12207, a prime location near key city attractions.

Property Details for 31 Pearl St

Property type
Other mixed-use properties, Mixed-use properties
Square Feet
8,556 SF
Year Built
1910
Buildings
1
Stories
4
Units
6

Location Insight

City
Albany
County
Albany
State
New York
Latitude
42.6506554
Longitude
-73.7517917
31 Pearl St, Albany, New York

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31 Pearl St
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