31 Pearl StAlbany, NY 12207

Property Details for 31 Pearl St

Year built

1910

Property size (Sq ft)

8,556 SF

Property type

Mixed-use properties

Description

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.

Location Insight

City

Albany

County

Albany

State

New York

Latitude

42.6507

Longitude

-73.7518

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