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427 S Pearl St
Albany, NY 12202
Retail Property For Sale
Investment Highlights
- Newly renovated bar and dining space with ADA-compliant restroom and upgraded electrical and plumbing systems.
- Two large residential units with separate entrances, updated interiors, and in-unit laundry.
- Central Albany location with proximity to I-90 and I-787, offering easy regional access for patrons and tenants.
- Commercial kitchen equipped with heavy-duty appliances and a new HVAC system.
- Liquor license opportunity and flexible configuration for bar or restaurant use.
- Historic façade with enhanced curb appeal and mixed-use zoning.
Executive Summary
A fully remodeled mixed-use property at 427 S Pearl Street offers a rare opportunity to own a historic, income-producing asset in the heart of Albany. The ground level features a commercial bar space enhanced with a dining area, updated bar, kitchen, and ADA-compliant bathroom, ideal for restaurant operations. Key updates include new high-efficiency gas heater (2025), updated electrical wiring and panels (2023), and PEX plumbing (2024). The property includes two spacious 2-bedroom apartments with quality layouts, laundry, and modern amenities. One apartment is leased at $1,300/month with the second unit ready for occupancy.
Positioned in a strong rental market, the property currently generates over $18,000 annually in residential income with potential for higher returns. A previous restaurant operator paid approximately $1,500 monthly, and the liquor license approval process has been initiated for renewed business operations. Current cap rate is estimated at 11.3%, providing a compelling opportunity for investors seeking turnkey solutions and multiple revenue streams in a high-demand area.
Positioned in a strong rental market, the property currently generates over $18,000 annually in residential income with potential for higher returns. A previous restaurant operator paid approximately $1,500 monthly, and the liquor license approval process has been initiated for renewed business operations. Current cap rate is estimated at 11.3%, providing a compelling opportunity for investors seeking turnkey solutions and multiple revenue streams in a high-demand area.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,141 SF
Building Class
C
Year Built
1880
Price
$449,302 CAD
Price Per SF
$143.04 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.80
Lot Size
0.04 AC
Opportunity Zone
Yes
Zoning
C1
Frontage
24’ on Pearl St
Amenities
- Bus Line
- Signage
Property Taxes
| Parcel Number | 010100-076-073-0003-035-000-0000 | Improvements Assessment | $389,759 CAD |
| Land Assessment | $39,604 CAD | Total Assessment | $429,363 CAD |
Property Taxes
Parcel Number
010100-076-073-0003-035-000-0000
Land Assessment
$39,604 CAD
Improvements Assessment
$389,759 CAD
Total Assessment
$429,363 CAD
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