427 S Pearl Street, Albany, NY 12202
Local realty services provided by:HUNT Real Estate ERA
Listed by: victoria mclaughlin
Office: howard hanna capital inc
MLS#:202619848
Source:Global MLS
Price summary
- Price:$329,000
- Price per sq. ft.:$57.12
About this home
Opportunity meets character at 427 S Pearl St, a fully remodeled mixed-use building featuring one of Albany's last historic bar spaces paired with two income-producing apartments.
The commercial space offers a fully renovated bar/lounge, complete with a stunning custom bar, dining area, kitchen, office, and one ADA-compliant bathroom and one standard bathroom, along with a mop/broom closet. RESTAURANT EQUIPMENT CONVEYS WITH THE SALE OF THE PROPERTY! With USB-integrated outlets, updated systems, and a brand-new high-efficiency gas heater (2025), this space is turnkey and ready for its next concept. Currently generating $1,500/month with upside to ~$2,000/month upon liquor license approval.
Upstairs, two spacious 2-bedroom apartments feature updated layouts, large bathrooms, and strong rental history; both currently occupied (month-to-month) at $1,300 and $1,400/month.
Major improvements include new roof (2018), full electrical service update (2023), new sewer line to street (2024), updated plumbing with PEX throughout, and newer hot water tanks--offering peace of mind for years to come.
Tenants pay utilities, keeping operating expenses low and returns strong.
Whether you're an investor seeking cash flow or an owner-user looking to operate a business while collecting residential income- this is a rare find in the City of Albany!
Current Income:
Bar: $1,500/mo = $18,000/year
Apts: $2,700/mo = $32,400/year
Total Gross = $50,400/year
Expenses:
Taxes: $9,963
Insurance: $2,568
Water/Sewer: ~$675
Total Expenses ≈ $13,206
NOI (Net Operating Income):
$50,400 - $13,206 = $37,194
CAP Rate (Current):
*11.3%*
11%+ cap rate, built-in income, and serious upside...this is the deal investors wait for!!!!...
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Home facts
- Year built:1880
- Listing ID #:202619848
- Added:58 day(s) ago
- Updated:August 15, 2026 at 02:28 PM
Rooms and interior
- Bedrooms:4
- Total bathrooms:4
- Full bathrooms:2
- Half bathrooms:2
- Flooring:Laminate
- Basement Description:Partial, Unfinished
- Living area:5,760 sq. ft.
Heating and cooling
- Cooling:Central Air, Window Unit(s)
- Heating:Electric
- Central air:Yes
Structure and exterior
- Roof:Asphalt, Rubber
- Year built:1880
- Building area:5,760 sq. ft.
- Lot area:0.04 Acres
- Construction Materials:Brick
Schools
- High school:Albany
Utilities
- Water:Public
- Sewer:Public Sewer
Finances and disclosures
- Price:$329,000
- Price per sq. ft.:$57.12
- Tax amount:$5,154
Features and amenities
- Amenities:Chair Rail
Parking
- Parking description:Off Street
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