Don't miss out on this rare opportunity to invest in a legendary Albany corner property. We are pleased to offer for sale 718-722 Central Ave & 4 King St. a 3 building parcel located on .75 Acres at heavily trafficked signalized corner of Central Ave. The subject property consists of 718-722 a mixed use building comprised of three (3) retail stores and (7) apartments and 2 stand alone Duplex's located on King Ave. The retail stores are home to the Legendary Nino's Deli and Bakery which have been serving up Italian delights for over 50 years and is home to some Albany's best bread and deli sandwiches. The 3rd tenant is Essential Nutrition which offers dietary planning and nutrition services and has occupied the building for 3 years. The residential component of this property is a combination of 1, 2, & 3 Bedroom apartments with rents ranging from $600-$1000 per month which is under market value offering a tremendous upside potential for a new owner. At the current rent and expenses the property nets roughly $125,000 and at the offering price of $1,499,000 the blended Cap Rate is very attractive at 9% with a cash on cash return of over 13%. In addition the property's location has fantastic potential for future redevelopment as this extremely busy corner could potentially be redeveloped as a single tenant property based on location and current zoning.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
