427 S Pearl Street, Albany, NY 12202, Albany

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!!!!