54 James St 1,100 SF 8% Leased Retail Building Albany, NY 12207 $349,900 ($318.09/SF) 5.85% Cap Rate

Positioned directly across from Tricentennial Park, 54 James Street is a rare mixed-use opportunity in one of downtown Albany’s most walkable, amenity-rich corridors. The street-level commercial space (504 SF) offers prime visibility, steady pedestrian traffic, and scenic park views, ideal for retail, office, or service use. The current commercial tenant is flexible and may remain under a new lease, negotiate the sale of business/equipment, or vacate for an owner-occupant. Upstairs, a one-bedroom apartment (504 SF) is leased through August 2026, providing immediate income or the potential for a private office or live/work space. Current gross rental income is $30,000/year with an NOI of $20,453, resulting in a 5.84% cap rate, while pro forma potential shows that rents brought to market could increase NOI to ~$26,450/year and a cap rate of ~7.5%, representing a clear value-add opportunity. The property features a roof replaced in August 2020 and offers unmatched access to downtown offices, restaurants, entertainment venues, public transit, and year-round events at the park. Offered AS-IS, with buyers to perform their own due diligence. Showings by appointment only; please do not disturb tenants. Whether you are an investor seeking rental upside or an owner-occupant desiring a high-visibility location with supplemental income, 54 James Street presents a compelling opportunity in the heart of Albany.