427 S Pearl St
Listing Notes
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!!!!
Price in context
Cheaper than 17% of the 24 homes listed nearby right now, which run $184,900 to $450,000.
See all 24 nearby listings
| Address | Asking | Size |
|---|---|---|
| 4 Cherry Hill St | $184,900 | 2 bd · 1 ba |
| 154 Broad St | $199,000 | 8 bd · 3 ba |
| 23 McCarty Ave | $215,000 | 3 bd · 2 ba |
| 98 Mount Hope Dr | $220,000 | 3 bd · 2 ba |
| 132 4th Ave | $224,900 | 8 bd · 2 ba |
| 88 Elizabeth St | $225,000 | 6 bd · 2 ba |
| 68 Bassett St | $239,900 | 4 bd · 1 ba |
| 144 S Hawk St | $240,000 | 4 bd · 1 ba |
| 38 Trinity Pl | $249,900 | 6 bd · 2 ba |
| 72 Bassett St | $249,999 | 3 bd · 3 ba |
| 97 3rd Ave | $250,000 | 5 bd · 3 ba |
| 123 Clinton St | $285,000 | 9 bd · 3 ba |
| 74 Philip St | $285,000 | 4 bd · 3 ba |
| 30 Boenau St | $285,000 | 5 bd · 2 ba |
| 5 Myrtle Ave | $289,000 | 3 bd · 3 ba |
| 13 Batcher St | $289,900 | 4 bd · 2 ba |
| 155 Eagle St | $299,900 | 3 bd · 2 ba |
| 126-128 Clinton St | $325,000 | 15 bd · 7 ba |
| 140 Grand St | $325,000 | 6 bd · 3 ba |
| 90 Madison Ave | $325,000 | 5 bd · 4 ba |
| 52 Park Ave | $329,777 | 6 bd · 3 ba |
| 175 Eagle St | $368,000 | 3 bd · 3 ba |
| 43 Myrtle Ave | $369,900 | 4 bd · 3 ba |
| 13 Delaware St | $450,000 | 6 bd · 3 ba |
Where it is
For sale Coming soon Recently sold— zoom out for more