402 Broadway

Description

Four-story mixed-use building in the heart of downtown Albany -- fully gut-renovated in 2020 and in excellent condition. Three residential units on floors 2-4 featuring Google Smart Home technology, in-unit washer/dryers, exposed brick, and that iconic arched top-floor window with direct views of SUNY Plaza. Hallways freshly painted April 2026. This is not your typical downtown walkup and it shows. Ground floor commercial space is currently vacant and ready for an owner-occupant or new tenant -- a significant value-add opportunity in one of Albany's highest-foot-traffic corridors, directly across from SUNY Plaza with the Broadway bus stop at the front door. The big number: approximately 15 years remaining on a 20-year Capitalize Albany tax abatement, dramatically reducing the effective tax burden and making this one of the most favorably structured deals in the downtown market right now. Gross potential income $70,800/year. Priced at $699,000 at a 6.88% cap rate on normalized expenses. Two residential units coming available -- buyer sets fresh market rents on a renovated product. Full OM and financials available upon request!