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!!!!
Property Type(s):
Multi Family
|
Last Updated
|
6/17/2026
|
Year Built
|
1880
|
|
County
|
Albany
|
SCHOOLS
Additional Details
| AIR |
Central Air, Window Unit(s) |
| AIR CONDITIONING |
Yes |
| BASEMENT |
Partial, Unfinished, Yes |
| CONSTRUCTION |
Brick |
| HEAT |
Electric |
| LOT |
1742 sq ft |
| LOT DIMENSIONS |
26.1 X 72 |
| PARKING |
Off Street |
| SEWER |
Public Sewer |
| TAXES |
5154.55 |
| UTILITIES |
Sewer Connected |
| WATER |
Public |
Location
This listing courtesy of Howard Hanna Capital Inc
Listing information is deemed reliable, but not guaranteed.
This IDX solution is (c) Diverse Solutions 2026.
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