45 Columbia Street, Albany, NY

Building Size: 85,357 SF
Available Space: 17,118 SF
Economics: $5,500,000

Description:

The Kennedy at 45 Columbia: +/-85,357 SF Mixed-Use Multifamily Property and Parking Garage. Twenty-two (22) market-rate residential apartment units. One hundred seventy (170) interior heated garage parking spaces. Located in the heart of Downtown Albany, New York. Surrounded by numerous hotels, restaurants, bars & entertainment options. Directly on a public bus line. Renovated in 2021. 100% occupied. 8.80% cap rate based on current income. Upside through conversion of a portion of existing parking garage space to additional residential units. Favorable 485-a real property tax exemption in place. Located in a Qualified Opportunity Zone. Priced to move at only $64 PSF.