Listed by Carrow Real Estate Services
$5,500,000
The Kennedy
Details
APN 76.34-1-7
Property Type Multifamily, Mixed Use
Sub Type Apartment Building
Square Footage 85,357
Net Rentable (SqFt) 17,118
Units 22
Cap Rate 8.80%
Occupancy 100%
Tenancy Multi
Price per SqFt $64
Year Built 1925
Year Renovated 2021
Buildings 2
Stories 4
Acreage 0.390
Zoning Mixed-use downtown zoning (MU-DT)
Parking Spaces 170 spaces
Parking Per SqFt 1.99
Multifamily | 8.80% CAP | 22 Units
Marketing 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.
The Kennedy is a newly refinished property, thoughtfully designed with both modern and historic elements. Original terrazzo floors and glass block windows pair with stainless steel appliances, spacious living areas and gold accented cabinetry.
Constructed of reinforced concrete in 1925, Kennedy Garage is strongly associated with the advent of the car and was consistently marketed as a safe and convenient parking alternative for patrons flocking to a bustling shopping, entertainment and hospitality downtown destination.
While the central intent was to provide parking, Kennedy Garage also evolved into a multi-purpose building, holding the Kennedy family's car repair shop and a wide variety of governmental tenants, particularly after World War II.
Investment highlights
- 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 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
- Four (4) stories with fifth floor penthouse
- One (1) passenger elevator
- +/-0.39 acres
- Mixed-use downtown zoning (MU-DT)
- Masonry reinforced concrete construction
- Originally constructed in 1925
- Renovated in 2021
- TPO membrane roof (2021)
- Fully sprinklered
- Municipal water & sewer
- Tax ID: 76.34-1-7
- Property tax: $36,288
- School tax: $47,442
Listing Contacts
Listed by Carrow Real Estate Services
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Zoning
MU-DT MixedMixed UseMixed Use Downtown
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View all 99 uses Last updated May 9, 2026 For deeper zoning details, reports are available at Zoneomics
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