Mixed-Use Office
For Sale
$475,000
1032 Central Avenue, Albany, NY 12205
Two-story building with a ground-floor office and an apartment above, supported by on-site parking for occupants.
Property Size1,721 SF
Price / SF$276
Days on Market66
Property Features for 1032 Central Avenue
General Information
Standard status
Active
Size
1,721 SF
Total Parking Spaces
15
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$11,235
Amenities
Central air
Hot Water Heating
Level
Natural Gas Heating
Shingle Roof
Wall Unit(s) Cooling
Building Details
Year Built
1932
Stories
2
Listing Agency:
KW PLATFORM
(518) 724-5800
Listed By:
HEATHER HAMLIN MARTIN · License #10301219767
Source:
Corcoran
Added: Jun 16
Changed: Aug 17
Last Checked: Aug 20 at 4:46AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW PLATFORM
Investment Insights
Based on property information with market context.
This mixed-use property is currently configured with professional office space on the first floor and a separate apartment above. The building is presented as turn-key for immediate occupancy by an owner-occupant or for continued use as income-producing space, with both the commercial and residential areas to be vacant upon closing.
Located on Central Avenue, the property is described as having strong visibility and convenient access, with proximity to the Everett Road exit noted at approximately two minutes away. The listing also indicates roughly 15 on-site parking spaces, supporting convenient arrival for staff, customers, tenants, and visitors.
For tenants, buyers, or owner-occupants seeking a live/work setup or a property that can support multiple income streams, the existing split configuration offers day-to-day functionality without requiring immediate reconfiguration. The on-site parking count and street-facing position are practical considerations for office operations and for the apartment above, while the dual-use layout provides flexibility for future repositioning depending on the end user’s needs.
Located on Central Avenue, the property is described as having strong visibility and convenient access, with proximity to the Everett Road exit noted at approximately two minutes away. The listing also indicates roughly 15 on-site parking spaces, supporting convenient arrival for staff, customers, tenants, and visitors.
For tenants, buyers, or owner-occupants seeking a live/work setup or a property that can support multiple income streams, the existing split configuration offers day-to-day functionality without requiring immediate reconfiguration. The on-site parking count and street-facing position are practical considerations for office operations and for the apartment above, while the dual-use layout provides flexibility for future repositioning depending on the end user’s needs.
Key Highlights
- Two‑story mixed‑use building built in 1932 with ground‑floor office space and an apartment above
- Located on Central Ave with access just 2 minutes from the Everett Rd exit
- Approximately 15 on‑site parking spaces for occupants and visitors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,554
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.96%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$471,080
$471.1K
Cap Rate 7%
$336,486
$336.5K
Cap Rate 9%
$261,711
$261.7K
Market Conditions
NOI Build-Up for 1,721 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$38.2K $22.20/SF
− Vacancy
−$6.8K −$3.95/SF
EGI
$31.4K $18.25/SF
− OpEx
−$7.9K −$4.56/SF
NOI
$23.6K $13.69/SF
Area
Albany, NY
Vacancy
17.80%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$471,080
Cap Rate 7%
$336,486
Cap Rate 9%
$261,711
Alternative Uses
Best Use
Office B
$336.5K
$294.4K – $392.6K
NOI $23,554 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$454.0K
$397.3K – $529.7K
NOI $31,783 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
960
Businesses Nearby
Explore this area
Business Placement
Demographics for 12205, NY
27,168
Population
12,061
Households
2.3
Avg Household Size
45
Median Age
36%
College-Educated
94%
High-School Grad
15.4 sq mi
ZIP Area
1,764
Density / Sq Mi
$89,270
Median Household Income
$54,184
Median Earnings
$1,405
Median Rent
$264,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Two-story building with a ground-floor office and an apartment above, supported by on-site parking for occupants.
Where is this office building located?
The property is located at 1032 Central Avenue Albany, NY.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two‑story mixed‑use building built in 1932 with ground‑floor office space and an apartment above; Located on Central Ave with access just 2 minutes from the Everett Rd exit; Approximately 15 on‑site parking spaces for occupants and visitors
