Mixed-Use Office and
For Sale
$475,000
1032 Central Avenue, Albany, NY 12205
COMMERCIAL - Albany, NY
Property Size1,721 SF
Lot Size0.31 Acres
Price / SF$276
Days on Market56
Property Features for 1032 Central Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking
15
Interior features
Built-in Features
Basement
Full
Lot features
Level
Elementary school
Eagle Point
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
From i90 to Everett Rd. South, Left on Central Ave for 2 min, Building on the left hand side
Standard status
Active
APN
010100 53.66-2-40
Size
1,721 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Annual Amount
11236
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1932
Floors in Building
2
Building materials
Brick
Roof type
Shingle
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Heather Hamlin Martin · License #10301219767
(518) 308-8986
Added: Jun 15
Changed: Aug 4
Last Checked: Aug 9 at 12:06AM
MLS# 202619642
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use commercial property is configured with professional office space on the first floor and a well-maintained apartment above. The listing also notes strong immediate functionality, with apartment and commercial space slated to be vacant upon closing.
The property is located on Central Avenue in Albany, NY, with access described as being just 2 minutes from the Everett Rd exit. It is positioned in a high-traffic corridor with visibility intended to support commercial use.
On-site parking is listed as approximately 15 spaces, supporting convenient arrival for tenants and visitors. The property is zoned Commercial.
The property is located on Central Avenue in Albany, NY, with access described as being just 2 minutes from the Everett Rd exit. It is positioned in a high-traffic corridor with visibility intended to support commercial use.
On-site parking is listed as approximately 15 spaces, supporting convenient arrival for tenants and visitors. The property is zoned Commercial.
Key Highlights
- Brick mixed‑use building built in 1932 with office space on the first floor and an apartment above
- Natural gas hot water heating; wall unit cooling
- Public water and public sewer service
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
Mixed Use
$289.8K
$253.6K – $338.1K
NOI $20,284 @ 7.0% cap · market cap 4.27%
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
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with first-floor office space, an apartment above, and approximately 15 on-site parking spaces.
Where is this mixed-use property 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: Brick mixed‑use building built in 1932 with office space on the first floor and an apartment above; Natural gas hot water heating; wall unit cooling; Public water and public sewer service
