Carvana Leased Investment
For Sale
$4,500,000
613 New Loudon Road, Latham, NY
4.3-acre site with 24,488 SF building leased to Carvana.
Property Size24,488 SF
Price / SF$183.76
Days on Market331
Property Features for 613 New Loudon Road
General Information
Standard status
Active
Size
24,488 SF
Property subtype
Mixed Use
Building Details
Building Size
24,488 SF
Listing Agency:
Atlantic Home Realty
(518) 489-9199
Listed By:
Pyramid Brokerage Albany · License #***
(518) 489-9199
Source:
Pyramidbrokerage
Added: Sep 25, 2025
Changed: Aug 8
Last Checked: Aug 21 at 5:54AM
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 Atlantic Home Realty
Investment Insights
Based on property information with market context.
This property features an approximately 4.3-acre site improved with a 24,488 square foot building. The property is currently leased to Carvana, with an initial lease term expiring on December 31, 2026. The tenant has two options to extend the lease, each for a three-year period. The property is located on the busy Route 9 corridor and includes 603 New Loudon Road. Financial information is available to potential buyers.
Key Highlights
- Existing lease to Carvana provides immediate income stream.
- Prime location on high‑traffic Route 9 corridor.
- Large 4.3‑acre site with a 24,488 square foot building.
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
$295,590
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
6.57%
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%
$5,911,800
$5.9M
Cap Rate 7%
$4,222,714
$4.2M
Cap Rate 9%
$3,284,333
$3.3M
Market Conditions
NOI Build-Up for 24,488 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
$440.8K $18.00/SF
− Vacancy
−$18.5K −$0.76/SF
EGI
$422.3K $17.24/SF
− OpEx
−$126.7K −$5.17/SF
NOI
$295.6K $12.07/SF
Area
Albany County, NY
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$5,911,800
Cap Rate 7%
$4,222,714
Cap Rate 9%
$3,284,333
Alternative Uses
Best Use
Retail
$4.22M
$3.69M – $4.93M
NOI $295,590 @ 7.0% cap · market cap 6.57%
Second Best
Industrial
$3.29M
$2.88M – $3.83M
NOI $230,054 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$7.64M
$6.69M – $8.91M
NOI $534,893 @ 7.0% cap · market cap 11.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
643
Businesses Nearby
386k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 34%
Shops & Services 23%
Dining 17%
Home Improvements & Furnishings 14%
Walmart
Superstores
132,725 visits/mo
0.2 miles
Lowe's
Home Improvements & Furnishings
43,684 visits/mo
0.1 miles
Burlington
Apparel
34,407 visits/mo
0.3 miles
Dollar Tree
Shops & Services
21,427 visits/mo
0.2 miles
Wendy's
Dining
20,193 visits/mo
0.1 miles
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Automotive property - 4.3-acre site with 24,488 SF building leased to Carvana.
Where is this automotive property located?
The property is located at 613 New Loudon Road Latham, NY.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Existing lease to Carvana provides immediate income stream.; Prime location on high‑traffic Route 9 corridor.; Large 4.3‑acre site with a 24,488 square foot building.
