Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Historic Office Space Near Capitol Title is generated by Realmo AI

    123 State St, Albany, NY

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Attractive office space in historic building, convenient location.

    Type:OFFICE
    Property size:
    8,898 SF
    Lot size:
    0.11 Acres
    Added:
    May 16, 2023
    Days on Market:
    1116
    Last Refresh:
    May 20 at 9:03 pm

    Property Features for 123 State St

    General Information

    Standard status
    Active
    Size
    8,898 SF
    Lot size
    0.11 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 123 State St Contact us

    We can help!

    Listing Contact
    Craig Darby
    Craig Darby

    Listing agent Craig Darby License #10401201614

    Listing office CBRE | Albany

    Listing date May 16, 2023

    Source Moodyscre

    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 CBRE | Albany

    HighLights

    • Attractive office space in a beautiful, historic building.
    • Prime location facing the State Capitol.
    • Walking distance to all area amenities.
    • Walking distance to municipal parking lots and garages.
    • Access to CDTA transportation.
    • TD Bank retail branch on partial first floor.

    Overview

    Available for lease is up to approximately 8,898 square feet of office space located on floors one through four of an approximately 11,804 square foot building. This historic building offers architectural charm and a convenient location near area amenities. Municipal parking lots and garages are within walking distance. A TD Bank retail branch occupies a portion of the first floor. The building faces the State Capitol and provides access to CDTA transportation. The space will be available approximately 90 days from a signed Letter of Intent.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Albany
    State
    New York
    Longitude
    -73.755
    Latitude
    42.6513

    Nearby Similar for Lease

    • $17 SF/Yr
      6,360 SF

      Albany Commercial Building For Lease

      Freestanding 6,360 SF commercial building for lease in Albany, NY.
      1865 Central Avenue, Albany, NY 12205
      View Details
    • $1,650/Mo
      3,796 SF

      Downtown Albany Storefront Opportunity

      Premium brick-front space in prime downtown location for rent.
      402 Broadway, Albany, NY 12207
      View Details
    • $1,775/Mo
      1,500 SF

      Albany Commercial Space For Rent

      Versatile commercial space ideal for warehousing, light industrial, distribution.
      4J Vatrano Road, Albany, NY 12205
      View Details
    • $4,600/Mo
      15,044 SF

      Central Avenue Flex Space Available

      Flex space for lease on Central Avenue in Albany, NY.
      1995 Central Avenue, Albany, NY 12205
      View Details
    • $1,600/Mo
      1,600 SF

      Albany Commercial Space For Lease

      Commercial space for lease in Albany, New York.
      347 South Pearl Street, Albany, NY 12202
      View Details
    • $1,300/Mo
      15,044 SF

      Retail Space on Central Avenue

      Affordable retail space with ample parking on busy Central Avenue.
      1995 Central Avenue, Albany, NY 12205
      View Details
    • $2,300/Mo
      15,044 SF

      Retail Space on Central Avenue

      Affordable retail space with high traffic and flexible lease terms.
      1995 Central Avenue, Albany, NY 12205
      View Details
    • $14 SF/Yr
      46,080 SF

      Central Avenue Mixed-Use Retail Space

      Highly visible retail space on a busy Albany corridor.
      97 Central Avenue, Albany, NY 12206
      View Details
    • $900/Mo
      6,560 SF

      Albany Office or Retail Space

      Office or retail space available near Northway in Albany, NY.
      1531 Central, Albany, NY 12205
      View Details
    • $20 SF/Yr
      4,988 SF

      Retail Space Near Crossgates Mall

      Retail property near Crossgates Mall, high traffic, easy access.
      1650 Western Avenue, Albany, NY 12203
      View Details
    • $1,600/Mo

      Retail Space in SUNY Corridor

      Retail space with street visibility and steady foot traffic.
      215 Western Ave, Albany, NY 12203
      View Details
    • $2,200/Mo
      2,908 SF

      Retail Space with Private Parking

      1700 sq ft retail space with parking in Albany.
      1316 Central Avenue, Albany, NY 12205
      View Details

    FAQs

    What type of property is this?
    Office units - Attractive office space in historic building, convenient location.
    Where is this office units located?
    The property is located at 123 State St Albany, NY.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: Attractive office space in a beautiful, historic building.; Prime location facing the State Capitol.; Walking distance to all area amenities.
    (518) 378-2501 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Craig Darby
    Craig Darby
    Real Estate License ID: 10401201614
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    123 State St, Albany, NY
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!