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    Retail Storefront with Two Units Title is generated by Realmo AI

    1650 Western Avenue, Albany, NY 12203

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    For Lease
    $20 SF/Yr $8,313/Mo (calc)

    Single-story brick retail building with large display windows and two separate units, each with its own bathroom.

    Property size:
    4,988 SF
    Added:
    Feb 19, 2025
    Days on Market:
    471
    Last Refresh:
    Jun 5 at 2:30 am

    Property Features for 1650 Western Avenue

    General Information

    Standard status
    Active
    Size
    4,988 SF

    Building Details

    Year Built
    1961

    We can help!

    Listing Contact
    Louise Giuliano

    Listing office Brokers Network

    Listing date Feb 19, 2025

    Source Signatureonerealtygroup

    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 Brokers Network

    HighLights

    • 4,988 SF single‑story brick retail building with large display windows
    • Two separate units: approx. 2,000 SF left unit and approx. 3,000 SF right unit, each with its own bathroom
    • 29‑space paved and striped parking lot with 2 handicapped spaces in front
    • Gas furnace and central air; electric service with two 200 amp 3‑phase panels
    • FIOS capable; bathroom in each unit
    • $20/SF NNN lease terms noted

    Overview

    This single-story brick retail building offers large display windows and a split configuration with two available spaces. The building includes gas furnace and central air, with electric two 200 amp 3-phase panels and a bathroom in each unit. Each tenant space is supported by on-site parking that has been newly paved and striped.

    The property is located at 1650 Western Avenue in Albany, NY, and is described as across from Crossgates Mall, with a near-by new Costco site. Access is supported by a center turn lane with double exits, and easy access to I-87 and I-90 is noted in the remarks. The site provides 29 parking spaces, with two handicapped spaces located in front, and the property is FIOS capable.

    The two-unit layout can suit a variety of retail operations that benefit from strong storefront presence and direct parking. With central HVAC and dedicated electrical service at the building level, the spaces are positioned for tenants looking for an operational, functional retail environment with straightforward access off the main corridor. The property is offered for rent on an NNN basis per the provided remarks.
    Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Felthousen's Florist — 1475 Western Ave, Albany, NY 12203
    • Bloom Florist | Flower Delivery — 1475 Western Ave, Albany, NY 12203
    • Central Market Florist — 1706 Western Ave, Albany, NY 12203
    • Price Chopper Floral — Albany, NY 12203

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Albany
    State
    New York
    Longitude
    -73.8543
    Latitude
    42.686049

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    FAQs

    What type of property is this?
    Storefront property - Single-story brick retail building with large display windows and two separate units, each with its own bathroom.
    Where is this storefront property located?
    The property is located at 1650 Western Avenue Albany, NY.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    What are key features of this property?
    This property features: 4,988 SF single‑story brick retail building with large display windows; Two separate units: approx. 2,000 SF left unit and approx. 3,000 SF right unit, each with its own bathroom; 29‑space paved and striped parking lot with 2 handicapped spaces in front
    We can help!
    Listing Contact
    Louise Giuliano
    Learn More
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    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.

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