Free-Standing Retail
For Sale
$2,300,000
1863 Central Avenue, Colonie, NY 12205
Free-standing retail building built for Rite Aid and positioned on a signalized corner with ample on-site parking.
Property Size11,180 SF
Price / SF$205.72
Days on Market75
Property Features for 1863 Central Avenue
General Information
Standard status
Active
Size
11,180 SF
Property subtype
Retail
Zoning
COR
Building Details
Building Size
11,180 SF
Year Built
1998
Listing Agency:
IKON Realty Group
(518) 573-5853
Listed By:
Bruce Ginsburg · License #10301204641
(518) 573-5853
Source:
Ikonrealtygroup
Added: Jun 2
Changed: Aug 8
Last Checked: Aug 15 at 4:03AM
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 IKON Realty Group
Investment Insights
Based on property information with market context.
Offered for sale is an 11,180± SF free-standing retail building originally constructed in 1998 specifically for Rite Aid, which operated at this location for over 25 years. The property has been well maintained, and it’s offered with COR zoning, which allows a wide range of commercial and retail uses.
The building is situated at the high-traffic, signalized intersection of Central Avenue and Route 155. The site benefits from heavy roadway volumes of 44,023 VPD on Central Avenue and 16,582 VPD on Route 155, and it provides easy access with ample on-site parking.
This asset is positioned to support re-tenanting, redevelopment, or a ground lease opportunity along Colonie’s established retail corridor.
The building is situated at the high-traffic, signalized intersection of Central Avenue and Route 155. The site benefits from heavy roadway volumes of 44,023 VPD on Central Avenue and 16,582 VPD on Route 155, and it provides easy access with ample on-site parking.
This asset is positioned to support re-tenanting, redevelopment, or a ground lease opportunity along Colonie’s established retail corridor.
Key Highlights
- 11,180± SF free‑standing retail building built in 1998 for Rite Aid
- Prime signalized corner at Central Ave (44,023 VPD) and Route 155 (16,582 VPD)
- COR zoning allows a wide range of commercial and retail uses
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
$154,899
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
6.73%
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%
$3,097,980
$3.1M
Cap Rate 7%
$2,212,843
$2.2M
Cap Rate 9%
$1,721,100
$1.7M
Market Conditions
NOI Build-Up for 11,180 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
$221.4K $19.80/SF
− Vacancy
−$14.8K −$1.33/SF
EGI
$206.5K $18.47/SF
− OpEx
−$51.6K −$4.62/SF
NOI
$154.9K $13.86/SF
Area
Albany, NY
Vacancy
6.70%
Lease Rate
$19.80 /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%
$3,097,980
Cap Rate 7%
$2,212,843
Cap Rate 9%
$1,721,100
Alternative Uses
Best Use
Specialty Retail
$2.21M
$1.94M – $2.58M
NOI $154,899 @ 7.0% cap · market cap 6.73%
Second Best
Retail
$1.93M
$1.69M – $2.25M
NOI $135,083 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$2.95M
$2.58M – $3.44M
NOI $206,472 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
785
Businesses Nearby
228k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 30%
Shops & Services 26%
Apparel 22%
Groceries 17%
Kohl's
Apparel
48,119 visits/mo
0.4 miles
Aldi
Groceries
37,289 visits/mo
0.1 miles
McDonald's
Dining
17,876 visits/mo
0.3 miles
Mobil
Shops & Services
14,133 visits/mo
0.1 miles
7 Brew Coffee
Dining
14,019 visits/mo
0.2 miles
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 Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Smiths Colonie Wine & Liquor Store — 1701 Central Ave, Albany, NY 12205
- Walgreens Pharmacy — 1850 Central Ave, Colonie, NY 12205
- Bruce E. Hunter, Pharm — 1850 central ave, colonie, ny 12205
- American Shaman - of Albany — 1770 Central Ave, Albany, NY 12205
- Fine Beauty&Hair Care Supply — 1741 Central Ave #2FL, Albany, NY 12205
Frequently Asked Questions
What type of property is this?
Drug store - Free-standing retail building built for Rite Aid and positioned on a signalized corner with ample on-site parking.
Where is this drug store located?
The property is located at 1863 Central Avenue Colonie, NY.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 11,180± SF free‑standing retail building built in 1998 for Rite Aid; Prime signalized corner at Central Ave (44,023 VPD) and Route 155 (16,582 VPD); COR zoning allows a wide range of commercial and retail uses
