Five-Building Flex Space
New
For Sale
$3,890,000
1580 Columbia Turnpike, Castleton, NY 12033
HC-zoned commercial compound combining office, flex, and warehouse space.
Property Size36,000 SF
Price / SF$108.06
Days on Market4
Property Features for 1580 Columbia Turnpike
General Information
Standard status
Active
Size
36,000 SF
Total Parking Spaces
140
Property subtype
Commercial
Zoning
HC
Occupancy
87%
Warehouse & Industrial
Warehouse Space
6,000 SF
Office Build-Out
30,000 SF
Additional Details
Gross Income
$335,000
Highway Access
Yes
Building Details
Year Built
1987
Buildings
5
Tenancy
Multi
Listing Agency:
Coldwell Banker Prime Properties
Listed By:
David J Skoney
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Aug 31
Changed: Sep 3
Last Checked: Sep 3 at 2:29AM
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 Coldwell Banker Prime Properties
Investment Insights
Based on property information with market context.
This five-building flex space property contains 36,000 square feet, including approximately 30,000 square feet of office and flex space plus a 6,000-square-foot warehouse. The complex has 10 active leases, is approximately 87% occupied, and includes 140 parking spaces. Nine leases are structured as NNN agreements.
Property improvements include a recently replaced parking lot, upgraded site work, refreshed landscaping, LED lighting throughout the interior and exterior, and an upgraded septic system. The asset was built in 1987 and is zoned HC, or Highway Commercial.
Located at 1580 Columbia Turnpike in Castleton, New York, the property is approximately 1 mile from Exits 10 and 11 of I-90.
Property improvements include a recently replaced parking lot, upgraded site work, refreshed landscaping, LED lighting throughout the interior and exterior, and an upgraded septic system. The asset was built in 1987 and is zoned HC, or Highway Commercial.
Located at 1580 Columbia Turnpike in Castleton, New York, the property is approximately 1 mile from Exits 10 and 11 of I-90.
Key Highlights
- 36,000 SF across 5 buildings
- Approximately 30,000 SF of office/flex space and 6,000 SF of warehouse area
- Approximately 87% occupied with 10 active leases
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
$263,980
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
6.79%
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%
$5,279,600
$5.3M
Cap Rate 7%
$3,771,143
$3.8M
Cap Rate 9%
$2,933,111
$2.9M
Market Conditions
NOI Build-Up for 36,000 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
$341.3K $9.48/SF
− Vacancy
−$30.7K −$0.85/SF
EGI
$310.6K $8.63/SF
− OpEx
−$46.6K −$1.29/SF
NOI
$264.0K $7.33/SF
Area
Rensselaer County, NY
Vacancy
9.00%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$5,279,600
Cap Rate 7%
$3,771,143
Cap Rate 9%
$2,933,111
Alternative Uses
Best Use
Office B
$6.31M
$5.52M – $7.36M
NOI $441,690 @ 7.0% cap · market cap 11.35%
Second Best
Flex RnD
$5.54M
$4.84M – $6.46M
NOI $387,504 @ 7.0% cap · market cap 9.96%
Theoretical Best
Office A
$9.00M
$7.87M – $10.50M
NOI $629,960 @ 7.0% cap · market cap 16.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
87%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 12033, NY
8,076
Population
3,843
Households
2.1
Avg Household Size
46
Median Age
35%
College-Educated
93%
High-School Grad
28.5 sq mi
ZIP Area
283
Density / Sq Mi
$92,808
Median Household Income
$55,875
Median Earnings
$1,380
Median Rent
$267,500
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - HC-zoned commercial compound combining office, flex, and warehouse space.
Where is this flex space located?
The property is located at 1580 Columbia Turnpike Castleton, NY.
What is the asking price?
The asking price for this property is $3,890,000.
What are key features of this property?
This property features: 36,000 SF across 5 buildings; Approximately 30,000 SF of office/flex space and 6,000 SF of warehouse area; Approximately 87% occupied with 10 active leases
