Building Details

Year Built 1987

Buildings 5

Tenancy Multi

Listing Agency: Coldwell Banker Prime Properties

Listed By: David J Skoney · License #10401303322 Show Phone

Source: Signatureonerealtygroup

Added: Aug 22 Changed: Oct 16 Last Checked: Oct 16 at 8:44AM

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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

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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.

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 / Yr

$263,980

Cap Rate

7.23%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,279,600 $5.3M

Cap Rate 7%

$3,771,143 $3.8M

Cap Rate 9%

$2,933,111 $2.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 36,000 SF

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 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 (±1% cap)

NOI $441,690 @ 7.0% cap · market cap 12.10%

Second Best

Flex RnD

$5.54M

$4.84M – $6.46M (±1% cap)

NOI $387,504 @ 7.0% cap · market cap 10.62%

Theoretical Best

Office A

$9.00M

$7.87M – $10.50M (±1% cap)

NOI $629,960 @ 7.0% cap · market cap 17.26%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Messiers Hair & Nail ... Hair Salon Discovery Place Learning ... High School Superior Landscaping & Snow ... Landscaping Northeast Parent Child ... Social Service Agency Center For Disability Services Association Or Organization

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Restaurant Auto Parts Store Real Estate Agency Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Similar For Sale Nearby

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Neighborhood Shopping Center NNN

1649 Columbia Turnpike, Castleton, NY 12033

$4,600,000

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Mixed-Use 8-Unit Income Property

94-98 S Main Street, Castleton, NY 12033

$695,000

7,500 SF

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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 $3,650,000.

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