Five-Building Flex Space
New
For Sale
$3,890,000
1580 Columbia Turnpike, Castleton, NY 12033
Commercial Sale, Castleton, NY
Property Size36,000 SF
Lot Size5.33 Acres
Price / SF$108.06
Days on Market1
Property Features for 1580 Columbia Turnpike
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking
140
Parking features
Off Street
Exterior features
Garden, Lighting
Lot features
Road Frontage, Garden, Landscaped
Directions
Follow I-90 E to Miller Rd Exit in Schodack. Right onto miller road left onto Columbia Turnpike, destination is on the right .3 miles up the road.
Standard status
Active
APN
384489 178.-11-26.1
Size
36,000 SF
Lot size
5.33 Acres
Taxes and HOA fees
Tax Annual Amount
7512629
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1987
Floors in Building
2
Flooring type
Concrete, Tile, Hardwood, Vinyl, Carpet
Building materials
Brick Veneer, Vinyl Siding
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Coldwell Banker Prime Properties · Coldwell Banker Real Estate
(518) 427-9000
Listed By:
David J Skoney · License #10401303322
(518) 892-4251
Added: Sep 1
Last Checked: Sep 1 at 6:06PM
MLS# 202625178
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex-space property comprises 5 buildings totaling 36,000 square feet on 5.33 acres. The improvements include approximately 30,000 square feet of office and flex space, a 6,000-square-foot warehouse, and 140 parking spaces. Construction includes brick veneer and vinyl siding, with concrete, tile, hardwood, vinyl, and carpet flooring. The property has forced-air natural gas heat, central air, public water, septic service, and shingle and asphalt roofing.
The asset is approximately 87% occupied with 10 active leases, including 9 structured as NNN agreements. Capital improvements include a new parking lot, site work, landscaping, LED lighting upgrades throughout the interior and exterior, and an upgraded septic system. The property is located 1 mile from I90's Exits 10 and 11.
The asset is approximately 87% occupied with 10 active leases, including 9 structured as NNN agreements. Capital improvements include a new parking lot, site work, landscaping, LED lighting upgrades throughout the interior and exterior, and an upgraded septic system. The property is located 1 mile from I90's Exits 10 and 11.
Key Highlights
- 36,000 SF across 5 buildings on 5.33 acres
- Approximately 30,000 SF of office/flex space plus a 6,000 SF warehouse
- 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 - Commercial compound with office, warehouse, parking, and predominantly NNN lease structures.
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 on 5.33 acres; Approximately 30,000 SF of office/flex space plus a 6,000 SF warehouse; Approximately 87% occupied with 10 active leases
