Building Details

Buildings 1

Tenancy Multi

Listing Agency: IKON Realty Group Show Phone

Listed By: Bruce Ginsburg Show Phone

Source: Moodyscre

Added: Jan 2 Changed: Oct 26 Last Checked: Oct 28 at 10:51AM

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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 IKON Realty Group

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Investment Insights

Based on property information with market context.

The property consists of a +/-4,020 SF building currently split for two tenants. The larger portion is a +/-2,820 SF fully equipped restaurant/bar space, and the second portion is a +/-1,200 SF retail space.

The building is located along Western Ave with reported 32,185 cars per day. It is across from the region’s largest shopping mall, with Costco coming soon.

This configuration supports separate operations within one building, combining a ready-to-run restaurant/bar component with a distinct retail suite.

Key Highlights

• +/-4,020 SF building split for two tenants: +/-2,820 SF fully equipped restaurant/bar and +/-1,200 SF retail space
• +/-2,820 SF restaurant/bar space is fully equipped
• +/-1,200 SF retail space available for a separate tenant

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$55,697

Cap Rate

5.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,113,940 $1.1M

Cap Rate 7%

$795,671 $795.7K

Cap Rate 9%

$618,856 $618.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,020 SF

Gross rent

$79.6K $19.80/SF

− Vacancy

−$5.3K −$1.33/SF

EGI

$74.3K $18.47/SF

− OpEx

−$18.6K −$4.62/SF

NOI

$55.7K $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 Rate 5%

$1,113,940

Cap Rate 7%

$795,671

Cap Rate 9%

$618,856

Alternative Uses

Best Use

Specialty Retail

$795.7K

$696.2K – $928.3K (±1% cap)

NOI $55,697 @ 7.0% cap · market cap 5.60%

Second Best

Retail

$693.9K

$607.2K – $809.5K (±1% cap)

NOI $48,572 @ 7.0% cap · market cap 4.88%

Theoretical Best

Office A

$1.06M

$928.0K – $1.24M (±1% cap)

NOI $74,241 @ 7.0% cap · market cap 7.46%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Top Tier Esthetics Spa & Massage Center Liberty Transporting CO Shipping Company Skin_by_aanae Hair Salon Tip To Toe Nails Nail Salon

Suggested Use

Top Pick Auto Repair Shop Building Supply Auto Parts Store Big Box & Wholesale Store Electrical Service 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

32,185 VPD

Traffic count

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

981

Businesses Nearby

328k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Apparel 73% Dining 13% Leisure 6% Shops & Services 6%

DICK'S Sporting Goods Apparel

101,766 visits/mo 0.3 miles

Macy's Apparel

80,286 visits/mo 0.4 miles

JCPenney Apparel

58,395 visits/mo 0.3 miles

McDonald's Dining

30,802 visits/mo 0.3 miles

Regal Crossgates Leisure

20,855 visits/mo 0.4 miles

Demographics for 12203, NY

28,210

Population

14,755

Households

1.9

Avg Household Size

38

Median Age

54%

College-Educated

95%

High-School Grad

10.4 sq mi

ZIP Area

2,713

Density / Sq Mi

$80,055

Median Household Income

$44,412

Median Earnings

$1,342

Median Rent

$258,800

Median Home Value

Market

Vacancy Rate% for Retail in Albany, NY

5.4% 2020

4.8% 2021

5.5% 2022

4.7% 2023

5.5% 2024

5.8% 2025

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - A +/-4,020 SF building offers a fully equipped restaurant/bar plus an additional retail space for separate tenants.

Where is this conventional restaurant located?

The property is located at 1656 Western Ave Albany, NY.

What is the asking price?

The asking price for this property is $995,000.

What are key features of this property?

This property features: +/-4,020 SF building split for two tenants: +/-2,820 SF fully equipped restaurant/bar and +/-1,200 SF retail space; +/-2,820 SF restaurant/bar space is fully equipped; +/-1,200 SF retail space available for a separate tenant