Flex Property with Service
For Sale
$199,000
178 Columbia Turnpike, Rensselaer, NY 12144
COMMERCIAL - Other - Rensselaer, NY
Property Size1,480 SF
Lot Size0.15 Acres
Price / SF$134.46
Days on Market48
Property Features for 178 Columbia Turnpike
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking
6
High school
Columbia
Elementary school district
East Greenbush
Middle school district
East Greenbush
High school district
East Greenbush
Directions
Intersection of Columbia Turnpike & Sherwood Ave
Standard status
Active
APN
382400 155.13-21-15
Size
1,480 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
4568
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Amenities
two grade-level overhead doors
electric heat
public water and sewer
excellent road frontage
signage opportunities
Building Details
Year built
1960
Building materials
Block, Vinyl Siding
Architectural style
Other
Listing Agency:
Howard Hanna Capital Inc
(518) 371-4500
Listed By:
Joseph P Cardinale · License #10401290174
(518) 755-2064
Added: Jul 8
Changed: Aug 4
Last Checked: Aug 24 at 1:06PM
MLS# 202621219
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 property combines 1,480+/- square feet of commercial improvements on a 0.15-acre lot. The building includes 758+/- square feet of remodeled office space, a 573+/- square foot two-bay service garage, and 331+/- square feet of storage. Two grade-level overhead doors support vehicle and equipment access, while block and vinyl siding provide the exterior construction. Electric heat, public water, and public sewer are in place. The property was built in 1960 and offers parking for up to six vehicles.
Located on Columbia Turnpike, the property records approximately 14,502 vehicles daily based on AADT. The commercial zoning and combination of office, garage, and storage areas support automotive, contractor, fleet-service, and other service-oriented operations identified for the site. Building and land are included in the sale.
Located on Columbia Turnpike, the property records approximately 14,502 vehicles daily based on AADT. The commercial zoning and combination of office, garage, and storage areas support automotive, contractor, fleet-service, and other service-oriented operations identified for the site. Building and land are included in the sale.
Key Highlights
- 1,480+/- square feet on a 0.15‑acre commercially zoned lot
- 758+/- square feet of remodeled office space
- 573+/- square foot two‑bay service garage
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
$18,158
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
9.12%
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%
$363,160
$363.2K
Cap Rate 7%
$259,400
$259.4K
Cap Rate 9%
$201,756
$201.8K
Market Conditions
NOI Build-Up for 1,480 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
$30.7K $20.76/SF
− Vacancy
−$6.5K −$4.40/SF
EGI
$24.2K $16.36/SF
− OpEx
−$6.1K −$4.09/SF
NOI
$18.2K $12.27/SF
Area
Rensselaer County, NY
Vacancy
21.20%
Lease Rate
$20.76 /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%
$363,160
Cap Rate 7%
$259,400
Cap Rate 9%
$201,756
Alternative Uses
Best Use
Retail
$268.8K
$235.2K – $313.6K
NOI $18,818 @ 7.0% cap · market cap 9.46%
Second Best
Office B
$259.4K
$227.0K – $302.6K
NOI $18,158 @ 7.0% cap · market cap 9.12%
Theoretical Best
Office A
$370.0K
$323.7K – $431.6K
NOI $25,898 @ 7.0% cap · market cap 13.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
2
Service bays
14,502 VPD
Traffic count
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12144, NY
21,277
Population
10,474
Households
2
Avg Household Size
40
Median Age
38%
College-Educated
93%
High-School Grad
18.3 sq mi
ZIP Area
1,163
Density / Sq Mi
$88,357
Median Household Income
$51,893
Median Earnings
$1,379
Median Rent
$235,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercially zoned facility combining remodeled offices, service bays, storage, and customer parking.
Where is this flex space located?
The property is located at 178 Columbia Turnpike Rensselaer, NY.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: 1,480+/- square feet on a 0.15‑acre commercially zoned lot; 758+/- square feet of remodeled office space; 573+/- square foot two‑bay service garage
