Retail and Land Multi-Parcel
For Sale
$420,000
184 Central Avenue, Albany, NY 12206
COMMERCIAL - Other - Albany, NY
Property Size2,880 SF
Lot Size0.03 Acres
Price / SF$145.83
Days on Market168
Property Features for 184 Central Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking
10
Interior features
Paddle Fan
Basement
Full
Directions
GPS
Standard status
Active
APN
010100 65.63-4-2
Size
2,880 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
8984
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Flooring type
Carpet, Hardwood, Parquet Wood
Building materials
Brick, Vinyl Siding
Roof type
Flat
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Ramiz Turan · License #10401211104
(518) 698-2818
Added: Mar 5
Changed: Aug 4
Last Checked: Aug 20 at 6:06AM
MLS# 202612875
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 for-sale commercial multi-parcel property includes a commercial building at 184 Central Avenue along with two additional vacant lots at 178 and 182 Central Avenue. The offering totals three parcels, giving buyers flexibility for business use, expansion, or redevelopment planning. Parking is provided for 10+ vehicles, supporting customer and client access.
The property is located on the Central Avenue business corridor in Albany, New York, within a well-established commercial area.
Zoned Commercial, the combination of an existing building and adjacent vacant lots can support a range of retail, office, service, or redevelopment uses, subject to applicable requirements.
The property is located on the Central Avenue business corridor in Albany, New York, within a well-established commercial area.
Zoned Commercial, the combination of an existing building and adjacent vacant lots can support a range of retail, office, service, or redevelopment uses, subject to applicable requirements.
Key Highlights
- 1920‑built brick and vinyl siding commercial building at 184 Central Ave
- Three‑parcel package includes 184 Central Ave plus two additional vacant lots at 178 and 182 Central Ave
- Parking for 10+ vehicles
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
$34,798
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
8.29%
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%
$695,960
$696.0K
Cap Rate 7%
$497,114
$497.1K
Cap Rate 9%
$386,644
$386.6K
Market Conditions
NOI Build-Up for 2,880 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
$53.6K $18.60/SF
− Vacancy
−$3.9K −$1.34/SF
EGI
$49.7K $17.26/SF
− OpEx
−$14.9K −$5.18/SF
NOI
$34.8K $12.08/SF
Area
Albany, NY
Vacancy
7.20%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
30.00%
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%
$695,960
Cap Rate 7%
$497,114
Cap Rate 9%
$386,644
Alternative Uses
Best Use
Retail
$497.1K
$435.0K – $580.0K
NOI $34,798 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$759.8K
$664.9K – $886.5K
NOI $53,188 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,825
Businesses Nearby
45k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 61%
Dining 39%
McDonald's
Dining
17,748 visits/mo
0.5 miles
Family Dollar
Shops & Services
8,238 visits/mo
0.5 miles
Exxon
Shops & Services
7,137 visits/mo
0.5 miles
Sunoco
Shops & Services
5,929 visits/mo
0.4 miles
SEFCU
Shops & Services
4,000 visits/mo
0.3 miles
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
Median Home Value
Market
Vacancy Rate% for Retail in Albany, NY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercial property at 184 Central Ave includes a building and two additional vacant lots with parking for 10+ vehicles.
Where is this storefront property located?
The property is located at 184 Central Avenue Albany, NY.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: 1920‑built brick and vinyl siding commercial building at 184 Central Ave; Three‑parcel package includes 184 Central Ave plus two additional vacant lots at 178 and 182 Central Ave; Parking for 10+ vehicles
