Free-Standing Corner Retail
For Sale
Contact for pricing
1863 Central Ave, Albany, NY 12205
Free-standing corner retail building with ample parking and broad COR zoning for retail, medical, or service uses.
Property Size11,180 SF
Price / SF$205.72
Days on Market137
Property Features for 1863 Central Ave
General Information
Standard status
Active
Size
11,180 SF
Property subtype
RETAIL
Listing Agency:
IKON Realty Group
(518) 573-5853
Listed By:
Bruce Ginsburg · License #10301204641
(518) 573-5853
Source:
Moodyscre
Added: Apr 1
Changed: Jul 26
Last Checked: Jul 26 at 2:12AM
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
Investment Insights
Based on property information with market context.
This is an approximately 11,180 SF free-standing building originally built for Rite Aid and operated for 25+ years. The property’s configuration supports a traditional street-level retail presence, with the flexibility to be reused under the COR zoning designation.
The building sits on a prime corner site at Central Avenue and Route 155, identified in the remarks as a top Capital Region intersection. The property is described as having high visibility and convenient access, with over 60,000 vehicles per day and ample parking.
For ownership, redevelopment, or leasing, this site presents a re-tenanting and ground-lease or build-to-suit opportunity, subject to applicable approvals and permitting.
The building sits on a prime corner site at Central Avenue and Route 155, identified in the remarks as a top Capital Region intersection. The property is described as having high visibility and convenient access, with over 60,000 vehicles per day and ample parking.
For ownership, redevelopment, or leasing, this site presents a re-tenanting and ground-lease or build-to-suit opportunity, subject to applicable approvals and permitting.
Key Highlights
- 11,180± SF free‑standing building built for Rite Aid; operated for 25+ years
- Prime corner site at Central Avenue and Route 155, a top Capital Region intersection
- COR zoning allows broad retail, medical, and service uses
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
$135,083
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
5.87%
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%
$2,701,660
$2.7M
Cap Rate 7%
$1,929,757
$1.9M
Cap Rate 9%
$1,500,922
$1.5M
Market Conditions
NOI Build-Up for 11,180 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
$207.9K $18.60/SF
− Vacancy
−$15.0K −$1.34/SF
EGI
$193.0K $17.26/SF
− OpEx
−$57.9K −$5.18/SF
NOI
$135.1K $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%
$2,701,660
Cap Rate 7%
$1,929,757
Cap Rate 9%
$1,500,922
Alternative Uses
Best Use
Retail
$1.93M
$1.69M – $2.25M
NOI $135,083 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.95M
$2.58M – $3.44M
NOI $206,472 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
785
Businesses Nearby
228k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 30%
Shops & Services 26%
Apparel 22%
Groceries 17%
Kohl's
Apparel
48,119 visits/mo
0.4 miles
Aldi
Groceries
37,289 visits/mo
0.1 miles
McDonald's
Dining
17,876 visits/mo
0.3 miles
Mobil
Shops & Services
14,133 visits/mo
0.1 miles
7 Brew Coffee
Dining
14,019 visits/mo
0.2 miles
Demographics for 12205, NY
27,168
Population
12,061
Households
2.3
Avg Household Size
45
Median Age
36%
College-Educated
94%
High-School Grad
15.4 sq mi
ZIP Area
1,764
Density / Sq Mi
$89,270
Median Household Income
$54,184
Median Earnings
$1,405
Median Rent
$264,200
Median Home Value
Market
Vacancy Rate% for Retail in Albany, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Free-standing corner retail building with ample parking and broad COR zoning for retail, medical, or service uses.
Where is this storefront property located?
The property is located at 1863 Central Ave Albany, NY.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 11,180± SF free‑standing building built for Rite Aid; operated for 25+ years; Prime corner site at Central Avenue and Route 155, a top Capital Region intersection; COR zoning allows broad retail, medical, and service uses
