Free-Standing Retail
1863 Central Avenue Colonie, NY 12205
1863 Central Avenue, Colonie, NY, 12205
$2,300,000
For Sale
$2,300,000
Free-standing retail building built for Rite Aid and positioned on a signalized corner with ample on-site parking.
Property Size11,180 SF
Price / SF$205.72
Days on Market52
Property Features for 1863 Central Avenue
General Information
- Standard status
- Active
- Size
- 11,180 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1998
Listing agency
IKON Realty Group
(518) 573-5853
Listed by
Bruce Ginsburg
(518) 573-5853
Source
Ikonrealtygroup
Added: Jun 2 Updated: Jul 22 at 11:56PM Checked: Jul 22 at 11:56PM
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.
Offered for sale is an 11,180± SF free-standing retail building originally constructed in 1998 specifically for Rite Aid, which operated at this location for over 25 years. The property has been well maintained, and it’s offered with COR zoning, which allows a wide range of commercial and retail uses.
The building is situated at the high-traffic, signalized intersection of Central Avenue and Route 155. The site benefits from heavy roadway volumes of 44,023 VPD on Central Avenue and 16,582 VPD on Route 155, and it provides easy access with ample on-site parking.
This asset is positioned to support re-tenanting, redevelopment, or a ground lease opportunity along Colonie’s established retail corridor.
The building is situated at the high-traffic, signalized intersection of Central Avenue and Route 155. The site benefits from heavy roadway volumes of 44,023 VPD on Central Avenue and 16,582 VPD on Route 155, and it provides easy access with ample on-site parking.
This asset is positioned to support re-tenanting, redevelopment, or a ground lease opportunity along Colonie’s established retail corridor.
Key Highlights
- 11,180± SF free‑standing retail building built in 1998 for Rite Aid
- Prime signalized corner at Central Ave (44,023 VPD) and Route 155 (16,582 VPD)
- COR zoning allows a wide range of commercial and retail uses
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $221.4k | $19.80 |
| − Vacancy | −$14.8k | −$1.33 |
| EGI | $206.5k | $18.47 |
| − OpEx | −$51.6k | −$4.62 |
| NOI | $154.9k | $13.86 |
11,180 SF · lease $19.80/SF/yr · vacancy 6.70% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.21M
$1.94M – $2.58M
NOI $154,899 @ 7.0% cap · market cap 6.73%
Second Best
Retail
$1.93M
$1.69M – $2.25M
NOI $135,083 @ 7.0% cap · market cap 5.87%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Rite Aid
Pharmacy
Rite Aid Pharmacy
Pharmacy
Bradford T. Scolaro, ...
Pharmacy
higi
Physician
Amazon Locker - 25UATUnicorn
Courier Service
Similar For Sale Nearby
Similar Off Market Nearby
- Smiths Colonie Wine & Liquor Store — 1701 Central Ave, Albany, NY 12205
- Walgreens Pharmacy — 1850 Central Ave, Colonie, NY 12205
- Bruce E. Hunter, Pharm — 1850 central ave, colonie, ny 12205
- American Shaman - of Albany — 1770 Central Ave, Albany, NY 12205
- Fine Beauty&Hair Care Supply — 1741 Central Ave #2FL, Albany, NY 12205
FAQs
What type of property is this?
Drug store - Free-standing retail building built for Rite Aid and positioned on a signalized corner with ample on-site parking.
Where is this drug store located?
The property is located at 1863 Central Avenue Colonie, 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 retail building built in 1998 for Rite Aid; Prime signalized corner at Central Ave (44,023 VPD) and Route 155 (16,582 VPD); COR zoning allows a wide range of commercial and retail uses
