Building Details

Buildings 3

Tenancy Multi

Listing Agency: CBRE - Albany d***@cbre-albany.com Show Phone

Listed By: Dan Davitt · License #NY 30DA0985844

Source: Crexi

Added: Jun 5 Changed: Aug 8 Last Checked: Aug 15 at 8:12AM

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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 CBRE - Albany

Investment Insights

Based on property information with market context.

This offering is a 100% occupied industrial complex consisting of three buildings totaling approximately 43,000 square feet. The parcel is 8.76 acres and the facility is fully gated. According to the information provided, the buildings were completely renovated within the last three years, creating a modernized industrial footprint for prospective owners or operators.

The property is located approximately one-half mile from I-87 Exit 22 Selkirk and about two miles from I-90, providing convenient regional access. The site’s multi-building configuration includes Building 1 at approximately 13,000 square feet, Building 2 at approximately 10,000 square feet, and Building 3 at approximately 20,000 square feet.

For tenants, investors, or buyers seeking a developed industrial asset rather than a ground-up opportunity, the combination of a gated site, recent renovations, and full occupancy may reduce near-term operational questions. The three-building layout can also support multiple tenancy or flexible space planning within the same secured industrial campus.

Key Highlights

• Industrial complex with 3 buildings totaling 43,000 SF on an 8.76‑acre parcel
• 100% occupied with the entire complex offered for sale as a fully occupied industrial facility
• All buildings were completely renovated over the last three years

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

$490,530

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

8.93%

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%

$9,810,600 $9.8M

Cap Rate 7%

$7,007,571 $7.0M

Cap Rate 9%

$5,450,333 $5.5M

Market Conditions

NOI Build-Up for 43,000 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

$619.2K $14.40/SF

− Vacancy

−$42.1K −$0.98/SF

EGI

$577.1K $13.42/SF

− OpEx

−$86.6K −$2.01/SF

NOI

$490.5K $11.41/SF

Area

Albany County, NY

Vacancy

6.80%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

15.00%

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%

$9,810,600

Cap Rate 7%

$7,007,571

Cap Rate 9%

$5,450,333

Alternative Uses

Best Use

Warehouse

$7.01M

$6.13M – $8.18M (±1% cap)

NOI $490,530 @ 7.0% cap · market cap 8.93%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$13.42M

$11.74M – $15.65M (±1% cap)

NOI $939,252 @ 7.0% cap · market cap 17.09%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Warehouses

Suggested Use

Top Pick Electrical Service Plumbing Service Restaurant Building Supply Storage Facility Grocery & Convenience Store

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

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

51

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 12158, NY

6,373

Population

3,205

Households

2

Avg Household Size

43

Median Age

41%

College-Educated

93%

High-School Grad

29.4 sq mi

ZIP Area

217

Density / Sq Mi

$95,949

Median Household Income

$70,093

Median Earnings

$1,678

Median Rent

$300,600

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

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Similar Off Market Nearby

• Moove In Self Storage — 78 Thatcher St, Selkirk, NY 12158

Frequently Asked Questions

What type of property is this?

Warehouse - Turnkey, fully occupied industrial complex with three renovated buildings in a gated, multi-building setup.

Where is this warehouse located?

The property is located at 196 Maple Avenue Selkirk, NY.

What is the asking price?

The asking price for this property is $5,495,000.

What are key features of this property?

This property features: Industrial complex with 3 buildings totaling 43,000 SF on an 8.76‑acre parcel; 100% occupied with the entire complex offered for sale as a fully occupied industrial facility; All buildings were completely renovated over the last three years