Former Auto Dealership on
For Sale
Contact for pricing
2056 Central Ave, Albany, NY
9,247 SF former auto dealership with showroom and service center.
Property Size9,247 SF
Lot Size2.68 Acres
Price / SF$270.25
Days on Market275
Property Features for 2056 Central Ave
General Information
Standard status
Active
Size
9,247 SF
Lot size
2.68 Acres
Property subtype
RETAIL
Listing Agency:
Carrow Real Estate Services
(518) 462-7491
Listed By:
Kyle Bradley · License #10401359503
Source:
Moodyscre
Added: Nov 7, 2025
Changed: Aug 8
Last Checked: May 20 at 9:27PM
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 Carrow Real Estate Services
Investment Insights
Based on property information with market context.
The property is a +/- 9,247 square foot former high-end auto dealership for sale. It features high visibility along Central Avenue, with 263 feet of frontage and over 21,000 ADTV. The site is located within a prominent auto dealership corridor, with fifteen dealerships within a three-mile radius. The property includes a front showroom with six private offices and a service center with three drive-in doors. The service center also has a private office and a full bathroom with a shower. There is a twenty-six space surface car parking lot. The property offers high-end flex space on approximately 1.59 acres, suitable for numerous commercial uses. The property includes 9 Marilou Street, a 0.25-acre paved lot at the rear of the property. There is potential to purchase the total portfolio, which consists of approximately 3.92 acres, a commercial building, duplex, single-family residence, and multiple garages. The property is suitable for auto shops, automotive properties, retail properties, showrooms, and individual retail properties.
Key Highlights
- High visibility location on Central Avenue with 263 feet of frontage and over 21,000 ADTV.
- Former high‑end auto dealership with existing showroom, six private offices, and service center.
- Service center includes three drive‑in doors, private office, and full bathroom with shower.
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
$111,727
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
4.47%
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%
$2,234,540
$2.2M
Cap Rate 7%
$1,596,100
$1.6M
Cap Rate 9%
$1,241,411
$1.2M
Market Conditions
NOI Build-Up for 9,247 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
$172.0K $18.60/SF
− Vacancy
−$12.4K −$1.34/SF
EGI
$159.6K $17.26/SF
− OpEx
−$47.9K −$5.18/SF
NOI
$111.7K $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%
$2,234,540
Cap Rate 7%
$1,596,100
Cap Rate 9%
$1,241,411
Alternative Uses
Best Use
Retail
$1.60M
$1.40M – $1.86M
NOI $111,727 @ 7.0% cap · market cap 4.47%
Second Best
Industrial
$1.40M
$1.22M – $1.63M
NOI $97,730 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$2.44M
$2.13M – $2.85M
NOI $170,774 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
13k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Sunoco
Shops & Services
4,679 visits/mo
0.0 miles
Exxon
Shops & Services
4,354 visits/mo
0.1 miles
Lia Chrysler Jeep Dodge Ram
Shops & Services
2,229 visits/mo
0.4 miles
U-Haul
Shops & Services
1,554 visits/mo
0.1 miles
Market
Vacancy Rate% for Retail in Albany, NY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- JD Tire — 2040 Central Ave, Albany, NY 12205
- Adirondack Tire & Service — 2015 Central Ave, Colonie, NY 12205
- Capital Tint and Graphics — 1991 Central Ave, Albany, NY 12205
- Byrider Albany — 2017 Central Ave, Albany, NY 12205
- DeNooyer Collision Center — 2041 Central Ave, Albany, NY 12205
Frequently Asked Questions
What type of property is this?
Auto shop - 9,247 SF former auto dealership with showroom and service center.
Where is this auto shop located?
The property is located at 2056 Central Ave Albany, NY.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: High visibility location on Central Avenue with 263 feet of frontage and over 21,000 ADTV.; Former high‑end auto dealership with existing showroom, six private offices, and service center.; Service center includes **three drive‑in doors, private office, and full bathroom with shower.**
