Mixed-Use Property with
For Sale
$525,000
21 Purtell Avenue, Latham, NY 12110
COMMERCIAL - Latham, NY
Property Size4,000 SF
Lot Size0.87 Acres
Price / SF$131.25
Days on Market123
Property Features for 21 Purtell Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking
30
Parking features
Off Street
Accessibility
Accessible Approach with Ramp
High school
Shaker HS
Elementary school district
North Colonie (including Maplewood)
Middle school district
North Colonie (including Maplewood)
High school district
North Colonie (including Maplewood)
Directions
2 Blocks East of Latham Circle (Exit 6 I-87), Ruhtz to Purtell.Rare NCOR ZONE. Extensive permitted use potential. Commercial, office, residential, multi family. Potential to build another building or multi familyDouble lot .874Acre. Subdividable. 160' road front. 1 min to Rt 2, Rt 9, 5 min to Exit 6 or 7 I 87 and 787. Center of the capital region LOCATION! Seller is a NY licensed sales person.
Standard status
Active
APN
012689 19.19-1-27
Size
4,000 SF
Lot size
0.87 Acres
Taxes and HOA fees
Tax Annual Amount
5161
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard
Water source
Public
Building Details
Building materials
Metal Siding, Brick
Roof type
Asphalt
Listing Agency:
Howard Hanna Capital Inc
(518) 371-4500
Listed By:
Gary J Carpino · License #40CA0557099
(518) 368-4242
Added: Apr 16
Changed: Aug 4
Last Checked: Aug 16 at 8:06PM
MLS# 202615296
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 mixed-use property combines an existing business and apartment within approximately 4,000 square feet. The lower level includes a garage accommodating 6+ cars, three overhead doors, and additional storage. Building features include metal siding and brick construction, hot water and baseboard heating, an asphalt roof, off-street parking, and an accessible approach with ramp.
Located at 21 Purtell Avenue in Latham, the property is two blocks from East Latham Circle and one-half block from Route 2 and a bus route. Route 9 is approximately 1 minute away, while exits 6 and 7 of I-87 and I-787 are approximately 5 minutes away. Public water and public sewer serve the property.
Located at 21 Purtell Avenue in Latham, the property is two blocks from East Latham Circle and one-half block from Route 2 and a bus route. Route 9 is approximately 1 minute away, while exits 6 and 7 of I-87 and I-787 are approximately 5 minutes away. Public water and public sewer serve the property.
Key Highlights
- Existing business and apartment within approximately 4,000 square feet
- Lower‑level garage accommodates 6+ cars and includes 3 overhead doors
- 160' of road frontage
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
$39,600
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
7.54%
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%
$792,000
$792.0K
Cap Rate 7%
$565,714
$565.7K
Cap Rate 9%
$440,000
$440.0K
Market Conditions
NOI Build-Up for 4,000 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
$72.0K $18.00/SF
− Vacancy
−$8.6K −$2.16/SF
EGI
$63.4K $15.84/SF
− OpEx
−$23.8K −$5.94/SF
NOI
$39.6K $9.90/SF
Area
Albany County, NY
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$792,000
Cap Rate 7%
$565,714
Cap Rate 9%
$440,000
Alternative Uses
Best Use
Mixed Use
$565.7K
$495.0K – $660.0K
NOI $39,600 @ 7.0% cap · market cap 7.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,372 @ 7.0% cap · market cap 16.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
649
Businesses Nearby
Explore this area
Business Placement
Demographics for 12110, NY
19,682
Population
8,269
Households
2.4
Avg Household Size
44
Median Age
46%
College-Educated
93%
High-School Grad
14.3 sq mi
ZIP Area
1,376
Density / Sq Mi
$101,839
Median Household Income
$53,658
Median Earnings
$1,431
Median Rent
$306,100
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Existing business and apartment create a flexible two-use configuration with substantial lower-level storage and parking.
Where is this mixed-use property located?
The property is located at 21 Purtell Avenue Latham, NY.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Existing business and apartment within approximately 4,000 square feet; Lower‑level garage accommodates 6+ cars and includes 3 overhead doors; 160' of road frontage
