Mixed-Use Property with
For Sale
$525,000
21 Purtell Ave, Latham, NY 12110
Mixed-use property combining a business, apartment, and lower-level garage.
Property Size4,000 SF
Lot Size0.88 Acres
Price / SF$131.25
Days on Market121
Property Features for 21 Purtell Ave
General Information
Standard status
Active
Size
4,000 SF
Total Parking Spaces
6
Lot size
0.88 Acres
Zoning
NCOR
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,161
Listing Agency:
Howard Hanna Capital Inc
(518) 368-4242
Listed By:
Gary J Carpino · License #40CA0557099
(518) 368-4242
Source:
Exprealty
Added: Apr 17
Changed: Aug 13
Last Checked: Aug 15 at 9:34AM
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 Howard Hanna Capital Inc
Investment Insights
Based on property information with market context.
This 4,000-square-foot mixed-use property includes an existing business and apartment, with a lower-level garage offering storage, 3 overhead doors, and capacity for 6+ cars. The property occupies a .875-acre double lot with 160' of road frontage and may accommodate additional development, subject to applicable approvals.
NCOR zoning supports stated commercial, office, residential, and multifamily uses. The property is located 1/2 block from Rt 2 and a bus route, with Rt 9 approximately 1 minute away and I87 Exits 6 and 7 and 787 approximately 5 minutes away. The address is 21 Purtell Ave in Latham, NY.
NCOR zoning supports stated commercial, office, residential, and multifamily uses. The property is located 1/2 block from Rt 2 and a bus route, with Rt 9 approximately 1 minute away and I87 Exits 6 and 7 and 787 approximately 5 minutes away. The address is 21 Purtell Ave in Latham, NY.
Key Highlights
- 4,000‑square‑foot mixed‑use property with an existing business and apartment
- Lower‑level garage with storage, 3 overhead doors, and capacity for 6+ cars
- .875‑acre double lot with 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
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property combining a business, apartment, and lower-level garage.
Where is this mixed-use property located?
The property is located at 21 Purtell Ave 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: 4,000‑square‑foot mixed‑use property with an existing business and apartment; Lower‑level garage with storage, 3 overhead doors, and capacity for 6+ cars; .875‑acre double lot with 160' of road frontage
