Rensselaer Commercial Building For
For Sale
$1,500,000
223 Broadway, Rensselaer, NY 12144
8,500 SF building in downtown Rensselaer with ample parking.
Property Size8,500 SF
Lot Size0.27 Acres
Price / SF$176.47
Days on Market205
Property Features for 223 Broadway
General Information
Standard status
Active
Size
8,500 SF
Lot size
0.27 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$15,626
Amenities
Central air
Accessible Sidewalks
Central Air Cooling
Concrete Flooring
Forced Air Heating
Level
Lighting
Natural Gas Heating
Off Street
On Street
Paved
Private
Rubber Roof
Building Details
Year Built
1950
Listing Agency:
RE/MAX CAPITAL
(518) 724-6800
Listed By:
DOUGLAS S SCHENK · License #30SC0782781
Source:
Corcoran
Added: Jan 19
Changed: Aug 8
Last Checked: Aug 11 at 8:35AM
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 RE/MAX CAPITAL
Investment Insights
Based on property information with market context.
Located in the downtown business district of Rensselaer, 223 Broadway is situated at the corner of Broadway and Ferry Street, just off the 787 entrance ramp and seconds from Route 9 and 20. The property is also a couple of minutes from I-87 North and South bound, as well as I-90 East and West bound, offering convenient access. The 8,500 sq ft building is a free span, solid block structure with a brick facade and vinyl siding. It features 16' ceilings, a full basement, and three-phase/400V electric. There is plenty of off-street parking with 15-20 spaces in the rear. Updates include a new rubber roof planned for 2025 and an updated heating system. The property is currently operating as an auto parts business, which is also available for sale. The property is located within the MU-1 Downtown Mixed-Use zone.
Key Highlights
- Prime location in Rensselaer's Downtown business district, near major routes (787, 9 & 20, I‑87, I‑90) and Albany.
- 8,500 sq ft free span solid block building** with brick facade and vinyl siding.
- Ample off‑street parking with 15‑20 spaces.
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
$108,074
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
7.20%
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%
$2,161,480
$2.2M
Cap Rate 7%
$1,543,914
$1.5M
Cap Rate 9%
$1,200,822
$1.2M
Market Conditions
NOI Build-Up for 8,500 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
$161.2K $18.96/SF
− Vacancy
−$6.8K −$0.80/SF
EGI
$154.4K $18.16/SF
− OpEx
−$46.3K −$5.45/SF
NOI
$108.1K $12.71/SF
Area
Rensselaer County, NY
Vacancy
4.20%
Lease Rate
$18.96 /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%
$2,161,480
Cap Rate 7%
$1,543,914
Cap Rate 9%
$1,200,822
Alternative Uses
Best Use
Retail
$1.54M
$1.35M – $1.80M
NOI $108,074 @ 7.0% cap · market cap 7.20%
Second Best
Industrial
$1.28M
$1.12M – $1.50M
NOI $89,835 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,740 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,178
Businesses Nearby
36k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 70%
Dining 30%
Dunkin' Donuts
Dining
10,723 visits/mo
0.2 miles
Citgo
Shops & Services
8,925 visits/mo
0.4 miles
Dollar Tree
Shops & Services
7,581 visits/mo
0.3 miles
Sunoco
Shops & Services
5,558 visits/mo
0.1 miles
U-Haul Moving & Storage Of Albany
Shops & Services
3,480 visits/mo
0.3 miles
Demographics for 12144, NY
21,277
Population
10,474
Households
2
Avg Household Size
40
Median Age
38%
College-Educated
93%
High-School Grad
18.3 sq mi
ZIP Area
1,163
Density / Sq Mi
$88,357
Median Household Income
$51,893
Median Earnings
$1,379
Median Rent
$235,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Red Mill Auto Collision Center — 1139 Red Mill Rd, Rensselaer, NY 12144
- P.R. All Stars Auto Repair shop — 91 Troy Rd, East Greenbush, NY 12061
Frequently Asked Questions
What type of property is this?
Auto shop - 8,500 SF building in downtown Rensselaer with ample parking.
Where is this auto shop located?
The property is located at 223 Broadway Rensselaer, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Prime location in Rensselaer's Downtown business district, near major routes (787, 9 & 20, I‑87, I‑90) and Albany.; 8,500 sq ft free span solid block building** with brick facade and vinyl siding.; Ample off‑street parking with 15‑20 spaces.
