Rensselaer Commercial Building For
For Sale
$1,500,000
223 Broadway, Rensselaer, NY 12144
8,500 sq ft commercial building in downtown Rensselaer.
Property Size8,500 SF
Lot Size0.27 Acres
Price / SF$176.47
Days on Market238
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
$26,210
Amenities
Central air
Central Air Cooling
concrete Flooring
FORCED AIR Heating
Level
Lighting
Natural gas Heating
Building Details
Year Built
1950
Listing Agency:
RE/MAX CAPITAL
(518) 724-6800
Listed By:
DOUGLAS SCHENK · License #30SC0782781
(518) 221-2949
Source:
Corcoran
Added: Jan 19
Changed: Sep 10
Last Checked: Sep 14 at 8:06AM
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, near the 787 entrance ramp and Route 9 & 20. Downtown Albany is nearby, and I-87 North and South, as well as I-90 East and West, are a short drive away. The 8,500 sq ft solid block building features a brick facade and vinyl siding. The building includes 16' ceilings, a full basement, and three-phase/400V electric. Off-street parking is available with 15-20 spaces in the rear. A new rubber roof is planned for 2025, and the heating system has been updated. Currently operating as an auto parts business, the business is also available for sale. The property is located in the city of Rensselaer, zip code 12144. The property is located in a Downtown Mixed-Use zone.
Key Highlights
- Prime location in Rensselaer's Downtown business district with immediate access to major routes and interstates for exceptional connectivity.
- Ample off‑street parking with 15‑20 spaces.
- Spacious 8,500 sq ft free span solid block building with 16' ceilings and a full basement.
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
166
Businesses Nearby
2k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 100%
Hampton Inn & Suites Albany-East Greenbush
Hotels & Casinos
1,977 visits/mo
0.5 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Automotive property - 8,500 sq ft commercial building in downtown Rensselaer.
Where is this automotive property 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 with immediate access to major routes and interstates for exceptional connectivity.; Ample off‑street parking with 15‑20 spaces.; Spacious 8,500 sq ft free span solid block building with **16' ceilings** and a full basement.
