Full-Service Hotel with Meeting
3 Watervliet Avenue Ext Albany, NY 12206
3 Watervliet Avenue Ext, Albany, NY, 12206
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For Sale
Contact for pricing
Fully operational, independently run hotel with 215 guest rooms, meeting/event space, pools, and surface parking for 300+ vehicles.
Property Size115,305 SF
Lot Size5.40 Acres
Price / SF$69.38
Days on Market59
Property Features for 3 Watervliet Avenue Ext
General Information
- Standard status
- Active
- Size
- 115,305 SF
- Lot size
- 5.40 Acres
- Property subtype
- Retail, Hospitality
Building Details
- Year Built
- 1972
Listing agency
Carrow Real Estate Services
(518) 462-7491
Listed by
Rudy Lynch · License #NY 10301200002
Source
Crexi
Added: May 25 Updated: Jul 21 at 12:12PM Checked: Jul 21 at 12:12PM
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.
Albany Plaza is a fully operational, independently run full-service hotel featuring 215 guest rooms in a 9-story main tower and a 2-story rear building, totaling approximately 115,305 square feet. Built in 1972 and renovated in 2016, the property includes meeting and event space, full-service restaurant and bar areas, indoor and outdoor pools, a fitness center, business center, elevators, and additional ancillary facilities. The asset is supported by a surface parking lot with over 300 spaces.
Conveniently located off Interstate 90 with access at the Everett Rd exit (Exit 5), Albany Plaza offers strong regional connectivity and visibility. It sits in close proximity to Downtown Albany, the New York State Capitol, University at Albany (SUNY), major medical centers, and other Capital Region employment and institutional hubs.
The property is located within the MU-CH: Community Highway Mixed-Use zoning district, which allows a wide range of commercial, hospitality, residential, and institutional uses, supporting continued operation as a hospitality asset and potential adaptive reuse or redevelopment subject to municipal approvals. The offering is provided as-is and is noted as a non-union property.
Conveniently located off Interstate 90 with access at the Everett Rd exit (Exit 5), Albany Plaza offers strong regional connectivity and visibility. It sits in close proximity to Downtown Albany, the New York State Capitol, University at Albany (SUNY), major medical centers, and other Capital Region employment and institutional hubs.
The property is located within the MU-CH: Community Highway Mixed-Use zoning district, which allows a wide range of commercial, hospitality, residential, and institutional uses, supporting continued operation as a hospitality asset and potential adaptive reuse or redevelopment subject to municipal approvals. The offering is provided as-is and is noted as a non-union property.
Key Highlights
- Fully operational, independently run full‑service hotel with 215 guest rooms on a 5.40‑acre site
- Approx. 115,305 SF building includes 9‑story main tower and 2‑story rear building; built in 1972 and renovated in 2016
- Meeting and event capabilities with 10,000+ SF meeting/event space plus restaurant and bar areas
Local Financial Insights For Hotel Hospitality
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.59M | $13.80 |
| − Vacancy | −$294.4k | −$2.55 |
| EGI | $1.30M | $11.25 |
| − OpEx | −$680.8k | −$5.90 |
| NOI | $616.0k | $5.34 |
115,305 SF · lease $13.80/SF/yr · vacancy 18.50% · expense 52.50%
Alternative Uses
Best Use
Specialty Retail
$22.82M
$19.97M – $26.63M
NOI $1,597,557 @ 7.0% cap · market cap 19.97%
Second Best
Hotel Hospitality
$8.80M
$7.70M – $10.27M
NOI $615,997 @ 7.0% cap · market cap 7.70%
Theoretical Best
Office A
$30.42M
$26.62M – $35.49M
NOI $2,129,453 @ 7.0% cap · market cap 26.62%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Ramada Plaza by ...
Hotel & Motel
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FAQs
What type of property is this?
Hotel - Fully operational, independently run hotel with 215 guest rooms, meeting/event space, pools, and surface parking for 300+ vehicles.
Where is this hotel located?
The property is located at 3 Watervliet Avenue Ext Albany, NY.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: Fully operational, independently run full‑service hotel with 215 guest rooms on a 5.40‑acre site; Approx. 115,305 SF building includes 9‑story main tower and 2‑story rear building; built in 1972 and renovated in 2016; Meeting and event capabilities with 10,000+ SF meeting/event space plus restaurant and bar areas
