Full-Service Hotel with Meeting
For Sale
$8,000,000
3 Watervliet Avenue Extension, Albany, NY 12206
Fully operational, independently run hotel with 215 guest rooms, meeting/event space, pools, and surface parking for 300+ vehicles.
Property Size115,304 SF
Lot Size5.40 Acres
Price / SF$69.38
Days on Market432
Property Features for 3 Watervliet Avenue Extension
General Information
Standard status
Active
Size
115,304 SF
Total Parking Spaces
300
Lot size
5.40 Acres
Property subtype
Commercial
Zoning
MU-CH
Site & Location
Traffic Count
90,124 vehicles/day
Highway Access
Yes
Additional Details
Business Included
Yes
Sprinkler System
Yes
Amenities
meeting and event space
restaurant and bar areas
indoor and outdoor pools
fitness center
business center
elevators
Building Details
Year Built
1972
Year Renovated
2016
Stories
9
Listing Agency:
Carrow Real Estate Services LLC
Listed By:
Amber Hensley
(518) 788-7206
Source:
Signatureonerealtygroup
Added: Aug 15, 2025
Changed: Oct 19
Last Checked: Oct 19 at 10:09AM
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 LLC
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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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$615,991
Cap Rate
7.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,319,820
$12.3M
Cap Rate 7%
$8,799,871
$8.8M
Cap Rate 9%
$6,844,344
$6.8M
Market Conditions
NOI Build-Up for 115,304 SF
Gross rent
$1.59M $13.80/SF
− Vacancy
−$294.4K −$2.55/SF
EGI
$1.30M $11.25/SF
− OpEx
−$680.8K −$5.90/SF
NOI
$616.0K $5.34/SF
Area
Albany, NY
Vacancy
18.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,319,820
Cap Rate 7%
$8,799,871
Cap Rate 9%
$6,844,344
Alternative Uses
Best Use
Hotel Hospitality
$8.80M
$7.70M – $10.27M
NOI $615,991 @ 7.0% cap · market cap 7.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$30.42M
$26.62M – $35.49M
NOI $2,129,434 @ 7.0% cap · market cap 26.62%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
90,124 VPD
Traffic count
Turnkey business
Opportunity
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,213
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
Median Home Value
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Frequently Asked Questions
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 Extension 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
