Flex Space with Drive-In
New
For Sale
$675,000
406 9th Avenue, Colonie, NY 12189
Commercial Sale, Colonie, NY
Property Size3,120 SF
Lot Size0.45 Acres
Price / SF$216.35
Days on Market4
Property Features for 406 9th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking
10
Directions
3rd Ave to 6th Street, left on 9th Ave
Standard status
Active
APN
012689 44.11-1-26
Size
3,120 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Annual Amount
3110
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1970
Building materials
Block
Roof type
Built-Up
Listing Agency:
Venture Fox Realty Group LLC
(518) 290-1070
Listed By:
Jesse Guyer · License #10401279383
(518) 641-9852
Added: Oct 2
Changed: Oct 4
Last Checked: Oct 5 at 7:06AM
MLS# 202627542
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,120-square-foot flex property, built in 1970, includes drive-in access and high-clearance bays with climate control. The multi-building complex sits on 0.45 acres and has block construction, forced-air natural gas heating, and a built-up roof.
Zoned Commercial, the property has public water and public sewer. Its paved lot accommodates parking and staging.
Zoned Commercial, the property has public water and public sewer. Its paved lot accommodates parking and staging.
Key Highlights
- 3,120 square feet on 0.45 acres
- Drive‑in access and high‑clearance, climate‑controlled bays
- Paved lot for vehicle parking and equipment staging
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
$37,433
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
5.55%
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%
$748,660
$748.7K
Cap Rate 7%
$534,757
$534.8K
Cap Rate 9%
$415,922
$415.9K
Market Conditions
NOI Build-Up for 3,120 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
$46.8K $15.00/SF
− Vacancy
−$2.8K −$0.89/SF
EGI
$44.0K $14.11/SF
− OpEx
−$6.6K −$2.12/SF
NOI
$37.4K $12.00/SF
Area
Albany, NY
Vacancy
5.90%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
15.00%
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%
$748,660
Cap Rate 7%
$534,757
Cap Rate 9%
$415,922
Alternative Uses
Best Use
Warehouse
$534.8K
$467.9K – $623.9K
NOI $37,433 @ 7.0% cap · market cap 5.55%
Second Best
Flex RnD
$489.8K
$428.6K – $571.5K
NOI $34,288 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$823.1K
$720.3K – $960.3K
NOI $57,620 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,405
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12189, NY
18,970
Population
9,887
Households
1.9
Avg Household Size
39
Median Age
27%
College-Educated
92%
High-School Grad
6.2 sq mi
ZIP Area
3,060
Density / Sq Mi
$62,763
Median Household Income
$48,555
Median Earnings
$1,084
Median Rent
$199,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Flex space - A paved on-site lot provides space for vehicle parking and equipment staging.
Where is this flex space located?
The property is located at 406 9th Avenue Colonie, NY.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 3,120 square feet on 0.45 acres; Drive‑in access and high‑clearance, climate‑controlled bays; Paved lot for vehicle parking and equipment staging
