Two-Story Office Building with
For Sale
$600,000
408 Kenwood Avenue, Delmar, NY 12054
Two-story office building with an apartment and approximately 3,224 SF total size, offered for sale.
Property Size3,224 SF
Price / SF$186.10
Days on Market48
Property Features for 408 Kenwood Avenue
General Information
Standard status
Active
Size
3,224 SF
Property subtype
Office
Building Details
Stories
2
Listing Agency:
CBRE - Albany
Listed By:
Brooke Stack · License #Associate Real Estate Broker
(518) 727-0862
Source:
Cbre
Added: Jul 20
Changed: Sep 4
Last Checked: Sep 5 at 5:04AM
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 CBRE - Albany
Investment Insights
Based on property information with market context.
Offered for sale is a two-story office building with an apartment in Delmar’s Four Corners area. The property totals approximately 3,224 SF and is configured to combine office space with an on-site residential unit.
Located at 408 Kenwood Avenue in Delmar, the building is described as highly visible, supporting business-facing storefront and customer-facing presence.
This is a single property offering both workplace and apartment space within the same building footprint.
Located at 408 Kenwood Avenue in Delmar, the building is described as highly visible, supporting business-facing storefront and customer-facing presence.
This is a single property offering both workplace and apartment space within the same building footprint.
Key Highlights
- 3,224 SF two‑story office building for sale
- Includes an apartment
- Located in the heart of Delmar's Four Corners
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
$49,791
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
8.30%
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%
$995,820
$995.8K
Cap Rate 7%
$711,300
$711.3K
Cap Rate 9%
$553,233
$553.2K
Market Conditions
NOI Build-Up for 3,224 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
$85.1K $26.40/SF
− Vacancy
−$18.7K −$5.81/SF
EGI
$66.4K $20.59/SF
− OpEx
−$16.6K −$5.15/SF
NOI
$49.8K $15.44/SF
Area
Albany County, NY
Vacancy
22.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$995,820
Cap Rate 7%
$711,300
Cap Rate 9%
$553,233
Alternative Uses
Best Use
Office B
$711.3K
$622.4K – $829.9K
NOI $49,791 @ 7.0% cap · market cap 8.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$880.3K – $1.17M
NOI $70,422 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Explore this area
Business Placement
Demographics for 12054, NY
17,282
Population
7,221
Households
2.4
Avg Household Size
46
Median Age
68%
College-Educated
98%
High-School Grad
15.5 sq mi
ZIP Area
1,115
Density / Sq Mi
$128,684
Median Household Income
$69,853
Median Earnings
$1,658
Median Rent
$334,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with an apartment and approximately 3,224 SF total size, offered for sale.
Where is this office building located?
The property is located at 408 Kenwood Avenue Delmar, NY.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 3,224 SF two‑story office building for sale; Includes an apartment; Located in the heart of Delmar's Four Corners
