Versatile Commercial Property on Central Avenue

54-56 Central Avenue, Albany, NY 12143

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For Sale

Contact for pricing

Highly visible commercial property in Ravena's business district.

Type:Mixed Use, Land, Retail, Office, Industrial

Property size:

20,702 SF

Price / SF:

$169/SF

HighLights

Highly visible commercial property in the center of Ravena's business district.
Dual storefront entrances offer flexible space for multiple tenants or a large‑format business.
Convenient access to Route 9W and the Capital Region.
Generous interior square footage suitable for retail, office, or service‑based operations.
Large display windows offer excellent branding and merchandising potential.
Off‑street parking and walkability to nearby shops and municipal buildings.

We can help!

Contact an agent

Kathy Shumway

Learn more

For Sale

Contact for pricing

Highly visible commercial property in Ravena's business district.

Type:Mixed Use, Land, Retail, Office, Industrial

Property size:

20,702 SF

Price / SF:

$169/SF

Added:: Feb 3, 2026
Days on Market:: 148
Last Refresh:: Mar 17 at 1:15 pm

Property Features for 54-56 Central Avenue

General Information

Standard status: Active
Size: 20,702 SF
Property subtype: Mixed Use, Land, Retail, Office, Industrial

Building Details

Year Built: 1960

We can help!

Contact an agent

Kathy Shumway

Listing office Win Morrison Realty

Listing date Feb 3, 2026

Source Crexi

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 Win Morrison Realty

HighLights

Highly visible commercial property in the center of Ravena's business district.
Dual storefront entrances offer flexible space for multiple tenants or a large‑format business.
Convenient access to Route 9W and the Capital Region.
Generous interior square footage suitable for retail, office, or service‑based operations.
Large display windows offer excellent branding and merchandising potential.
Off‑street parking and walkability to nearby shops and municipal buildings.

Overview

Located in the center of Ravena's business district, the commercial property at 54-56 Central Avenue offers a highly visible location suitable for a wide range of commercial uses. The building provides strong street presence, steady local traffic, and convenient access to Route 9W and the Capital Region. The property includes dual storefront entrances, allowing for multiple tenants, expansion opportunities, or a combined large-format business. The interior square footage provides flexible floor plans suitable for retail, office, service-based operations, or specialty commercial concepts. Large display windows offer branding and merchandising potential, while the open interior layout supports efficient customization. Additional features include off-street parking and walkability to nearby shops and municipal buildings. The central location attracts both local residents and commuters. This property is suitable for entrepreneurs, investors, and business owners looking for a strategic foothold in Ravena.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$459.6k	$22.20
− Vacancy	−$81.8k	−$3.95
EGI	$377.8k	$18.25
− OpEx	−$94.4k	−$4.56
NOI	$283.3k	$13.69

20,702 SF · lease $22.20/SF/yr · vacancy 17.80% · expense 25.00%

Alternative Uses

Best Use

Office B

$4.05M

$3.54M – $4.72M (±1% cap)

NOI $283,334 @ 7.0% cap · market cap 8.10%

Second Best

Retail

$3.57M

$3.13M – $4.17M (±1% cap)

NOI $250,133 @ 7.0% cap · market cap 7.15%

Theoretical Best

Office A

$5.46M

$4.78M – $6.37M (±1% cap)

NOI $382,325 @ 7.0% cap · market cap 10.92%

Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Current Use by Public Records

Storefront properties

Suggested Use

Location Insight

Map
Local Demand

City: Albany
County: Albany
State: New York
Longitude: -73.7657252
Latitude: 42.6585867

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For sale
Mixed-use properties
NY
Albany
12143
54-56 Central Avenue

What type of property is this?

Mixed-use property - Highly visible commercial property in Ravena's business district.

Where is this mixed-use property located?

The property is located at 54-56 Central Avenue Albany, NY.

What is the asking price?

The asking price for this property is $3,500,000.

What are key features of this property?

This property features: Highly visible commercial property in the center of Ravena's business district.; Dual storefront entrances offer flexible space for multiple tenants or a large‑format business.; Convenient access to Route 9W and the Capital Region.