Medical Condominium
New
For Sale
$480,000
63 Shaker Rd # B04, Albany, NY 12204
Professional condominium office suited to medical, healthcare, and other professional practice uses.
Property Size3,287 SF
Days on Market3
Property Features for 63 Shaker Rd # B04
General Information
Standard status
Active
Size
3,287 SF
Class
C
Property subtype
Office - General Office
Additional Details
Highway Access
Yes
Building Details
Building Size
3,287 SF
Year Built
1991
Listing Agency:
Berkshire Hathaway HomeServices Blake
Listed By:
Karen Zalewski-Wildzunas · License #10401299136
(518) 858-4719
Source:
Commercialcafe
Added: Sep 21
Changed: Sep 22
Last Checked: Sep 22 at 1:23PM
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 Berkshire Hathaway HomeServices Blake
Investment Insights
Based on property information with market context.
This medical condominium office is located at 63 Shaker Rd # B04 in Albany, behind Memorial Hospital. Built in 1991, the property offers a professional setting for a medical or professional user and may accommodate practices such as physician, dental, therapy, healthcare, or other professional services.
The office is positioned just off I-787/I-90, providing access to the surrounding Albany area. Its location near Memorial Hospital supports a healthcare-oriented setting, while the condominium format provides an ownership option for an eligible user.
The office is positioned just off I-787/I-90, providing access to the surrounding Albany area. Its location near Memorial Hospital supports a healthcare-oriented setting, while the condominium format provides an ownership option for an eligible user.
Key Highlights
- Medical condominium office at 63 Shaker Rd # B04
- Built in 1991
- Behind Memorial Hospital
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
$42,273
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
8.81%
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%
$845,460
$845.5K
Cap Rate 7%
$603,900
$603.9K
Cap Rate 9%
$469,700
$469.7K
Market Conditions
NOI Build-Up for 3,287 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
$76.9K $23.40/SF
− Vacancy
−$6.5K −$1.97/SF
EGI
$70.5K $21.43/SF
− OpEx
−$28.2K −$8.57/SF
NOI
$42.3K $12.86/SF
Area
Albany, NY
Vacancy
8.40%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
40.00%
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%
$845,460
Cap Rate 7%
$603,900
Cap Rate 9%
$469,700
Alternative Uses
Best Use
Office B
$642.7K
$562.3K – $749.8K
NOI $44,987 @ 7.0% cap · market cap 9.37%
Second Best
Healthcare Medical
$603.9K
$528.4K – $704.6K
NOI $42,273 @ 7.0% cap · market cap 8.81%
Theoretical Best
Office A
$867.2K
$758.8K – $1.01M
NOI $60,704 @ 7.0% cap · market cap 12.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
583
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12204, NY
7,818
Population
4,290
Households
1.8
Avg Household Size
37
Median Age
39%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
1,907
Density / Sq Mi
$75,197
Median Household Income
$48,911
Median Earnings
$1,294
Median Rent
$226,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Professional condominium office suited to medical, healthcare, and other professional practice uses.
Where is this medical office space located?
The property is located at 63 Shaker Rd # B04 Albany, NY.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Medical condominium office at 63 Shaker Rd # B04; Built in 1991; Behind Memorial Hospital
