Medical Office
New
For Sale
$480,000
63 Shaker Road, Albany, NY 12204
Commercial Sale, Albany, NY
Property Size3,287 SF
Lot Size0.01 Acres
Price / SF$146.03
Days on Market1
Property Features for 63 Shaker Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Parking
45
Directions
On Shaker Road, behind Memorial Hospital
Standard status
Active
APN
010100 65.8-1-1.-3004
Size
3,287 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Annual Amount
15000
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Building materials
Block
Roof type
Flat
Listing Agency:
Berkshire Hathaway Home Services Blake · Berkshire Hathaway HomeServices
(518) 464-0870
Listed By:
Karen Zalewski-Wildzunas · License #10301219752
(518) 858-4719
Added: Sep 22
Last Checked: Sep 22 at 2:06PM
MLS# 202626619
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 3,287-square-foot medical office condominium provides a professional commercial setting for healthcare and other office-oriented practices. The property is suitable for uses including physician, dental, therapy, and related professional services. Block construction, a flat roof, central air, and natural gas heating support the building’s basic operating infrastructure.
The condominium is positioned just off I-787 and I-90, with Memorial Hospital directly nearby. Public water and public sewer serve the property, and the zoning is Commercial.
The condominium is positioned just off I-787 and I-90, with Memorial Hospital directly nearby. Public water and public sewer serve the property, and the zoning is Commercial.
Key Highlights
- 3,287‑square‑foot medical office condominium
- Commercial zoning supports medical and professional office use
- Located next to 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Commercially zoned condominium suited to medical and professional office use near major regional access.
Where is this medical office space located?
The property is located at 63 Shaker Road 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: 3,287‑square‑foot medical office condominium; Commercial zoning supports medical and professional office use; Located next to Memorial Hospital
