Brick Office
For Sale
$75,000
762 3rd Street, Albany, NY 12206
Commercial Sale, Albany, NY
Property Size391 SF
Lot Size0.02 Acres
Price / SF$191.82
Days on Market8
Property Features for 762 3rd Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Parking
5
Directions
From I-90, take Exit 5 toward Everett Rd. Continue on Everett Rd, turn onto Central Ave, then onto Watervliet Ave. Turn onto 3rd St; property is located at 762 3rd St.
Standard status
Active
APN
010100 65.21-2-76.2
Size
391 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
1854
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Building materials
Brick
Listing Agency:
Venture Fox Realty Group LLC
(518) 290-1070
Listed By:
James MacDonald · License #10401378014
(518) 894-9531
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 22 at 6:06PM
MLS# 202626275
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 office unit contains 391 square feet within a brick building and is situated on a 0.02-acre parcel. The property carries Commercial zoning and is configured as a compact commercial space suitable for office-oriented occupancy or other uses identified by the purchaser.
Located at 762 3rd Street in Albany, the property offers access to major roadways and surrounding neighborhoods. Public water and public sewer serve the site, providing established utility connections for the property.
Located at 762 3rd Street in Albany, the property offers access to major roadways and surrounding neighborhoods. Public water and public sewer serve the site, providing established utility connections for the property.
Key Highlights
- 391 square feet of office space
- 0.02‑acre parcel
- Commercial zoning
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
$5,351
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
7.13%
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%
$107,020
$107.0K
Cap Rate 7%
$76,443
$76.4K
Cap Rate 9%
$59,456
$59.5K
Market Conditions
NOI Build-Up for 391 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
$8.7K $22.20/SF
− Vacancy
−$1.5K −$3.95/SF
EGI
$7.1K $18.25/SF
− OpEx
−$1.8K −$4.56/SF
NOI
$5.4K $13.69/SF
Area
Albany, NY
Vacancy
17.80%
Lease Rate
$22.20 /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%
$107,020
Cap Rate 7%
$76,443
Cap Rate 9%
$59,456
Alternative Uses
Best Use
Office B
$76.4K
$66.9K – $89.2K
NOI $5,351 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$103.2K
$90.3K – $120.4K
NOI $7,221 @ 7.0% cap · market cap 9.63%
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
1,147
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 units - Compact commercial workspace with brick construction and public water and sewer service.
Where is this office units located?
The property is located at 762 3rd Street Albany, NY.
What is the asking price?
The asking price for this property is $75,000.
What are key features of this property?
This property features: 391 square feet of office space; 0.02‑acre parcel; Commercial zoning
