Two-Story Office Building For
For Sale
$965,000
834 Kenwood Avenue, Slingerlands, NY 12159
Well-maintained office building with vacant space and existing tenants.
Property Size5,376 SF
Lot Size0.33 Acres
Price / SF$179.50
Days on Market149
Property Features for 834 Kenwood Avenue
General Information
Standard status
Active
Size
5,376 SF
Lot size
0.33 Acres
Property subtype
Office
Listing Agency:
CBRE | Albany
(518) 365-0990
Listed By:
Dan Simpson · License #Associate Real Estate Broker
(518) 365-0990
Source:
Cbre
Added: Mar 25
Changed: Jul 10
Last Checked: Aug 19 at 7:38AM
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.
This is a well-maintained, two-story, wood frame professional office building with approximately 5,376 square feet, plus an additional approximately 725 square feet of below grade office space. The building is located in Slingerlands, NY. The site is approximately 0.33 acres and is located on the corner of Kenwood Avenue and Grove Street. There is parking for approximately 20 vehicles. The property has 200 amp service, four electric meters, and five gas fired furnaces. There are three existing tenants on the second floor. The first floor has approximately 2,688 square feet of vacant space available for immediate use. The first floor was formerly a physician’s office and has multiple plumbing points throughout. A CDTA Bus Stop/Route 519 is located across the road. The property is convenient to the Albany County Rail Trail and is located on Kenwood Avenue just east of the New Scotland Road intersection. The property is ideal for an owner-occupier purchaser who wants to keep the existing tenants for passive income.
Key Highlights
- ±2,688 SF of vacant first‑floor space ideal for owner‑occupier with potential for immediate use.**
- Existing tenants on the second floor provide passive income.
- Ample parking with space for ±20 vehicles (nearly a 4:1,000 SF ratio).
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
$83,027
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
8.60%
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%
$1,660,540
$1.7M
Cap Rate 7%
$1,186,100
$1.2M
Cap Rate 9%
$922,522
$922.5K
Market Conditions
NOI Build-Up for 5,376 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
$141.9K $26.40/SF
− Vacancy
−$31.2K −$5.81/SF
EGI
$110.7K $20.59/SF
− OpEx
−$27.7K −$5.15/SF
NOI
$83.0K $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%
$1,660,540
Cap Rate 7%
$1,186,100
Cap Rate 9%
$922,522
Alternative Uses
Best Use
Office B
$1.19M
$1.04M – $1.38M
NOI $83,027 @ 7.0% cap · market cap 8.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,428 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
121
Businesses Nearby
Explore this area
Business Placement
Demographics for 12159, NY
8,524
Population
3,980
Households
2.1
Avg Household Size
47
Median Age
65%
College-Educated
97%
High-School Grad
15.1 sq mi
ZIP Area
565
Density / Sq Mi
$109,073
Median Household Income
$63,604
Median Earnings
$1,632
Median Rent
$430,800
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 - Well-maintained office building with vacant space and existing tenants.
Where is this office building located?
The property is located at 834 Kenwood Avenue Slingerlands, NY.
What is the asking price?
The asking price for this property is $965,000.
What are key features of this property?
This property features: ±2,688 SF of vacant first‑floor space ideal for owner‑occupier with potential for immediate use.**; Existing tenants on the second floor provide passive income.; Ample parking with space for ±20 vehicles (nearly a 4:1,000 SF ratio).
