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    41 State St Albany, NY 12207

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    For Lease
    Contact for pricing

    12-Story Office Building, 300-30,000 SF

    Lot size:
    198,145 SF

    Property Features for 41 State St

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    198,145 SF
    Class
    B
    Total Rate
    213831.48

    Building Details

    Year Built
    1972
    Buildings
    1
    Stories
    12

    Spaces For Lease

    at 41 State St, Albany, NY 12207 Contact us
    Unit Suite 604-23

    $282 /Mo

    Size
    438 SF
    Contact us
    Unit Suite 705

    $12 /Mo

    Size
    5,733 SF
    Contact us
    Unit Suite 1100

    $13 /Mo

    Size
    15,506 SF
    Contact us
    Unit Suites 1100 & 1200

    $13 /Mo

    Size
    15,268 SF
    Contact us
    Unit Suite 1200

    $13 /Mo

    Size
    15,268 SF
    Contact us
    Unit Suite 704

    $12 /Mo

    Size
    2,346 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Karen Laberge

    Listing Agency: Albany Management Inc Listing Agent: Karen Laberge

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    41 State Street offers a prime opportunity for businesses seeking office space in the Central Business District. This twelve-story, Class B building boasts 198,145 square feet of total space, with 39,291 square feet currently vacant and divisible into units as small as 300 square feet, or up to a contiguous 30,000 square feet. Built in 1972 and situated on a 4.3-acre lot, the property features four freight and passenger elevators, ensuring efficient movement throughout the building. The building has undergone recent significant improvements, including modernized elevators, a new roofing system, and enhanced UV air purification for a healthier work environment. Enjoy abundant natural light and stunning Hudson Valley and city views from floor-to-ceiling windows in all suites. Conveniently located just two blocks from I-787 and five minutes from I-90 and I-87, this location offers unparalleled accessibility. On-site amenities include a parking garage with 90 spaces, a retail bank, a restaurant, and a full-service salon, providing tenants with a comprehensive and convenient work experience. The building is zoned for commercial use and benefits from a dedicated on-site management team. This is an exceptional opportunity to secure high-quality office space in a vibrant and well-connected location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    DeGraff, Foy & Kunz, ... Law Firm Lee Palmateer Law ... Law Firm Weinberg Gerald Law Firm George J. Szary Law Firm Shruthisoft LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Law Firm Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Albany
    State
    New York
    Longitude
    -73.7511873
    Latitude
    42.6494817

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    FAQs

    What type of property is this?
    Retail property - 12-Story Office Building, 300-30,000 SF
    Where is this retail property located?
    The property is located at 41 State St Albany, NY.
    What is the lease rate?
    The lease rate is $12-$282 SF/Yr.
    What are key features of this property?
    This property features: 198,145 SF Class B office building with retail space in the Central Business District.; Multiple tenancies available, ranging from 300 SF to 30,000 SF contiguous.; 39,291 SF currently vacant.
    Request Owner's contact information
    41 State St Albany, NY 12207
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    Albany, NY 12207
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    41 State St Albany, NY 12207
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    Contact for Pricing
    Please call us for current price
    and status of this listing
    Karen Laberge
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