Medical Office
For Sale
$480,000
B04-63 Shaker Rd, Albany, NY 12204
Professional space offers 3,287 square feet near I-787 and I-90, next to Memorial Hospital.
Property Size3,287 SF
Price / SF$146.03
Days on Market11
Property Features for B04-63 Shaker Rd
General Information
Standard status
Active
Size
3,287 SF
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$15,000
Listing Agency:
Berkshire Hathaway Home Services Blake
(518) 464-0870
Listed By:
Karen Zalewski-Wildzunas · License #10401299136
(518) 858-4719
Source:
Exprealty
Added: Sep 22
Changed: Sep 29
Last Checked: Oct 1 at 3:50PM
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 Home Services Blake
Investment Insights
Based on property information with market context.
This 3,287-square-foot medical office condominium provides a professional setting for medical or other professional use. The property is offered for sale or lease.
Located next to Memorial Hospital, the condominium is just off I-787 and I-90 in Albany, New York.
Located next to Memorial Hospital, the condominium is just off I-787 and I-90 in Albany, New York.
Key Highlights
- 3,287‑square‑foot medical office condominium
- Positioned next to Memorial Hospital
- Just off I‑787 and I‑90
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
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
685
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Professional space offers 3,287 square feet near I-787 and I-90, next to Memorial Hospital.
Where is this medical office space located?
The property is located at B04-63 Shaker Rd 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; Positioned next to Memorial Hospital; Just off I‑787 and I‑90
