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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1 Empire Dr Rensselaer, NY 12144

    • Office buildings
    • 60,980 SF
    • 6.51 lot acres
    For Lease
    View listing
    $17 SF/Yr
    Value Estimations
    $230,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3897064
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • DataGen / Software Company / Professional Services
    • Healthcare Association of New York State (HANYS) / Non-Profit Organization
    • TruePlan Benefit and Retirement Advisors / Financial Planner / Insurance Agency
    • HANYS Printing Services / Print Shop / Commercial Printer
    • Strategic Benefit Services / Financial Consultant / Financial Planner

    Property Details for 1 Empire Dr

    Year built
    2000
    Lot size
    6.51 lot acres
    Property size
    60,980 SF
    Zone code
    OC
    Property type
    Office buildings
    APN
    382400 155.-4-7.1
    APU
    382400155471

    Description

    This exceptional two-story, Class B office building, totaling 60,980 square feet, presents a unique opportunity in Rensselaer, NY. Located at 1 Empire Drive, this property boasts a highly desirable location with convenient access to Interstate 90, less than a mile from exit 9. The building features a single suite encompassing the entire structure, currently offering 30,164 square feet of immediately available space. This versatile space is adaptable to various office configurations, catering to diverse business needs. The property sits on a substantial 6.51-acre lot, zoned for Corporate Office/Regional Commercial District use. Building amenities include elevators. The building's modern design and excellent maintenance are evident throughout. Its strategic location within a thriving commercial corridor, near the Tech Valley Corporate Park, places it in close proximity to prominent businesses such as HANYS, Regeneron, and FedEx, as well as several medical practices. This presents an unparalleled chance to establish a presence in a dynamic and rapidly growing area. The property's size and flexibility make it ideal for a large single tenant or a potential multi-tenant configuration. Inquire today to explore the possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $230,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Rensselaer
    County
    Rensselaer
    State
    New York
    Longitude
    -73.7041
    Latitude
    42.6328
    CBSA code
    10580
    CBSA name
    ALBANY-SCHENECTADY-TROY, NY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $116,300
    $4,883,700
    $5,000,000
    -
    $144,688
    $6,075,765
    $6,220,453

    Comparable in this City

    • Value Estimation
      $415,000
      64,600 SF

      6-10 Krey Blvd

      OFFICE BUILDING • 64,600 SF
      6-10 Krey Blvd, Rensselaer, NY 12144
      View Details
    • Value Estimation
      $120,000
      161,972 SF

      3 University Pl, Unit 17

      OFFICE BUILDING • 161,972 SF
      3 University Pl, Rensselaer, NY 12144-3460
      View Details
    • Value Estimation
      $285,000
      40,000 SF

      2 Empire Dr

      OFFICE BUILDING • 40,000 SF
      2 Empire Dr, Rensselaer, NY 12144-5730
      View Details
    • Value Estimation
      $190,000
      0.69 Acres

      329 Columbia St

      OFFICE BUILDING • 0.69 Acres
      329 Columbia St, Rensselaer, NY 12144-2920
      View Details
    • Value Estimation
      $175,000
      4.23 Acres

      465 Partition St Ext

      PROFESSIONAL BUILDING • 4.23 Acres
      465 Partition St Ext, Rensselaer, NY 12144
      View Details
    • Value Estimation
      $80,000
      1.12 Acres

      52 Washington St

      OFFICE BUILDING • 1.12 Acres
      52 Washington St, Rensselaer, NY 12144-2834
      View Details

    Similar Nearby for Sale

    • $399,000
      Pending

      East Greenbush Office Building For Sale

      Two-story commercial building near Market 32 with ample parking.
      3 Forrest Dr, Rensselaer, NY 12144
      View Details
    • $235,000
      2,150 SF

      Rensselaer Two-Family Home

      Two-family home in Rensselaer near highways and amenities.
      35 Partition St, Rensselaer, NY 12144
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    • Contact for pricing

      Vacant Land For Sale

      Vacant land available for sale.
      136 2Nd Ave, Rensselaer, NY 12144
      View Details
    • $800,000
      5.10 Acres

      Prime Commercial Land, Rensselaer County

      5.1 Acres, I-90 Access, $800K
      0 Red Mill Rd, Rensselaer, NY 12144
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    • $800,000
      1 SF

      Retail Pad Sites on RTE 4

      Retail pad sites available for sale or build to suit.
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    • $75,000

      Rensselaer Land Ideal for Hunting

      7.96 acres in Rensselaer, suitable for hunting or building.
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    Similar Nearby for Lease

    • $14 SF/Yr
      40,000 SF

      Prime Rensselaer Office Suites

      Modern office space, flexible layouts, I-90 frontage
      2 Empire Dr, Rensselaer, NY 12144
      View Details
    • $16 SF/Yr
      40,000 SF

      I-90 Frontage Office/Medical Suites

      Modern office and medical suites with I-90 frontage and signage.
      2 Empire Dr, Rensselaer, NY 12144
      View Details
    • $16 SF/Yr
      162,000 SF

      Adaptable Commercial Space For Rent

      Approximately 10,000 Sq. Ft. commercial space for non-profits.
      199 Washington Ave, Rensselaer, NY 12144
      View Details
    • $15 SF/Yr
      1,690 SF

      Rensselaer Office Space For Rent

      Office space with high visibility and ample parking available for rent.
      446 N Greenbush Rd, Rensselaer, NY 12144
      View Details
    • $15 SF/Yr
      40,000 SF

      I-90 Frontage Office Space

      Office space with I-90 frontage and signage available for rent.
      2 Empire Dr, Rensselaer, NY 12144
      View Details
    • $14 SF/Yr
      40,000 SF

      I-90 Frontage Office/Medical Space

      Office and medical suites with interstate visibility, near Exit 9.
      2 Empire Dr, Rensselaer, NY 12144
      View Details
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    Rensselaer, NY 12144
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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
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