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    Property profile & analytics

    1166 Western Ave Albany, NY 12203

    • Office buildings
    • 6,720 SF
    • 0.10 lot acres
    For Sale
    View listing
    $865,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1699988
    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

    • Office buildings

    Property Details for 1166 Western Ave

    Year built
    1985
    Lot size
    0.10 lot acres
    Property size
    6,720 SF
    Zone code
    R3A
    Property type
    Office buildings
    APN
    010100 64.21-2-41
    APU
    101006421241

    Description

    This exceptional office building, situated at 1166 Western Avenue, Unit 1166 in Albany, New York, presents a compelling investment opportunity. The property boasts a sizable 0.33-acre lot, offering ample space and potential for future development or expansion. The building itself is ideally located in Albany, providing easy access to major transportation routes and a vibrant business community. While the exact square footage is currently unavailable, the substantial lot size and asking price of $865,000 indicate a significant property with considerable potential return on investment. The address, 1166 Western Avenue, Unit 1166, places the building in a strategic location within Albany, offering excellent visibility and accessibility for businesses and employees. This property is well-suited for a variety of office uses, making it an attractive option for both established companies seeking to expand and new ventures looking to establish a strong presence in the Albany market. The 0.33-acre lot provides significant flexibility for future development or expansion, adding further value to this already promising investment. Serious inquiries are encouraged to explore this unique opportunity in the thriving Albany commercial real estate market. Further details regarding the building's interior and specifications are available upon request.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $215,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $262,000
      Market price range: $125k - $833k

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

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Albany
    State
    New York
    Longitude
    -73.8223
    Latitude
    42.6759
    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
    $18,000
    $307,800
    $325,800
    -
    $25,413
    $434,562
    $459,975

    Comparable in this City

    • Value Estimation
      $435,000
      23,944 SF

      230 Washington Ave Ext

      OFFICE BUILDING • 23,944 SF
      230 Washington Ave Ext, Albany, NY 12203-5390
      View Details
    • Value Estimation
      $250,000
      7,042 SF

      1924 Western Ave

      OFFICE BUILDING • 7,042 SF
      1924 Western Ave, Albany, NY 12203-5077
      View Details
    • Value Estimation
      $330,000
      8,595 SF

      1971 Western Ave, Unit 73

      OFFICE BUILDING • 8,595 SF
      1971 Western Ave, Albany, NY 12203-5066
      View Details
    • Value Estimation
      $535,000
      31,780 SF

      14 Columbia Cir

      OFFICE BUILDING • 31,780 SF
      14 Columbia Cir, Albany, NY 12203-5152
      View Details
    • Value Estimation
      $250,000
      6,600 SF

      1900 Western Ave

      OFFICE BUILDING • 6,600 SF
      1900 Western Ave, Albany, NY 12203-5019
      View Details
    • Value Estimation
      $275,000
      20,060 SF

      210 Washington Ave Ext

      OFFICE BUILDING • 20,060 SF
      210 Washington Ave Ext, Albany, NY 12203-6339
      View Details

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      0.33-acre lot, excellent Albany office space.
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    1166 Western Ave
    Albany, NY 12203
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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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