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    1440 Central Ave Albany, NY 12205-5118
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    Property profile & analytics

    1440 Central Ave Albany, NY 12205-5118

    View on Map
    • Super regional malls
    • 12,768 SF
    • 19.01 lot acres
    Off-Market
    Property ID
    US63-1791451
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Marshalls / Department Store
    • Eddie Bauer Outlet / Clothing Store
    • Petco Dog Training / Animal Training
    • UPS Alliance Shipping Partner / Courier Service / Postal Service
    • Super Shoes / Clothing & Fashion Store / (Bike/Boat/Book/etc) Store

    Property Details for 1440 Central Ave

    Year built
    1966
    Lot size
    19.01 lot acres
    Property size
    12,768 SF
    Zone code
    16
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    012689 42.13-3-4
    APU
    12689421334

    Description

    Northway Commons offers exceptional retail space for lease in the thriving Colonie submarket of Albany County. This multi-tenant property boasts a total of 56,476 square feet, with 7,000 square feet currently vacant and immediately available. The minimum divisible space is 7,000 square feet, ideal for larger retailers or businesses requiring significant footprint. Two spaces are currently available, ranging in size from 2,172 to 7,000 square feet, providing flexibility for various business needs. Located in the highly visible and accessible Northway Commons, this property benefits from excellent exposure and high traffic volume. The property's prime location within the Albany submarket and Colonie submarket cluster ensures strong customer reach and potential for significant business growth. This is a fantastic opportunity for businesses seeking a well-established retail location with ample space and high visibility in a bustling commercial area. The property is classified as a storefront retail space, perfect for businesses that benefit from direct street-level access and high pedestrian traffic. Serious inquiries are encouraged to explore this exceptional leasing opportunity. Contact us today to schedule a viewing and discuss your business needs.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Albany
    State
    New York
    Longitude
    -73.8232
    Latitude
    42.7066
    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
    $5,470,000
    $3,730,000
    $9,200,000
    -
    $10,725,490
    $7,313,726
    $18,039,216

    Comparable in this City

    • Value Estimation by Request
      8,610 SF

      1440th Central Ave

      REGIONAL SHOPPING CENTER, MALL • 8,610 SF
      1440th Central Ave, Albany, NY 12205-5056
      View Details
    • Value Estimation
      $655,000
      124,500 SF

      1430 Central Ave

      REGIONAL SHOPPING CENTER, MALL • 124,500 SF
      1430 Central Ave, Albany, NY 12205
      View Details
    • Value Estimation
      $665,000
      89,589 SF

      1814 Central Ave

      REGIONAL SHOPPING CENTER, MALL • 89,589 SF
      1814 Central Ave, Albany, NY 12205-4769
      View Details
    • Value Estimation by Request
      10,216 SF

      15 Wolf Rd

      REGIONAL SHOPPING CENTER, MALL • 10,216 SF
      15 Wolf Rd, Albany, NY 12205
      View Details
    • Value Estimation
      $1,095,000
      262,422 SF

      19 Wolf Rd

      REGIONAL SHOPPING CENTER, MALL • 262,422 SF
      19 Wolf Rd, Albany, NY 12205
      View Details
    • Value Estimation
      $28,000,000
      269,366 SF

      1425 Central Ave

      REGIONAL SHOPPING CENTER, MALL • 269,366 SF
      1425 Central Ave, Albany, NY 12205-5027
      View Details

    Similar Nearby for Sale

    • $1,450,000
      12,000 SF

      Freestanding Building on Central Avenue

      12,000 SF building with high traffic and visibility.
      1735 Central Ave, Colonie, NY 12205
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    • $659,900
      Pending

      Mixed-Use Property with Income Potential

      High-visibility mixed-use property with immediate cash flow and value-add upside.
      1879 Central Ave, Albany, NY 12205
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    • $499,000
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      Retail Property on One Acre

      Retail property on approximately one acre in busy corridor.
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    • $2,499,000
      9,247 SF

      Former Auto Dealership on Central

      9,247 SF former auto dealership with showroom and service center.
      2056 Central Ave, Albany, NY 12205
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    • Contact for pricing
      1,579 SF

      Turn-Key Hair Salon in Colonie

      Well-maintained salon with spa room, parking, and expansion potential.
      18 Fuller Rd, Colonie, NY 12205
      View Details
    • $325,000
      Pending

      Turn-Key Colonie Hair Salon

      Move-in ready salon with expansion potential in Colonie, NY.
      18 Fuller Rd, Colonie, NY 12205
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Reimagined Retail Center For Lease

      Community retail center with national and regional tenants.
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      1,228 SF

      Retail Space with Long-Term Tenants

      Retail property with high visibility and excellent condition for rent.
      1593 Central Ave, Albany, NY 12205
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    • Contact for pricing
      1,110 SF

      Retail Space in Colonie Center

      Neighborhood shopping center with excellent visibility and ample parking.
      1839 Ny-5, Colonie, NY 12205
      View Details
    • Contact for pricing
      2,113 SF

      Regional Shopping Center Retail Space

      Premier retail space in New York's Capital Region.
      3 Wolf Rd, Colonie, NY 12205
      View Details
    • Contact for pricing

      Community Retail Center For Lease

      Retail center with national and regional tenants in Albany, NY.
      29 Aviation Rd, Albany, NY 12205
      View Details
    • Contact for pricing
      4,150 SF

      Regional Shopping Center Retail Space

      Retail space available in a premier regional shopping center.
      1417-1425 Colonie Ctr, Albany, NY 12205
      View Details
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    Albany, NY 12205-5118
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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.

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