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    1645 Columbia Tpke Castleton, NY 12033-9535
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    Property profile & analytics

    1645 Columbia Tpke, Castleton, NY 12033-9535

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    • Investment properties
    • 14,653 SF
    • 1.95 lot acres
    Off-Market
    Property ID
    US63-3390237
    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
    $1,235,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Walgreens Pharmacy / Pharmacy
    • Walgreens Photo / (Bike/Boat/Book/etc) Store
    • higi / Physician
    • LibertyX Bitcoin ATM / Atm
    • Walgreens / Pharmacy

    Property Details for 1645 Columbia Tpke

    Year built
    2007
    Lot size
    1.95 lot acres
    Zone code
    HC
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    384489 189.-5-1.12
    APU
    3844891895112

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 17, 2019 — Mk Menlo Property Owner LLC — Grant Deed · related $5.3M · Wells Fargo Bk
    May 30, 2014 $5,300,000 Mk-menlo Prop Owner Castleton Ny Property LLC Grant Deed —
    Mar 20, 2007 $5,512,500 Castleton Ny Property LLC Schodack Plaza LLC Grant Deed —

    Description

    This exceptional investment opportunity presents a 14,564 square foot Walgreens pharmacy located at 1645 Columbia Turnpike, Castleton-on-Hudson, NY 12033. The property sits on a 1.95-acre lot and boasts a 9.00% cap rate with a strong NOI of $412,161. The current lease, a Net Lease (NN) agreement with a credit-rated tenant, expires March 31, 2027, offering 2.4 years of remaining term and five 5-year renewal options with rent bumps of 5% in option 1 and 10% in options 2-5. The building, constructed in 2000, benefits from a high-traffic location along Columbia Turnpike (12,400 vehicles per day) and proximity to Interstate 90 (36,129 vehicles per day). This location, originally a Rite Aid, was converted by Walgreens in 2018, with Walgreens investing over $300,000 in renovations. The property features a drive-thru pharmacy and enjoys a strong demographic profile, with 28,497 people residing within a five-mile radius, boasting an average annual household income of $120,398. Nearby amenities include Tractor Supply Company, USPS, Curtis Lumber Co., Evergreen Country Club, and two new Amazon Fulfillment Centers less than 1.5 miles away. The asking price is $4,579,567, translating to a price per square foot of $314.44. This is a prime retail investment within the Albany MSA, a highly desirable market. The property's current 100% occupancy and strong sales history make it an attractive addition to any portfolio.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,302,000
      Market price range: $422k - $1.30M
      AI Estimate
      $1,353,000
      Market price range: $483k - $1.35M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $865,000
      Current use
      AUTO REPAIR, GARAGE
      $1,220,000
      Change: +41% Conversion: Difficult
      OFFICE BUILDING
      $790,000
      Change: -9% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Castleton
    County
    Rensselaer
    State
    New York
    Longitude
    -73.6829
    Latitude
    42.5665
    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
    $123,800
    $2,376,200
    $2,500,000
    -
    $165,619
    $3,178,863
    $3,344,482

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      STORE/OFFICE (MIXED USE)
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    Similar Nearby for Sale

    • Contact for pricing
      3,702 SF

      Retail Building on Large Land

      Retail building on 6.41 acres at Routes 9 and 20.
      1836 Columbia Tpke, Castleton on Hudson, NY 12033
      View Details
    • New
      $695,000
      7,500 SF

      Mixed-Use Eight-Unit Property

      8-unit mixed-use building with three commercial spaces and five apartments, with separate utilities for tenant cost control.
      94-98 S Main St, Castleton on Hudson, NY 12033
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    • Contact for pricing
      2,200 SF

      Commercial Land with Road Frontage

      7.42 acres of commercial land with road frontage.
      1598 Columbia Tpke, Castleton on Hudson, NY 12033
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    • $1,730,000
      Pending

      Versatile Industrial Facility Near Amazon

      30,000+ sqft building on 9.06 acres near distribution center.
      1688 Us-9, Castleton, NY 12033
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      Land Near Interstate 90

      Vacant land with easy access to Interstate 90.
      7 Empire State Blvd, Castleton on Hudson, NY 12033
      View Details
    • $724,999
      6,200 SF

      Schodack Office Space For Sale

      Office space with meeting room, kitchen, and ample parking.
      1670 Columbia Tpke, Castleton on Hudson, NY 12033
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      450,000 SF

      Schodack Build-to-Suit Opportunity

      42.41 acres available for build to suit opportunity.
      71 Schodack Dr, Castleton, NY 12033
      View Details
    • $1,800 /Mo
      8,226 SF

      Professional Office Space Available

      Well-laid out office space suitable for various professional uses.
      1654 Columbia Tpke, Castleton on Hudson, NY 12033
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      992 SF

      Renovated Office Space Available

      Recently renovated office space featuring multiple offices and conference rooms.
      81 Miller Rd, East Greenbush, NY 12033
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      Prime Commercial Land for Lease

      One acre of commercial land available for build to suit.
      75 Miller Rd, East Greenbush, NY 12033
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      1,157 SF

      Move-in Ready Medical Office Space

      1,262 RSF medical office space with two in-suite bathrooms.
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    • Contact for pricing
      7,500 SF

      Main Street Commercial Space Available

      Renovated commercial space in Castleton, approximately 500 sq ft.
      98 S Main St, Castleton on Hudson, NY 12033
      View Details
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    Castleton, NY 12033-9535
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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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