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    181 Western Ave Albany, NY 12203
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    181 Western Ave Albany, NY 12203

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    • Schools
    • 31,740 SF
    • 1.87 lot acres
    For Sale
    $1,650,000
    View Listing →
    Unique Albany Religious Institution Assemblage For Sale
    $1,650,000
    45,000 SF

    Unique Albany Religious Institution Assemblage

    1.85 acres with 45,000 SF structure in Albany, NY.

    181 Western Avenue, Albany, NY 12203
    View Listing
    Property ID
    US63-2493943
    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

    • Christ's Church Albany / Church
    • First Lutheran Church / Church

    Property Details for 181 Western Ave

    Lot size
    1.87 lot acres
    Property size
    31,740 SF
    Property type
    Schools
    Property subtype
    Churches & religious facilities
    APN
    65.62-3-64

    Description

    This exceptional mixed-use property, located at 181 Western Avenue in Albany, NY, presents a unique investment opportunity. The property encompasses two buildings totaling approximately 31,740 square feet, constructed in 1929 and 1952, and situated on a generous 1.87-acre lot. Currently vacant, the property is zoned for mixed-use development under the Mixed-use Form-Based Midtwn designation, offering considerable flexibility for adaptive reuse. The buildings, previously used as a church, meeting hall, and administrative offices, boast a versatile layout suitable for a variety of commercial or institutional purposes. The asking price is $1,695,000, translating to $53.40 per square foot. The property's prime location in Albany, NY, offers unparalleled access to key institutions, including The College of Saint Rose, SUNY Albany, Albany Medical College, Albany Law School, and Albany College of Pharmacy. The property includes four parcels at 167, 181, and 197 Western Avenue and 180 South Quail Street. This presents a rare chance to acquire a substantial property with significant redevelopment potential in a thriving urban setting. The property's Class B designation reflects its existing condition, offering a strong value proposition for investors seeking a renovation or adaptive reuse project.

    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
    -73.7755066
    Latitude
    42.6620015

    Comparable in this City

    • $1,650,000
      45,000 SF

      Unique Albany Religious Institution Assemblage

      1.85 acres with 45,000 SF structure in Albany, NY.
      181 Western Ave, Albany, NY 12203
      View Details
    • $1,565,000
      45,000 SF

      Albany Religious Institution For Sale

      1.85 acres with 45,000 SF religious facility in Albany.
      181 Western Ave, Albany, NY 12203
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      Albany Office Building - Prime Location

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      Residential Land in Albany, NY

      Large lot near Harriman Campus and University at Albany.
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      Albany Multifamily Investment Opportunity

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    • $399,900
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      Pine Hills Multifamily Updated Property

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      View Details

    Similar Nearby for Sale

    • $1,650,000
      45,000 SF

      Unique Albany Religious Institution Assemblage

      1.85 acres with 45,000 SF structure in Albany, NY.
      181 Western Ave, Albany, NY 12203
      View Details
    • $1,565,000
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      Albany Religious Institution For Sale

      1.85 acres with 45,000 SF religious facility in Albany.
      181 Western Ave, Albany, NY 12203
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      Albany Office Building - Prime Location

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    • $129,900
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      Residential Land in Albany, NY

      Large lot near Harriman Campus and University at Albany.
      30 Tudor Rd, Albany, NY 12203
      View Details
    • $219,900
      1,496 SF

      Albany Multifamily Investment Opportunity

      Turnkey multifamily property near SUNY Albany and other colleges.
      40 Cortland Pl, Albany, NY 12203
      View Details
    • $399,900
      Pending

      Pine Hills Multifamily Updated Property

      Updated two-family property with additional parcels and detached garage.
      835 Lancaster St, Albany, NY 12203
      View Details

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    View Listing
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    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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