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

    2 Norman Dr Albany, NY 12205-4722

    • Warehouses
    • 24,000 SF
    • 1.80 lot acres
    OFF-MARKET
    Value Estimations
    $400,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1789602
    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

    • Auto Value / Auto Parts Store
    • Advantage Auto Stores / Auto Parts Store / Business To Business Service

    Property Details for 2 Norman Dr

    Year built
    1975
    Lot size
    1.80 lot acres
    Property size
    24,000 SF
    Zone code
    15
    Property type
    Warehouses
    APN
    012689 29.3-2-33
    APU
    12689293233

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $425,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $373,000
      Market price range: $320k - $577k

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

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Albany
    State
    New York
    Longitude
    -73.8553
    Latitude
    42.7219
    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
    $135,000
    $625,000
    $760,000
    -
    $264,707
    $1,225,493
    $1,490,200

    Comparable in this City

    • Value Estimation
      $265,000
      1,600 SF

      447th New Karner Rd

      WAREHOUSE, STORAGE • 1,600 SF
      447th New Karner Rd, Albany, NY 12205-3821
      View Details
    • Value Estimation
      $525,000
      113,639 SF

      38 Warehouse Row

      WAREHOUSE, STORAGE • 113,639 SF
      38 Warehouse Row, Albany, NY 12205-5729
      View Details
    • Value Estimation
      $560,000
      87,659 SF

      36 Railroad Ave

      WAREHOUSE, STORAGE • 87,659 SF
      36 Railroad Ave, Colonie, NY 12205-5721
      View Details
    • Value Estimation
      $520,000
      27,940 SF

      66 Railroad Ave

      WAREHOUSE, STORAGE • 27,940 SF
      66 Railroad Ave, Colonie, NY 12205-5968
      View Details
    • Value Estimation
      $575,000
      32,500 SF

      12 Selina Dr

      WAREHOUSE, STORAGE • 32,500 SF
      12 Selina Dr, Albany, NY 12205-4724
      View Details
    • Value Estimation
      $940,000
      114,796 SF

      1653 Central Ave

      WAREHOUSE, STORAGE • 114,796 SF
      1653 Central Ave, Albany, NY 12205-4021
      View Details

    Similar Nearby for Sale

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      Albany Warehouse with Office Space

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    • $4,900,000
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      Albany Warehouse and Distribution District

      75,220 SF property in Albany's distribution district.
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    • Contact for pricing
      1.00 Acre

      Colonie Industrial Land Opportunity

      Acre lot, prime location
      10 Petra Ln Unit, Colonie, NY 12205
      View Details
    • $1,422,000
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      Albany Industrial Land - 57 Acres

      Prime Albany location, 57 acres, development potential.
      100 Broderick St, Albany, NY 12205
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    • $1,200,000
      15,315 SF

      Albany Office Building: 15,315 SF

      Fully leased Class B office building in Albany, NY. Excellent investment opportunity.
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    • $2,100,000
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      Central Avenue Development Opportunity

      1.96 acres of land for development on Central Avenue.
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    Similar Nearby for Lease

    • $6 SF/Yr
      33,869 SF

      Warehouse/Industrial Space with Yard

      Warehouse/industrial space with drive-in access, loading dock, and yard.
      86 Railroad Avenue Ext, Albany, NY 12205
      View Details
    • $8 SF/Yr
      47,200 SF

      Warehouse/Distribution Space for Lease

      Warehouse/distribution space with large truck court available for lease.
      30B Post Rd, Albany, NY 12205
      View Details
    • $6 SF/Yr
      24,944 SF

      Industrial Building Near I-90/I-87

      24,944 SF industrial building with loading docks and office space.
      70 Fuller Rd, Colonie, NY 12205
      View Details
    • $7 SF/Yr
      6,600 SF

      Accessible Warehouse Near Major Interstates

      Warehouse space with easy access to I-87 and I-90.
      116 Railroad Ave, Albany, NY 12205
      View Details
    • $4,600 /Mo
      15,044 SF

      Central Avenue Flex Space Available

      Flex space for lease on Central Avenue in Albany, NY.
      1995 Central Ave, Albany, NY 12205
      View Details
    • $5 SF/Yr
      286,175 SF

      Albany Warehouse Sublease Opportunity

      27,000 SF Warehouse Space Available
      71 Fuller Rd, Albany, NY 12205
      View Details
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    2 Norman Dr
    Albany, NY 12205-4722
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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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