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Property profile & analytics
FOR LEASE
Office buildings
3 University Pl, Rensselaer, NY 12144
Individually Owned
9-yr Hold
Free & Clear
Property ID
US63-4187562
For Lease
1 / 3
$6,010,000
3 University Pl, Rensselaer, NY 12144
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1950
Total area
161,972 SF
Lot
26.62 ac (1,159,567 SF)
Zoning code
OI
APN
382400 154.-1-1
UPID
US63-4187562
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Amri - Albany (East Campus) Laboratory
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.23M
Blend (final)
Blend
$6.01M
Owner & transaction history
University At Albany · 9 yrs held
University At Albany
since 2017
3 recorded transactions
Zoning & alternative use
OI · Rensselaer, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$9.6M
+9.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Rensselaer submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Rensselaer submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$8,745,000
Current use
COMMERCIAL (GENERAL)
$9,585,000
Change: +10% · Conversion: Easy
Blend value · Realmo final
$6.01M
Range $5.41M – $6.61M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$37 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Property tax & assessments
Assessed value
$25,916,400
Assessed 2023
Previous assessed
$25,916,400
+0.0% YoY
Assessed land
$124,400
Assessed improvement
$25,792,000
Land market value
$154,765
Improvement market value
$32,087,584
Total market value
$32,242,349
Applied tax rate
382,401.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1950
Heating
NONE
Cooling
CENTRAL
Buildings
3
Stories
3
Total area
161,972 SF
Lot
26.62 ac (1,159,567 SF)
Zoning code
OI
APN
382400 154.-1-1
UPID
US63-4187562
Jurisdiction
RENSSELAER
Zoning & alternative use
OI · Rensselaer, NY
Zoning OI · permitted uses
OI · Rensselaer, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Rensselaer. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$8.7M
COMMERCIAL (GENERAL)
Est. value
$9.6M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1950
Heating
NONE
Cooling
Yes
Stories
3
Buildings
3
Lot
26.62 ac
Current owner
From public records · entity-resolved
University At Albany
Individual
Free & Clear · 9 yrs held
Mailing address
1400 WASHINGTON AVE, ALBANY, NY 12222-0100
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 28, 2017
—
University At Albany
Rensselaer County Indust
Grant Deed
related
—
Feb 21, 2012
—
Bioscience Dev Co
University At Albany Foun
Grant Deed
related
—
Nov 5, 2010
—
Town Of East Greenbush
University At Albany Foun
Grant Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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