Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    32 N Russell Rd Albany, NY 12205
    Back to Search
    Property profile & analytics

    32 N Russell Rd Albany, NY 12205

    View on Map
    • Office buildings
    • 41,920 SF
    • 2.68 lot acres
    For Sale
    $3,250,000
    View Listing →
    Albany Office Investment Opportunity For Sale
    $3,250,000
    65,309 SF

    Albany Office Investment Opportunity

    65,309 SF Class B office building for sale.

    32 N Russell Road, Albany, NY 12205
    View Listing
    Property ID
    US63-1072847
    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

    • NorDutch Technologies, Inc. / Tech Support Center / (Bike/Boat/Book/etc) Store
    • Murdock Abstract Corporation / Title Company
    • Gifford Abstract Corporation / Title Company

    Property Details for 32 N Russell Rd

    Year built
    1960
    Lot size
    2.68 lot acres
    Property size
    41,920 SF
    Zone code
    M1
    Property type
    Office buildings
    APN
    010100 53.67-1-4
    APU
    10100536714

    Description

    This exceptional three-story executive office building, located at 32 Russell Road in Albany, NY, offers a rare opportunity for businesses seeking premium space. The property boasts a total of 41,920 square feet, with flexible suite sizes ranging from a minimum of 4,002 square feet to a maximum contiguous space of 24,208 square feet. Currently, there are 28,210 square feet of vacant space available, perfect for a single tenant or multiple occupants. Built in 1960 and situated on a generous 2.8-acre lot, the building features convenient amenities including ample parking with 246 spaces and modern elevators. The property benefits from robust 3-phase, 208-volt electrical service, ensuring reliable power for even the most demanding businesses. The building's location in Albany County, with a 12205 zip code, provides excellent access to major transportation routes and a thriving business community. This is an ideal location for companies seeking a prestigious address and functional workspace in the heart of Albany. The property is available for lease and offers a unique opportunity to establish a strong presence in a desirable market. Contact us today to schedule a viewing and explore the possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $826,000
      Market price range: $591k - $1.64M

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

    Location Insight

    • Map
    • Local Demand
    City
    Colonie
    County
    Albany
    State
    New York
    Longitude
    -73.7912
    Latitude
    42.6838
    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
    $994,400
    $1,014,900
    $2,009,300
    -
    $1,403,925
    $1,432,867
    $2,836,792

    Comparable in this City

    • Value Estimation
      $1,925,000
      60,706 SF

      2 Computer S Dr

      OFFICE BUILDING • 60,706 SF
      2 Computer S Dr, Colonie, NY 12205-1609
      View Details
    • Value Estimation
      $870,000
      25,090 SF

      450 New Karner Rd

      OFFICE BUILDING • 25,090 SF
      450 New Karner Rd, Albany, NY 12205-3898
      View Details
    • Value Estimation
      $3,105,000
      86,079 SF

      500 New Karner Rd

      OFFICE BUILDING • 86,079 SF
      500 New Karner Rd, Albany, NY 12205-3853
      View Details
    • Value Estimation
      $1,405,000
      43,584 SF

      285 Washington Ave Ext

      OFFICE BUILDING • 43,584 SF
      285 Washington Ave Ext, Albany, NY 12205
      View Details
    • Value Estimation
      $1,970,000
      21,439 SF

      1 Family Dr

      OFFICE BUILDING • 21,439 SF
      1 Family Dr, Albany, NY 12205-1049
      View Details
    • Value Estimation
      $1,660,000
      18,000 SF

      33 Everett Rd

      OFFICE BUILDING • 18,000 SF
      33 Everett Rd, Albany, NY 12205-1437
      View Details

    Similar Nearby for Sale

    • $3,199,000
      33,130 SF

      Mixed-Use Property with High-End Finishes

      Mixed-use property featuring residential and commercial tenants, great cash flow.
      9 Washington Sq, Albany, NY 12205
      View Details
    • $1,125,000
      15,315 SF

      Fully Leased Office Building

      Two-story, 15,315 SF office building in Colonie, NY for sale.
      14 Computer Dr East, Colonie, NY 12205
      View Details
    • $1,150,000
      5,600 SF

      Renovated Office Building For Sale

      Recently renovated office building with flexible layout in Albany, NY.
      453 New Karner Rd, Albany, NY 12205
      View Details
    • $3,250,000
      65,309 SF

      Albany Office Investment Opportunity

      65,309 SF Class B office building for sale.
      32 N Russell Rd, Albany, NY 12205
      View Details
    • $750,000
      12,094 SF

      Colonie Office Building For Sale

      Single-story office building off Wolf Road corridor, Colonie.
      19 Aviation Rd, Albany, NY 12205
      View Details
    • Contact for pricing

      Central Avenue Office Space Available

      Office suites available in Colonie, NY with street signage.
      1719 Central Ave, Colonie, NY 12205
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      11,256 SF

      Renovated Office Building For Lease

      Lease opportunity in a renovated building in the Village of Colonie.
      14 Computer Dr West, Colonie, NY 12205
      View Details
    • Contact for pricing
      4,749 SF

      Four-Story Office Building For Lease

      Four-story office building in Albany's Wolf Road submarket.
      1 Park Pl, Colonie, NY 12205
      View Details
    • $15 SF/Yr

      Single Story Office Building

      Single-story office building near Wolf Road corridor in Colonie.
      19 Aviation Rd, Albany, NY 12205
      View Details
    • Contact for pricing
      60,000 SF

      Albany Office Building For Rent

      60,000 SF office building suitable for various business uses.
      2 Computer Dr, Albany, NY 12205
      View Details
    • $18 SF/Yr
      7,888 SF

      Professional Office Building For Lease

      7,881 SF professional office building available for lease.
      440 New Karner Rd, Colonie, NY 12205
      View Details
    • $15 SF/Yr
      12,094 SF

      Colonie Office Building for Lease

      Single-story office building with suites available for lease.
      19 Aviation Rd, Albany, NY 12205
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    32 N Russell Rd
    Albany, NY 12205
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    32 N Russell Rd, Albany, NY, 12205
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!