Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    40 Central Ave Albany, NY 12206-3055

    • Investment properties
    • 3,640 SF
    • 0.03 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0066821
    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

    • ATM (Trustco Bank) / Atm
    • Mystic Momo / Nepalese Restaurant

    Property Details for 40 Central Ave

    Year built
    1940
    Lot size
    0.03 lot acres
    Property size
    3,640 SF
    Zone code
    C1
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    010100 65.71-3-28
    APU
    101006571328

    Description

    This exceptional commercial property at 40 Central Ave, Albany, NY 12206, offers a unique leasing opportunity in the heart of Albany City's Washington Park submarket. Located at the intersection of Central Avenue, Washington Avenue, and Henry Johnson Boulevard, this Class B building provides unparalleled visibility and accessibility. The available space, situated on the second floor, totals 2,500 square feet and is divisible into units with a minimum of 700 square feet and a maximum contiguous space of 1,800 square feet. Previously occupied by a bank, this bright and naturally lit space is ideal for a variety of businesses, including executive offices, creative offices, salons, or non-profit organizations. The building itself is a four-story structure with two total suites, offering a unique and intimate setting. While the building does not have elevators, the location's high visibility and proximity to Washington Park and the State Capitol make it an attractive option for businesses seeking a prestigious address. The property is in Albany County and offers stunning views of the Capital and Washington Park. This is a rare opportunity to secure a prominent space in a thriving Albany neighborhood. The total building square footage is not specified, but the available space is ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Albany
    State
    New York
    Longitude
    -73.7654
    Latitude
    42.6583
    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
    $11,700
    $213,300
    $225,000
    -
    $16,518
    $301,144
    $317,662

    Comparable in this City

    • Value Estimation by Request
      5,184 SF

      169 Central Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 5,184 SF
      169 Central Ave, Albany, NY 12206-2902
      View Details
    • Value Estimation by Request
      3,933 SF

      691 Clinton Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,933 SF
      691 Clinton Ave, Albany, NY 12206-2425
      View Details
    • Value Estimation by Request
      2,304 SF

      565 Clinton Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,304 SF
      565 Clinton Ave, Albany, NY 12206-2736
      View Details
    • Value Estimation by Request
      2,400 SF

      16 Judson St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,400 SF
      16 Judson St, Albany, NY 12206-3108
      View Details
    • Value Estimation by Request
      1,672 SF

      619 Central Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,672 SF
      619 Central Ave, Albany, NY 12206-1912
      View Details
    • Value Estimation by Request
      2,919 SF

      68 Ontario St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,919 SF
      68 Ontario St, Albany, NY 12206-2429
      View Details

    Similar Nearby for Sale

    • $599,900
      4,264 SF

      Central Avenue Investment Opportunity

      Investment property with restaurant and apartment, high-traffic location.
      218 Central Ave, Albany, NY 12206
      View Details
    • $4,500,000
      1.62 Acres

      Mixed-Use Buildings in Albany, NY

      Mixed-use buildings with apartments and office spaces, near highways.
      28-40-50 Colvin Ave, Albany, NY 12206
      View Details
    • $150,000
      Pending

      Remodeled Albany Duplex For Sale

      Updated 2-family home with strong income potential near universities.
      60 Bradford St, Albany, NY 12206
      View Details
    • $280,000
      Pending

      Remodeled Albany Home with Rental Potential

      Remodeled 6BR/2BA Albany home with strong rental and appreciation potential.
      10 Wilkins Ave, Albany, NY 12206
      View Details
    • $1,800,000
      10,310 SF

      Albany Mixed-Use Commercial Portfolio

      Mixed-use property in Albany's Central Avenue Business District.
      337 Central Ave, Albany, NY 12206
      View Details
    • $4,950,000
      3,500 SF

      Colvin Avenue Mixed-Use Investment

      Three mixed-use buildings with apartments and office suites for sale.
      28 Colvin Ave, Albany, NY 12206
      View Details

    Similar Nearby for Lease

    • New
      $14 SF/Yr
      46,080 SF

      Central Avenue Mixed-Use Retail Space

      Highly visible retail space on a busy Albany corridor.
      97 Central Ave, Albany, NY 12206
      View Details
    • $6 SF/Yr
      50,000 SF

      Albany Warehouse Space Available

      50,000 SF Warehouse - I-90 Access
      45 Prospect Ave, Albany, NY 12206
      View Details
    • $14 SF/Yr
      41,920 SF

      First Floor Office Space Available

      First floor office space with ample parking and build-out options.
      32 N Russell Rd, Albany, NY 12206
      View Details
    • Contact for pricing
      900 SF

      Retail Space Near Home Depot

      Retail space shadow-anchored by Home Depot with signalized entrance.
      981 Central Ave, Albany, NY 12206
      View Details
    • $1.00 SF/Yr
      180,000 SF

      Medical Space on Washington Avenue

      Medical office space for lease in Albany's medical corridor.
      400 Patroon Creek Blvd, Albany, NY 12206
      View Details
    • $22 SF/Yr
      13,340 SF

      Medical Office Space for Lease

      Medical office suites available for lease in Albany, NY.
      1365 Washington Ave, Albany, NY 12206
      View Details
    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.
    40 Central Ave
    Albany, NY 12206-3055
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.