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    Property profile & analytics

    41 State St Albany, NY 12207

    • Office buildings
    • 164,991 SF
    • 0.43 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Value Estimations
    $125,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3348408
    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

    • DeGraff, Foy & Kunz, LLP / Personal Injury Attorney / Employment Attorney
    • Lee Palmateer Law Office LLC / Law Firm / Attorney
    • Weinberg Gerald / Attorney
    • George J. Szary / Attorney
    • Shruthisoft LLC / Software Company

    Property Details for 41 State St

    Year built
    1968
    Lot size
    0.43 lot acres
    Property size
    164,991 SF
    Zone code
    C3
    Property type
    Office buildings
    APN
    010100 76.42-2-5
    APU
    10100764225

    Description

    41 State Street offers a prime opportunity for businesses seeking office space in the Central Business District. This twelve-story, Class B building boasts 198,145 square feet of total space, with 39,291 square feet currently vacant and divisible into units as small as 300 square feet, or up to a contiguous 30,000 square feet. Built in 1972 and situated on a 4.3-acre lot, the property features four freight and passenger elevators, ensuring efficient movement throughout the building. The building has undergone recent significant improvements, including modernized elevators, a new roofing system, and enhanced UV air purification for a healthier work environment. Enjoy abundant natural light and stunning Hudson Valley and city views from floor-to-ceiling windows in all suites. Conveniently located just two blocks from I-787 and five minutes from I-90 and I-87, this location offers unparalleled accessibility. On-site amenities include a parking garage with 90 spaces, a retail bank, a restaurant, and a full-service salon, providing tenants with a comprehensive and convenient work experience. The building is zoned for commercial use and benefits from a dedicated on-site management team. This is an exceptional opportunity to secure high-quality office space in a vibrant and well-connected location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $125,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Albany
    State
    New York
    Longitude
    -73.7512
    Latitude
    42.6494
    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
    $199,700
    $5,109,900
    $5,309,600
    -
    $281,943
    $7,214,316
    $7,496,259

    Comparable in this City

    • Value Estimation
      $190,000
      225,860 SF

      30 Pearl St

      OFFICE BUILDING • 225,860 SF
      30 Pearl St, Albany, NY 12207-3427
      View Details
    • Value Estimation by Request
      212,528 SF

      90 State St

      OFFICE BUILDING • 212,528 SF
      90 State St, Albany, NY 12207-1715
      View Details
    • Value Estimation
      $50,000
      173,600 SF

      52 State St

      OFFICE BUILDING • 173,600 SF
      52 State St, Albany, NY 12207
      View Details
    • Value Estimation
      $95,000
      18,929 SF

      17 Elk St

      OFFICE BUILDING • 18,929 SF
      17 Elk St, Albany, NY 12207-1035
      View Details
    • Value Estimation
      $170,000
      232,820 SF

      66 Pearl St

      OFFICE BUILDING • 232,820 SF
      66 Pearl St, Albany, NY 12207-1532
      View Details
    • Value Estimation
      $420,000
      51,204 SF

      39 Pearl St

      OFFICE BUILDING • 51,204 SF
      39 Pearl St, Albany, NY 12207-2844
      View Details

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    Similar Nearby for Lease

    • $1.00 SF/Yr
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      Downtown Albany Class A Office

      Class A office space in downtown Albany's premier location.
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    • $25 SF/Yr
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      Class A Office Space Available

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    • $1.00 SF/Yr
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      Albany Office Space with City Views

      Full floor office space with 360-degree views for rent.
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    • $1.00 SF/Yr
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      Full Floor Office Space Available

      Full floor office space with city and river views.
      41 State St, Albany, NY 12207
      View Details
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    41 State St
    Albany, NY 12207
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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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