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    Property profile & analytics

    498 Central Ave Albany, NY 12206

    • Office buildings
    • 27,651 SF
    • 0.83 lot acres
    OFF-MARKET
    Value Estimations
    $415,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1266432
    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

    • Office buildings

    Property Details for 498 Central Ave

    Year built
    1970
    Lot size
    0.83 lot acres
    Property size
    27,651 SF
    Zone code
    C2
    Property type
    Office buildings
    APN
    010100 65.37-3-56
    APU
    101006537356

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $415,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Albany
    State
    New York
    Longitude
    -73.7788
    Latitude
    42.6693
    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
    $381,600
    $1,950,800
    $2,332,400
    -
    $538,755
    $2,754,200
    $3,292,955

    Comparable in this City

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      $900,000
      111,520 SF

      1367 Washington Ave

      PROFESSIONAL BUILDING • 111,520 SF
      1367 Washington Ave, Albany, NY 12206-1069
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    • Value Estimation
      $275,000
      9,876 SF

      450 Central Ave

      OFFICE BUILDING • 9,876 SF
      450 Central Ave, Albany, NY 12206-7200
      View Details
    • Value Estimation
      $185,000
      4,312 SF

      32 Essex St

      OFFICE BUILDING • 4,312 SF
      32 Essex St, Albany, NY 12206-2027
      View Details
    • Value Estimation
      $185,000
      11,288 SF

      28 Colvin Ave

      OFFICE BUILDING • 11,288 SF
      28 Colvin Ave, Albany, NY 12206-1101
      View Details
    • Value Estimation
      $205,000
      2,733 SF

      547 2nd St

      OFFICE BUILDING • 2,733 SF
      547 2nd St, Albany, NY 12206-2230
      View Details
    • Value Estimation
      $730,000
      62,376 SF

      455 Patroon Crk Blvd

      OFFICE BUILDING • 62,376 SF
      455 Patroon Crk Blvd, Albany, NY 12206-5003
      View Details

    Similar Nearby for Sale

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      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
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    • $3,900,000
      45,000 SF

      Albany Office Building For Sale

      Fully leased, renovated 3-story office building in Albany's commercial district.
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    • $1,300,000
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      Versatile Commercial Property on Central Avenue

      43,520 sq ft commercial property with diverse spaces and parking.
      233 Central Ave, Albany, NY 12206
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    • $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
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    • $4,500,000
      1.62 Acres

      Mixed-Use Buildings with Renovated Apartments

      Mixed-use property with apartments and office spaces near highways.
      28-40-50 Colvin Ave, Albany, NY 12206
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    • $280,000
      Pending

      Remodeled Albany Home with Rental Potential

      Remodeled 6BR/2BA Albany home with strong rental and appreciation potential.
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    Similar Nearby for Lease

    • $12 SF/Yr
      45,000 SF

      Five-Story Office Building Available

      45,000 SF office building with elevators for lease.
      175 Central Ave, Albany, NY 12206
      View Details
    • Contact for pricing
      69,255 SF

      Central Avenue Office/Warehouse Flex Space

      Centrally located office building with flex space and proactive management.
      845 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
    • $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
    • $22 SF/Yr
      13,340 SF

      Medical Office Space for Lease

      Medical office suites available for lease in Albany, NY.
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    • $13 SF/Yr
      17,579 SF

      Prime Albany Office Space Available

      Office space for lease near NYS Harriman Office Campus.
      555 Patroon Creek Blvd, Albany, NY 12206
      View Details

    Property Visit Statistics

    • Visits by month
      10.0k
    • Visitors by month
      6.8k
    • Avg Time on site
      13 min
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    498 Central Ave
    Albany, NY 12206
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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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