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1879 Central Ave 3,793 SF 100% Leased Retail Building Albany, NY 12205 $659,900 ($173.98/SF) 7.10% Cap Rate
EXECUTIVE SUMMARY
Positioned along a high-visibility corridor in Colonie, this well-maintained mixed-use property delivers immediate cash flow with clear value-add upside. The asset features two street-level commercial spaces with long-term tenants, four one-bedroom apartments, one studio apartment, and a three-bay garage, all supported by ample off-street parking, a rare combination in this location! The building has been consistently rented, reflecting durable tenant demand. Current rents are below market, presenting a compelling opportunity for an investor to drive NOI through strategic rent optimization while maintaining stability. The roof was replaced approximately ten years ago and the studio was recently renovated. Total annual rents currently total $61, 920 with yearly expenses around $15,000 making the NOI approx $46,920 and a 7.1% Cap rate! Coin Laundry wahser and dryer on Premises!
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
3,793 SF
Building Class
C
Year Built
1956
Price
$659,900
Price Per SF
$173.98
Cap Rate
7.10%
NOI
$46,853
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.40
Lot Size
0.22 AC
Zoning
12
Parking
15 Spaces (3.95 Spaces per 1,000 SF Leased)
Frontage
37’ on Central Ave
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 012689-029-010-0001-015-000-0000 | Total Assessment | $157,600 (2024) |
| Land Assessment | $66,000 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $91,600 (2024) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
012689-029-010-0001-015-000-0000
Land Assessment
$66,000 (2024)
Improvements Assessment
$91,600 (2024)
Total Assessment
$157,600 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Renovo Real Estate
1879 Central Ave
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