705 BroadwayAlbany, NY 12207

Property Details for 705 Broadway

Year built

2020

Lot size

1.24 AC

Property size (Sq ft)

106,352 SF

Zone code

C3

Property type

Hotels

APN

010100 76.27-1-18.1

APU

1010076271181

Description

This exceptional ±1.24-acre commercial land parcel in Albany, NY, presents a unique investment opportunity. Located at 705 Broadway, Albany, NY 12207, this property boasts full approvals for a substantial development project encompassing approximately 180,000 square feet. The approved plans include a six-story building featuring 134 residential units ranging from studios to two-bedroom apartments. In addition to the residential component, the project incorporates approximately 14,000 square feet of ground-floor commercial space, ideal for retail or office tenants. The development also includes plans for approximately 64 parking spaces, ensuring ample parking for residents and commercial tenants. The site benefits from its strategic location, offering excellent proximity to I-787 and the Albany Skyway, providing convenient access to major transportation arteries and a wide array of commercial establishments and amenities. Furthermore, the property is directly adjacent to the newly constructed Hyatt Place Albany, further enhancing its desirability and potential for success. A significant advantage is the availability of potential Brownfield tax credits, which may be transferable to the purchaser for additional consideration. The potential for tangible property credits is estimated at $9.6 million, offering a substantial financial incentive. This prime location, coupled with the approved plans and potential tax benefits, makes this a compelling investment opportunity for developers seeking a high-impact project in a thriving urban setting. Detailed plans and offering packages are available upon request.

• CAP approach

  CAP return

  Valuation

  6%

  $30,008,132

  6.5%

  $27,699,814

  7%

  $25,721,256

• Comparable approach

  Method

  Valuation

  Relative Method

  $32,874,988

  Geo Method

  $32,655,488

• Alternative Use

  Use

  Valuation

  Residential

  $30,240,150

  Hospitality

  $27,699,814

  Educational

  $23,045,920

  Medical

  $23,838,504

  Retail

  $35,849,208

Location Insight

City

Albany

County

Albany

State

New York

Latitude

42.6547

Longitude

-73.748

CBSA code

10580

CBSA name

ALBANY-SCHENECTADY-TROY, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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