581 Central AveAlbany, NY 12206

Property Details for 581 Central Ave

Year built

1999

Lot size

1.38 AC

Property size (Sq ft)

11,032 SF

Zone code

C2

Property type

Investment properties

Property subtype

Retail residential properties

APN

010100 65.29-2-22

APU

101006529222

Description

This exceptional retail opportunity is located at 581 Central Ave in the heart of downtown Albany, NY, zip code 12206. The property boasts a prime location at a traffic signal, ensuring high visibility and accessibility for potential customers. The space is categorized as a multi-tenant property, offering flexibility for various retail uses, including grocery stores, storefronts, and shopping center components. The total square footage is adaptable, ranging from 4,000 to 8,000 square feet, providing options for businesses of different sizes. Currently, the occupancy rate stands at 50%, presenting a chance to acquire a partially occupied property with immediate income potential and the opportunity to lease the remaining space. The lease structure is a triple net (NNN) lease, meaning the tenant is responsible for property taxes, insurance, and maintenance, minimizing the landlord's operational expenses. This property is ideal for investors seeking a strong return on investment in a vibrant downtown location with high foot traffic and excellent visibility. The property's address is easily accessible and benefits from its strategic placement at a traffic signal. This presents a unique opportunity to establish or expand a retail business in a thriving urban environment.

• CAP approach

  CAP return

  Valuation

  6%

  $3,398,244

  6.5%

  $3,136,841

  7%

  $2,912,781

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,249,252

  Geo Method

  $2,234,234

• Alternative Use

  Use

  Valuation

  Residential

  $3,136,841

  Hospitality

  $2,873,330

  Educational

  $2,390,576

  Medical

  $2,472,792

  Retail

  $3,718,674

Location Insight

City

Albany

County

Albany

State

New York

Latitude

42.6722

Longitude

-73.78

CBSA code

10580

CBSA name

ALBANY-SCHENECTADY-TROY, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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