Prime 13-Acre Commercial Property Near Albany Airport – High ROI Opportunity with Ret

[Alan Schnitzer]

Overview

I am representing the owner’s office for a rare investment opportunity: a 13-acre property located near Albany International Airport. This property offers diverse zoning potential for commercial, office, and residential use and includes 4 retail pads ready for development, making it an attractive opportunity for investors.

Property Highlights

• Location:
  • Situated on a main road, right off the NY Thruway, with high visibility and easy accessibility.
  • Minutes from Albany International Airport, a hub for travelers and businesses in the region.
  • High-traffic area due to its proximity to Interstate 87 and Interstate 90, ensuring strong exposure.
• Property Details:
  • Size: 13 acres of prime developable land.
  • Existing Infrastructure:
    • A 170,000 sq. ft., 2-story building with conference rooms, ballrooms, a restaurant, and a café.
    • A 6-story, 150-room solid brick building perfect for conversion into residential units or as a hotel.
    • 4 Retail Pads: Strategically placed pads for standalone retail development, offering high visibility and foot traffic potential.
  • Zoning: COR (Commercial-Office-Residential), providing flexible development options for investors.

Development Opportunities

• Retail Development:
  • The 4 retail pads are pre-designated for development and perfectly positioned for high-demand tenants like quick-service restaurants, cafes, convenience stores, or specialty retail.
  • Retail spaces in the area command $40+/sq. ft., making them lucrative options for developers and investors.
• Hospitality and Entertainment:
  • Convert the 6-story building into a modern hotel or residential units to capitalize on airport proximity.
  • Potential for a mixed-use development that combines retail, entertainment, and residential elements.
• Residential Development:
  • Redevelop the 2-story building for multifamily residential units or townhouses, meeting Albany’s growing housing demand.

Why Invest?

1. Prime Location:
   • High-traffic area with unmatched access to the airport and major highways.
2. Pre-Designated Retail Pads:
   • 4 ready-to-develop retail pads designed for standalone establishments to attract tenants with high rental returns.
3. Flexible Zoning:
   • COR zoning allows a mix of uses, making the property adaptable to changing market demands.
4. Proven Market Demand:
   • Strong interest in retail and residential developments in the region, ensuring a high ROI.

Investment Structure

• Joint Ventures: Seeking experienced partners to collaborate on retail, residential, or mixed-use redevelopment.
• Equity Investors: Open to investment proposals for the property’s full or partial redevelopment.

Additional Information

The property has a legacy as a well-known hotel in Albany and offers significant branding opportunities for redevelopment. With 4 retail pads ready for development, investors have immediate opportunities to secure tenants and generate revenue.

Interested in exploring this unique opportunity? I can provide additional details, including aerial views, zoning maps, financial projections, and development plans. Message me here on BiggerPockets or reach out directly to discuss potential partnerships or investments.