Updated Two-Family
For Sale
$329,900
Pending
190 Spring Avenue, Troy, NY 12180
Residential Income, Troy, NY
Property Size2,276 SF
Lot Size0.95 Acres
Days on Market105
Property Features for 190 Spring Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 4, Bedroom 2, Bathroom 1
Parking features
Driveway
Patio and Porch features
Porch, Deck
Interior features
Walk-In Closet(s)
Lot features
Corner Lot
High school district
000000
Directions
US-9 to I-87 South. Take Exit 7E to NY-7 East (Hoosick St) toward Troy. Right on 15th St, left on Spring Ave. Property on right.
Standard status
Pending
APN
381700 112.49-5-1
Size
2,276 SF
Lot size
0.95 Acres
Taxes and HOA fees
Tax Annual Amount
10031
Utilities
Heating system
Forced Air, Natural Gas, Electric (Heating)
Water source
Public
Amenities
shared laundry
off-street parking
electronic security key system
Building Details
Year built
1910
Number of units
2
Flooring type
Vinyl, Carpet, Tile
Building materials
Wood Siding
Roof type
Asphalt
Listing Agency:
Miranda Real Estate Group Inc
(518) 348-2060
Listed By:
Amanda L Hart
(518) 366-6974
Added: Jun 3
Changed: Sep 14
Last Checked: Sep 15 at 11:06PM
MLS# 11800754
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1910 wood-sided duplex contains two residential units, each arranged across two levels with two bedrooms, one full bathroom, and updated kitchen and bath areas. The property includes separate utilities, shared laundry, a driveway, deck, porch, asphalt roofing, and public water service. Interior finishes include carpet, vinyl, and tile flooring, with forced-air, electric, and natural-gas heating systems. Recent work includes a new main gas line in 2026, roof and water-heater replacements in 2024, electrical and panel updates in 2024, an electronic security key system added in 2025, and a new deck completed in 2024.
Located at 190 Spring Avenue in Troy, the property is near I-787, Hudson Valley Community College, shopping, restaurants, and downtown Troy. The 0.95-acre parcel includes 2,276 square feet of property area and driveway parking. A foyer, formal dining room, and living room are identified in the first unit, while both units include walk-in closet space.
Located at 190 Spring Avenue in Troy, the property is near I-787, Hudson Valley Community College, shopping, restaurants, and downtown Troy. The 0.95-acre parcel includes 2,276 square feet of property area and driveway parking. A foyer, formal dining room, and living room are identified in the first unit, while both units include walk-in closet space.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom in each unit
- 2,276 square feet on a 0.95‑acre parcel
- Separate utilities, shared laundry, driveway parking, deck, and porch
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,280
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.97%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$525,600
$525.6K
Cap Rate 7%
$375,429
$375.4K
Cap Rate 9%
$292,000
$292.0K
Market Conditions
NOI Build-Up for 2,276 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$39.6K $17.40/SF
− Vacancy
−$2.1K −$0.90/SF
EGI
$37.5K $16.50/SF
− OpEx
−$11.3K −$4.95/SF
NOI
$26.3K $11.55/SF
Area
Albany County, NY
Vacancy
5.20%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$525,600
Cap Rate 7%
$375,429
Cap Rate 9%
$292,000
Alternative Uses
Best Use
Multifamily LT 5
$375.4K
$328.5K – $438.0K
NOI $26,280 @ 7.0% cap · market cap 7.97%
Second Best
Apartment 5plus
$347.3K
$303.9K – $405.2K
NOI $24,311 @ 7.0% cap · market cap 7.37%
Theoretical Best
Office A
$710.2K
$621.4K – $828.6K
NOI $49,715 @ 7.0% cap · market cap 15.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
Explore this area
Business Placement
Demographics for 12180, NY
55,907
Population
25,527
Households
2.2
Avg Household Size
33
Median Age
40%
College-Educated
90%
High-School Grad
56.2 sq mi
ZIP Area
995
Density / Sq Mi
$73,767
Median Household Income
$41,787
Median Earnings
$1,188
Median Rent
$233,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Wood-sided duplex with separate utilities, shared laundry, off-street parking, and recent mechanical and exterior improvements.
Where is this duplex located?
The property is located at 190 Spring Avenue Troy, NY.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom in each unit; 2,276 square feet on a 0.95‑acre parcel; Separate utilities, shared laundry, driveway parking, deck, and porch
