Fully Occupied Four-Unit
For Sale
$630,000
23-25 Prospect Avenue, Troy, NY 12180
Four-unit building with immediate cash flow near RPI.
Property Size4,173 SF
Price / SF$150.97
Days on Market518
Property Features for 23-25 Prospect Avenue
General Information
Standard status
Active
Size
4,173 SF
Property subtype
Multi-family
Building Details
Year Built
1940
Listing Agency:
Berkshire Hathaway Home Services Blake
(518) 858-4719
Listed By:
Karen Zalewski-Wildzunas · License #10401299136
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Mar 31, 2025
Changed: Aug 28
Last Checked: Aug 29 at 10:52AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway Home Services Blake
Investment Insights
Based on property information with market context.
The property at 23-25 Prospect Ave is a fully occupied, four-unit building that provides immediate cash flow. The well-maintained property features a new roof and updated essentials. The building has a strong rental history. It is located minutes from RPI, making it suitable for long-term tenants or student rentals. The property is located in a high-demand area. Additional properties at 319 Speigletown Rd, and 1105 Hutton Street Troy NY may also be available.
Key Highlights
- Fully occupied four‑unit building providing immediate and reliable cash flow.
- New roof and updated essentials minimize maintenance and maximize value.
- Strong rental history ensures consistent income and tenant stability.
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
$48,184
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
7.65%
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%
$963,680
$963.7K
Cap Rate 7%
$688,343
$688.3K
Cap Rate 9%
$535,378
$535.4K
Market Conditions
NOI Build-Up for 4,173 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
$72.6K $17.40/SF
− Vacancy
−$3.8K −$0.90/SF
EGI
$68.8K $16.50/SF
− OpEx
−$20.7K −$4.95/SF
NOI
$48.2K $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%
$963,680
Cap Rate 7%
$688,343
Cap Rate 9%
$535,378
Alternative Uses
Best Use
Multifamily LT 5
$688.3K
$602.3K – $803.1K
NOI $48,184 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$636.8K
$557.2K – $742.9K
NOI $44,574 @ 7.0% cap · market cap 7.08%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,151 @ 7.0% cap · market cap 14.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
824
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit building with immediate cash flow near RPI.
Where is this quadplex located?
The property is located at 23-25 Prospect Avenue Troy, NY.
What is the asking price?
The asking price for this property is $630,000.
What are key features of this property?
This property features: Fully occupied four‑unit building providing immediate and reliable cash flow.; New roof and updated essentials minimize maintenance and maximize value.; Strong rental history ensures consistent income and tenant stability.
