Student Housing Multifamily
For Sale
$999,000
277 Congress St, Troy, NY 12180
Furnished multifamily residence with updated outdoor areas and proximity to RPI, Prospect Park, and downtown Troy.
Property Size3,650 SF
Price / SF$273.70
Days on Market16
Property Features for 277 Congress St
General Information
Standard status
Active
Size
3,650 SF
Property subtype
Multi-Family
Additional Details
Furnished
Yes
Gross Income
$92,000
Amenities
three HVAC systems
on-demand hot water heaters
stainless-steel appliances
enclosed patio/entertainment room
updated back deck
green backyard
Building Details
Year Built
1910
Listing Agency:
Julie & Co Realty LLC
Listed By:
Clancy Real Estate, Inc
(518) 861-7016
Source:
Clancyrealestate
Added: Sep 8
Changed: Sep 23
Last Checked: Sep 22 at 5:15PM
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 Julie & Co Realty LLC
Investment Insights
Based on property information with market context.
Located at 277 Congress St in Troy, this multifamily property offers 11 bedrooms and 4 bathrooms within a 3,650-square-foot residence built in 1910. Interior features include high-end furnishings, stainless-steel appliances, three HVAC systems, and on-demand hot water heaters. An enclosed patio and entertainment room expands the usable living space for year-round recreation and gatherings.
Outdoor improvements include an updated back deck and a green backyard. Prospect Park is directly across the street, and a convenience store is nearby. The property is within walking distance of RPI and downtown Troy, with access to restaurants, shops, entertainment, and other downtown amenities. It has a history of full occupancy and is offered for sale with showings available by appointment.
Outdoor improvements include an updated back deck and a green backyard. Prospect Park is directly across the street, and a convenience store is nearby. The property is within walking distance of RPI and downtown Troy, with access to restaurants, shops, entertainment, and other downtown amenities. It has a history of full occupancy and is offered for sale with showings available by appointment.
Key Highlights
- 11 bedrooms and 4 bathrooms in a 3,650‑square‑foot multifamily property
- Three HVAC systems and on‑demand hot water heaters
- High‑end furnishings and stainless‑steel appliances included
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
$38,987
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
3.90%
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%
$779,740
$779.7K
Cap Rate 7%
$556,957
$557.0K
Cap Rate 9%
$433,189
$433.2K
Market Conditions
NOI Build-Up for 3,650 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
$74.5K $20.40/SF
− Vacancy
−$3.6K −$0.98/SF
EGI
$70.9K $19.42/SF
− OpEx
−$31.9K −$8.74/SF
NOI
$39.0K $10.68/SF
Area
Albany County, NY
Vacancy
4.80%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$779,740
Cap Rate 7%
$556,957
Cap Rate 9%
$433,189
Alternative Uses
Best Use
Apartment 5plus
$557.0K
$487.3K – $649.8K
NOI $38,987 @ 7.0% cap · market cap 3.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$996.6K – $1.33M
NOI $79,727 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,028
Businesses Nearby
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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
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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?
Multifamily property - Furnished multifamily residence with updated outdoor areas and proximity to RPI, Prospect Park, and downtown Troy.
Where is this multifamily property located?
The property is located at 277 Congress St Troy, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 11 bedrooms and 4 bathrooms in a 3,650‑square‑foot multifamily property; Three HVAC systems and on‑demand hot water heaters; High‑end furnishings and stainless‑steel appliances included
