Four-Unit Quadplex with New
For Sale
$719,999
168 3rd Street, Troy, NY 12180
Large residential layouts include hardwood and tile finishes, plus convenient laundry facilities on each floor.
Property Size5,234 SF
Price / SF$137.56
Days on Market20
Property Features for 168 3rd Street
General Information
Standard status
Active
Size
5,234 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$10,290
Amenities
in-unit laundry
Building Details
Year Built
1920
Listing Agency:
Tier One Real Estate Pros LLC
Listed By:
Stephen M McCormick · License #10491214014
(518) 698-6321
Source:
Capmarkrealty
Added: Sep 8
Changed: Sep 23
Last Checked: Sep 26 at 4:35AM
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 Tier One Real Estate Pros LLC
Investment Insights
Based on property information with market context.
Built in 1920, this four-unit quadplex contains 22 bedrooms and 7 bathrooms across spacious residential layouts. Interior features include hardwood and tile flooring, while Navien heating and hot water systems serve each floor. Laundry is available within the units or on their respective floors, supporting practical day-to-day operations.
The property is located in Downtown Troy at 168 3rd Street. A recently installed roof is accompanied by a transferable warranty. The combination of four residential units, substantial bedroom count, multiple bathrooms, updated building systems, and flexible interior layouts creates a property suited to a range of multifamily rental arrangements.
The property is located in Downtown Troy at 168 3rd Street. A recently installed roof is accompanied by a transferable warranty. The combination of four residential units, substantial bedroom count, multiple bathrooms, updated building systems, and flexible interior layouts creates a property suited to a range of multifamily rental arrangements.
Key Highlights
- Four‑unit quadplex with 22 bedrooms and 7 bathrooms
- Navien heating and hot water systems on each floor
- Hardwood and tile flooring throughout the residential interiors
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
$63,531
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
8.82%
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%
$1,270,620
$1.3M
Cap Rate 7%
$907,586
$907.6K
Cap Rate 9%
$705,900
$705.9K
Market Conditions
NOI Build-Up for 5,234 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
$121.8K $23.28/SF
− Vacancy
−$6.3K −$1.21/SF
EGI
$115.5K $22.07/SF
− OpEx
−$52.0K −$9.93/SF
NOI
$63.5K $12.14/SF
Area
Rensselaer County, NY
Vacancy
5.20%
Lease Rate
$23.28 /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%
$1,270,620
Cap Rate 7%
$907,586
Cap Rate 9%
$705,900
Alternative Uses
Best Use
Multifamily LT 5
$979.3K
$856.9K – $1.14M
NOI $68,553 @ 7.0% cap · market cap 9.52%
Second Best
Apartment 5plus
$907.6K
$794.1K – $1.06M
NOI $63,531 @ 7.0% cap · market cap 8.82%
Theoretical Best
Office A
$1.31M
$1.14M – $1.53M
NOI $91,589 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,964
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
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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?
Quadplex - Large residential layouts include hardwood and tile finishes, plus convenient laundry facilities on each floor.
Where is this quadplex located?
The property is located at 168 3rd Street Troy, NY.
What is the asking price?
The asking price for this property is $719,999.
What are key features of this property?
This property features: Four‑unit quadplex with 22 bedrooms and 7 bathrooms; Navien heating and hot water systems on each floor; Hardwood and tile flooring throughout the residential interiors
