Updated Six-Unit Brick Apartment
For Sale
$1,049,000
156 First Street, Troy, NY 12180
Corner multifamily property with renovated interiors, preserved woodwork, and private rear garden patio.
Property Size5,844 SF
Price / SF$179.50
Days on Market39
Property Features for 156 First Street
General Information
Standard status
Active
Size
5,844 SF
Property subtype
Multi-Family
Zoning
Multi Residence
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$18,490
Amenities
laundry room
garden patio
Building Details
Year Built
1910
Construction
brick
Listing Agency:
Heer Realty, Inc.
(518) 209-1424
Listed By:
John A Mainello · License #40MA1036191
(518) 209-1424
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 30 at 1:37PM
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 Heer Realty, Inc.
Investment Insights
Based on property information with market context.
Built in 1910, this 5,844-square-foot brick apartment property contains six residences in a corner configuration. Interior improvements include updated kitchens, bathrooms, lighting, electrical systems, and flooring, while original woodwork remains in place. Basement and laundry areas add functional support space, and a private rear garden patio provides outdoor amenity space for the property.
The building is zoned Multi Residence and sits near Washington Park and the Russel Sage Campus. Downtown Troy amenities, including restaurants, shops, a farmers market, and riverfront concerts, are located a short distance away. The six-apartment layout supports a multifamily ownership or owner-occupancy format.
The building is zoned Multi Residence and sits near Washington Park and the Russel Sage Campus. Downtown Troy amenities, including restaurants, shops, a farmers market, and riverfront concerts, are located a short distance away. The six-apartment layout supports a multifamily ownership or owner-occupancy format.
Key Highlights
- Six apartment units within a 5,844‑square‑foot brick building
- 1910 construction with original woodwork retained
- Updated kitchens, baths, lighting, electrical, and flooring
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
$62,422
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
5.95%
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%
$1,248,440
$1.2M
Cap Rate 7%
$891,743
$891.7K
Cap Rate 9%
$693,578
$693.6K
Market Conditions
NOI Build-Up for 5,844 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
$119.2K $20.40/SF
− Vacancy
−$5.7K −$0.98/SF
EGI
$113.5K $19.42/SF
− OpEx
−$51.1K −$8.74/SF
NOI
$62.4K $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%
$1,248,440
Cap Rate 7%
$891,743
Cap Rate 9%
$693,578
Alternative Uses
Best Use
Apartment 5plus
$891.7K
$780.3K – $1.04M
NOI $62,422 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.60M – $2.13M
NOI $127,651 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,713
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Corner multifamily property with renovated interiors, preserved woodwork, and private rear garden patio.
Where is this apartment building located?
The property is located at 156 First Street Troy, NY.
What is the asking price?
The asking price for this property is $1,049,000.
What are key features of this property?
This property features: Six apartment units within a 5,844‑square‑foot brick building; 1910 construction with original woodwork retained; Updated kitchens, baths, lighting, electrical, and flooring
