Two-Family Residential Income
For Sale
$329,900
190 Spring Avenue, Troy, NY 12180
Move-in ready duplex with updated kitchens and baths, separate utilities, shared laundry, and off-street parking.
Property Size2,276 SF
Price / SF$144.95
Days on Market91
Property Features for 190 Spring Avenue
General Information
Standard status
Active
Size
2,276 SF
Property subtype
Multi-family
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1910
Listing Agency:
Miranda Real Estate Group Inc
Listed By:
Amanda L Hart
(518) 639-4663
Source:
Signatureonerealtygroup
Added: May 11
Changed: Aug 8
Last Checked: Aug 8 at 4:44PM
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 Miranda Real Estate Group Inc
Investment Insights
Based on property information with market context.
This two-family home is well maintained and designed for straightforward owner-occupant or rental use. Each unit offers two bedrooms and one full bathroom, with updated kitchens and bathrooms. The living layout is arranged as a unique two-story configuration, and the first unit includes a welcoming foyer, a formal dining room, and a comfortable living room. The property also features separate utilities, shared laundry, and off-street parking. Current rental income is just under $3,000 per month.
Set on Troy’s East Side, the home is described as conveniently located just minutes from I-787 and near Hudson Valley Community College, shopping, restaurants, and downtown Troy.
For tenants and investors, the combination of updated interiors, separate utilities, and off-street parking supports practical day-to-day living. Recent improvements also help reduce near-term maintenance concerns, including a new main gas line (2026), roof and water heaters (2024), an updated electrical system and panel (2024), an electronic security key system (2025), and a new deck (2024).
Set on Troy’s East Side, the home is described as conveniently located just minutes from I-787 and near Hudson Valley Community College, shopping, restaurants, and downtown Troy.
For tenants and investors, the combination of updated interiors, separate utilities, and off-street parking supports practical day-to-day living. Recent improvements also help reduce near-term maintenance concerns, including a new main gas line (2026), roof and water heaters (2024), an updated electrical system and panel (2024), an electronic security key system (2025), and a new deck (2024).
Key Highlights
- Two‑family home built in 1910 with two 2‑bedroom units, each with 1 full bathroom and updated kitchens and bathrooms
- Currently generating just under $3,000/month in rental income, with potential to increase cash flow
- Separate utilities plus shared laundry for each unit, helping support tenant convenience
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
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Move-in ready duplex with updated kitchens and baths, separate utilities, shared laundry, and off-street parking.
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‑family home built in 1910 with two 2‑bedroom units, each with 1 full bathroom and updated kitchens and bathrooms; Currently generating just under $3,000/month in rental income, with potential to increase cash flow; Separate utilities plus shared laundry for each unit, helping support tenant convenience
