Updated Two-Unit
For Sale
$329,900
190 Spring Avenue, Troy, NY 12180
Two spacious residences feature separate utilities, shared laundry, off-street parking, and updated kitchens and bathrooms.
Property Size2,276 SF
Price / SF$144.95
Days on Market39
Property Features for 190 Spring Avenue
General Information
Standard status
Active
Size
2,276 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,031
Amenities
shared laundry
off-street parking
electronic security key system
deck
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Miranda Real Estate Group Inc
(518) 366-6974
Listed By:
Amanda L Hart
(518) 366-6974
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 30 at 1:36PM
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.
Built in 1910, this two-unit duplex offers 2,276 square feet across two-story residences, with two bedrooms and one full bathroom in each unit. The first residence includes a foyer, formal dining room, and living room, while both units have updated kitchens and bathrooms. Separate utilities, shared laundry, and off-street parking add practical functionality.
Recent work includes a new main gas line in 2026, roof and water heaters replaced in 2024, an updated electrical system and panel from 2024, an electronic security key system added in 2025, and a new deck completed in 2024. The property is located on Troy’s East Side, minutes from I-787, Hudson Valley Community College, shopping, restaurants, and downtown Troy.
Recent work includes a new main gas line in 2026, roof and water heaters replaced in 2024, an updated electrical system and panel from 2024, an electronic security key system added in 2025, and a new deck completed in 2024. The property is located on Troy’s East Side, minutes from I-787, Hudson Valley Community College, shopping, restaurants, and downtown Troy.
Key Highlights
- Two‑unit duplex with 2,276 square feet and two‑story layouts
- Each unit includes two bedrooms, one full bathroom, updated kitchen, and updated bathroom
- Separate utilities, shared laundry, and off‑street parking
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
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
40
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 - Two spacious residences feature separate utilities, shared laundry, off-street parking, and updated kitchens and bathrooms.
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‑unit duplex with 2,276 square feet and two‑story layouts; Each unit includes two bedrooms, one full bathroom, updated kitchen, and updated bathroom; Separate utilities, shared laundry, and off‑street parking
