Downtown Brick Apartment
For Sale
$750,000
194 3RD Street, Troy, NY 12180
Historic 7-unit brick apartment building with hardwood floors, updated units, and a shared backyard plus garage access.
Property Size3,693 SF
Price / SF$203.09
Days on Market55
Property Features for 194 3RD Street
General Information
Standard status
Active
Size
3,693 SF
Property subtype
Multi-family
Building Details
Year Built
1920
Listing Agency:
KW Platform
Listed By:
Kristian Khachadourian
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Jul 11
Changed: Sep 2
Last Checked: Sep 1 at 8:57PM
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 KW Platform
Investment Insights
Based on property information with market context.
This historic brick 7-unit apartment building was converted into apartments while preserving original character elements such as original woodwork and hardwood floors throughout. Each unit has been updated over time, with layouts described as generous and offering lots of natural light. The property also includes a large shared yard in back and a garage accessible from Church St.
Located in downtown Troy, the building is positioned for walkability to local amenities and is noted as being steps from Washington Park.
The property is fully rented, supporting immediate income.
Located in downtown Troy, the building is positioned for walkability to local amenities and is noted as being steps from Washington Park.
The property is fully rented, supporting immediate income.
Key Highlights
- Historic brick 7‑unit apartment building built in 1920
- Original characteristics retained, including original woodwork and hardwood floors throughout
- Each apartment has been updated over time; property is well cared for
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
$39,447
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
5.26%
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%
$788,940
$788.9K
Cap Rate 7%
$563,529
$563.5K
Cap Rate 9%
$438,300
$438.3K
Market Conditions
NOI Build-Up for 3,693 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
$75.3K $20.40/SF
− Vacancy
−$3.6K −$0.98/SF
EGI
$71.7K $19.42/SF
− OpEx
−$32.3K −$8.74/SF
NOI
$39.4K $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%
$788,940
Cap Rate 7%
$563,529
Cap Rate 9%
$438,300
Alternative Uses
Best Use
Apartment 5plus
$563.5K
$493.1K – $657.5K
NOI $39,447 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,666 @ 7.0% cap · market cap 10.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,758
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 - Historic 7-unit brick apartment building with hardwood floors, updated units, and a shared backyard plus garage access.
Where is this apartment building located?
The property is located at 194 3RD Street Troy, NY.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Historic brick 7‑unit apartment building built in 1920; Original characteristics retained, including original woodwork and hardwood floors throughout; Each apartment has been updated over time; property is well cared for
