Historic Brick 7-Unit Apartment
For Sale
$750,000
194 3rd Street, Troy, NY 12180
MULTI_FAMILY - Other - Troy, NY
Property Size3,693 SF
Lot Size0.08 Acres
Price / SF$203.09
Days on Market47
Property Features for 194 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 4, Bathroom 5, Bedroom 2, Bedroom 6, Bathroom 7, Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 3, Bathroom 4, Bathroom 2, Bathroom 1, Bathroom 6
Basement
Full
Elementary school district
Troy
Middle school district
Troy
High school district
Troy
Directions
From Downtown Troy, head north on River St (US-4). Turn left onto Madison St, then turn right onto 3rd St. Continue a short distance, and 194 3rd St will be on the left.
Standard status
Active
APN
381700 101.69-10-22
Size
3,693 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
10508
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Natural Gas
Water source
Public
Building Details
Year built
1920
Number of units
7
Flooring type
Tile, Hardwood, Vinyl
Building materials
Brick
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Kristian Khachadourian · License #10401303476
(518) 937-4124
Added: Jul 13
Changed: Jul 24
Last Checked: Aug 28 at 11:06AM
MLS# 202621681
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This historic brick 7-unit apartment building has been thoughtfully converted into apartments while maintaining original characteristics, including original woodwork and hardwood floors throughout. The property has been well cared for, with each apartment updated over time, and it features generous layouts and abundant natural light. A large shared yard is located at the rear, and there is garage access from Church St.
The building is situated in downtown Troy, with excellent walkability to local amenities and just steps away from Washington Park.
The property is fully rented, providing immediate income and ongoing demand based on the current leasing status described in the listing remarks.
The building is situated in downtown Troy, with excellent walkability to local amenities and just steps away from Washington Park.
The property is fully rented, providing immediate income and ongoing demand based on the current leasing status described in the listing remarks.
Key Highlights
- Brick 7‑unit apartment building originally built in 1920
- Converted into apartments while retaining original characteristics, including original woodwork and hardwood floors
- Flooring includes hardwood, vinyl, and tile
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
Lease Details
7
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Brick 7-unit building with hardwood floors, original woodwork, a shared yard, and 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: Brick 7‑unit apartment building originally built in 1920; Converted into apartments while retaining original characteristics, including original woodwork and hardwood floors; Flooring includes hardwood, vinyl, and tile
