7-Unit Apartment
For Sale
$750,000
194 3rd Street, Troy, NY 12180
COMMERCIAL - Troy, NY
Property Size3,693 SF
Lot Size0.08 Acres
Price / SF$203.09
Days on Market50
Property Features for 194 3rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 4, Bathroom 1, Bathroom 5, Bathroom 7, Bathroom 3, Bathroom 6, Bathroom 2
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
Utilities
Heating system
Radiant
Water source
Public
Amenities
shared yard
garage
Building Details
Year built
1920
Floors in Building
3
Flooring type
Hardwood, Vinyl, Tile
Listing Agency:
KW PLATFORM
(518) 724-5800
Listed By:
Kristian Khachadourian · License #10401303476
Added: Jul 14
Changed: Aug 5
Last Checked: Sep 1 at 3:06PM
MLS# 11885360
Copyright © 2026 My State MLS. 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 is sited on a 0.08-acre lot and features original interior characteristics preserved through its apartment conversion. The building includes generous apartment layouts with lots of natural light. Flooring across the units includes hardwood, vinyl, and tile. Heating is radiant. Public water is available.
Built in 1920, the property has been well cared for, and apartments have been updated over time. A large shared yard sits to the rear, and there is a garage accessible from Church St.
The building is fully rented, with strong demand noted for future growth potential.
Built in 1920, the property has been well cared for, and apartments have been updated over time. A large shared yard sits to the rear, and there is a garage accessible from Church St.
The building is fully rented, with strong demand noted for future growth potential.
Key Highlights
- 7‑unit apartment building with shared yard in back
- Built in 1920; brick building with original characteristics preserved
- 0.08‑acre lot and 3,693 SF building size
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
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 - Historic 7-unit apartment building with radiant heat and hardwood floors, on a small lot near downtown Troy amenities.
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: 7‑unit apartment building with shared yard in back; Built in 1920; brick building with original characteristics preserved; 0.08‑acre lot and 3,693 SF building size
