Seven-Unit Apartment
For Sale
$699,900
194 3rd Street, Troy, NY 12180
Business Opportunity, Troy, NY
Property Size3,693 SF
Lot Size0.08 Acres
Price / SF$189.52
Days on Market80
Property Features for 194 3rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 5, Bathroom 4, Bathroom 2, Bathroom 7, Bathroom 1, Bathroom 3, Bathroom 6
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
Tile, Vinyl, Hardwood
Listing Agency:
KW PLATFORM
(518) 724-5800
Listed By:
Kristian Khachadourian · License #10401303476
(518) 937-4124
Added: Jul 14
Changed: Oct 1
Last Checked: Oct 1 at 8:06PM
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.
Built in 1920, this brick apartment property contains 7 units within 3,693 square feet on a 0.08-acre lot. The apartments have been updated over time while retaining original woodwork and hardwood flooring. Additional flooring includes tile and vinyl, and the building is served by radiant heat and public water. A shared rear yard and garage provide useful outdoor and accessory space.
The property is located in downtown Troy near Washington Park, with access to local amenities and pedestrian-oriented surroundings. Garage access is available from Church Street. The building is fully rented, providing an occupied multifamily asset with established apartment operations.
The property is located in downtown Troy near Washington Park, with access to local amenities and pedestrian-oriented surroundings. Garage access is available from Church Street. The building is fully rented, providing an occupied multifamily asset with established apartment operations.
Key Highlights
- 7‑unit apartment building with 3,693 square feet of property size
- Built in 1920 on a 0.08‑acre lot
- Original woodwork and hardwood flooring retained
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
$44,826
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
6.40%
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%
$896,520
$896.5K
Cap Rate 7%
$640,371
$640.4K
Cap Rate 9%
$498,067
$498.1K
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
$86.0K $23.28/SF
− Vacancy
−$4.5K −$1.21/SF
EGI
$81.5K $22.07/SF
− OpEx
−$36.7K −$9.93/SF
NOI
$44.8K $12.14/SF
Area
Rensselaer County, NY
Vacancy
5.20%
Lease Rate
$23.28 /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%
$896,520
Cap Rate 7%
$640,371
Cap Rate 9%
$498,067
Alternative Uses
Best Use
Apartment 5plus
$640.4K
$560.3K – $747.1K
NOI $44,826 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$923.2K
$807.8K – $1.08M
NOI $64,623 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Brick multifamily property with updated apartments, a shared rear yard, and garage access from Church Street.
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 $699,900.
What are key features of this property?
This property features: 7‑unit apartment building with 3,693 square feet of property size; Built in 1920 on a 0.08‑acre lot; Original woodwork and hardwood flooring retained
