Two-Unit Duplex with Study
For Sale
$274,900
2204 14th Street, Troy, NY 12180
Two residential units offer two bedrooms plus office or study space on each floor.
Property Size1,958 SF
Price / SF$140.40
Days on Market90
Property Features for 2204 14th Street
General Information
Standard status
Active
Size
1,958 SF
Property subtype
Multi-Family
Zoning
Mixed
Units
Unit Mix
2 x 2BR w/office/study
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,681
Building Details
Year Built
1890
Stories
2
Tenancy
Multi
Listing Agency:
Heer Realty, Inc.
(518) 209-1424
Listed By:
John A Mainello
(518) 209-1424
Source:
Capmarkrealty
Added: Jun 3
Changed: Aug 31
Last Checked: Aug 31 at 12:56PM
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 Heer Realty, Inc.
Investment Insights
Based on property information with market context.
This two-family duplex contains first- and second-floor residences, each configured with two bedrooms and a separate office or study area. The property was built in 1890 and has a reported property size of 1,958.
Both units are leased through June 30, 2027, with tenants responsible for gas and electric service. The building is located at 2204 14TH Street in Troy, NY 12180.
Both units are leased through June 30, 2027, with tenants responsible for gas and electric service. The building is located at 2204 14TH Street in Troy, NY 12180.
Key Highlights
- Two‑family duplex with first- and second‑floor units
- Each unit includes 2 bedrooms and an office or study
- Leases extend through June 30, 2027
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
$22,608
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
8.22%
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%
$452,160
$452.2K
Cap Rate 7%
$322,971
$323.0K
Cap Rate 9%
$251,200
$251.2K
Market Conditions
NOI Build-Up for 1,958 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
$34.1K $17.40/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$32.3K $16.50/SF
− OpEx
−$9.7K −$4.95/SF
NOI
$22.6K $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%
$452,160
Cap Rate 7%
$322,971
Cap Rate 9%
$251,200
Alternative Uses
Best Use
Multifamily LT 5
$323.0K
$282.6K – $376.8K
NOI $22,608 @ 7.0% cap · market cap 8.22%
Second Best
Apartment 5plus
$298.8K
$261.4K – $348.6K
NOI $20,914 @ 7.0% cap · market cap 7.61%
Theoretical Best
Office A
$611.0K
$534.6K – $712.8K
NOI $42,769 @ 7.0% cap · market cap 15.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,772
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 residential units offer two bedrooms plus office or study space on each floor.
Where is this duplex located?
The property is located at 2204 14th Street Troy, NY.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Two‑family duplex with first- and second‑floor units; Each unit includes 2 bedrooms and an office or study; Leases extend through June 30, 2027
