Seven-Unit Residential Income
For Sale
$720,000
2209 16TH Street, Troy, NY 12180
Seven-unit residential income property on a double lot with recent apartment renovations and a new roof.
Property Size3,384 SF
Price / SF$212.77
Days on Market66
Property Features for 2209 16TH Street
General Information
Standard status
Active
Size
3,384 SF
Property subtype
Multi-family
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
7
Building Details
Year Built
1890
Listing Agency:
KW Platform
Listed By:
Kristian Khachadourian
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Jun 30
Changed: Sep 3
Last Checked: Sep 2 at 8:03PM
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 seven-unit residential income property offers an updated income stream, with most apartments renovated in recent years. The building also features a new roof, contributing to its current operating readiness.
The property sits on a double lot and is located across the street from Beman Park, placing it within convenient reach of RPI, downtown Troy, parks, restaurants, shopping, and major highways.
As a residential income asset, the property’s configuration supports long-term rental operations, and the double-lot layout provides additional development opportunity on the site.
The property sits on a double lot and is located across the street from Beman Park, placing it within convenient reach of RPI, downtown Troy, parks, restaurants, shopping, and major highways.
As a residential income asset, the property’s configuration supports long-term rental operations, and the double-lot layout provides additional development opportunity on the site.
Key Highlights
- 7‑unit residential income property built in 1890
- Located across the street from Beman Park
- Situated on a double lot with potential for future development
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
$36,146
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
5.02%
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%
$722,920
$722.9K
Cap Rate 7%
$516,371
$516.4K
Cap Rate 9%
$401,622
$401.6K
Market Conditions
NOI Build-Up for 3,384 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
$69.0K $20.40/SF
− Vacancy
−$3.3K −$0.98/SF
EGI
$65.7K $19.42/SF
− OpEx
−$29.6K −$8.74/SF
NOI
$36.1K $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%
$722,920
Cap Rate 7%
$516,371
Cap Rate 9%
$401,622
Alternative Uses
Best Use
Apartment 5plus
$516.4K
$451.8K – $602.4K
NOI $36,146 @ 7.0% cap · market cap 5.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$924.0K – $1.23M
NOI $73,917 @ 7.0% cap · market cap 10.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,217
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 - Seven-unit residential income property on a double lot with recent apartment renovations and a new roof.
Where is this apartment building located?
The property is located at 2209 16TH Street Troy, NY.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: 7‑unit residential income property built in 1890; Located across the street from Beman Park; Situated on a double lot with potential for future development
