Seven-Unit Apartment
For Sale
$720,000
2209 16th Street, Troy, NY 12180
MultiFamily, Troy, NY
Property Size3,384 SF
Lot Size0.22 Acres
Price / SF$212.77
Days on Market47
Property Features for 2209 16th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Commercial
Bedrooms
8
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 3, Bathroom 2, Bathroom 7, Bedroom 3, Bathroom 4, Bathroom 5, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 7, Bedroom 1, Bedroom 8, Bathroom 6, Bedroom 5, Bedroom 6
Patio and Porch features
Porch
Basement
Partial
Elementary school district
Troy
Middle school district
Troy
High school district
Troy
Directions
From Troy - Take 7 North to Hoosick street, Turn right onto 16th st, at the end of the 16th house will be on your right.
Standard status
Active
APN
381700 101.40-7-4
Size
3,384 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
10031
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Natural Gas
Water source
Public
Building Details
Year built
1890
Number of units
7
Flooring type
Hardwood, Laminate
Building materials
Wood Siding
Roof type
Flat, Asphalt, Shingle
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: Aug 21
Last Checked: Aug 28 at 9:06PM
MLS# 202621682
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 7-unit apartment building at 2209 16th Street contains 3,384 square feet on a 0.22-acre parcel. Most apartments have received renovations within the past several years, and the property has a newer roof. Wood siding, hardwood and laminate flooring, radiant natural-gas heat, and a porch are among the existing features. The building was constructed in 1890 and is served by public water and public sewer.
The property is directly across from Beman Park and is situated near RPI, downtown Troy, restaurants, shopping, parks, and major highways. Commercial zoning and a double-lot configuration are also noted in the property information.
The property is directly across from Beman Park and is situated near RPI, downtown Troy, restaurants, shopping, parks, and major highways. Commercial zoning and a double-lot configuration are also noted in the property information.
Key Highlights
- 7‑unit apartment building with 3,384 square feet
- 0.22‑acre double lot with Commercial zoning
- Most apartments renovated within the past several years
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Commercially zoned property with renovated apartments, a newer roof, and public utilities.
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 apartment building with 3,384 square feet; 0.22‑acre double lot with Commercial zoning; Most apartments renovated within the past several years
