7-Unit Apartment Building on Double
For Sale
$720,000
2209 16th Street, Troy, NY 12180
COMMERCIAL - Troy, NY
Property Size3,384 SF
Price / SF$212.77
Days on Market49
Property Features for 2209 16th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 6, Bathroom 1, Bathroom 4, Bathroom 2, Bathroom 3, Bathroom 5, Bathroom 7
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
Utilities
Heating system
Radiant
Water source
Public
Building Details
Year built
1890
Floors in Building
3
Flooring type
Hardwood, Laminate
Roof type
Asphalt, Flat
Listing Agency:
KW PLATFORM
(518) 724-5800
Listed By:
Kristian Khachadourian · License #10401303476
Added: Jul 14
Changed: Aug 14
Last Checked: Aug 31 at 4:06AM
MLS# 11885435
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 7-unit apartment building is situated on a double lot and offers potential for future development. The majority of the apartments have been renovated in the past several years, and the property also includes a new roof. Built in 1890, the building features radiant heating, with flooring including hardwood and laminate.
The property is located at 2209 16th Street in Troy, NY, across the street from Beman Park. It is also positioned conveniently near RPI, downtown Troy, parks, restaurants, shopping, and major highways.
Additional property details include public water service and a roof described as asphalt and flat.
The property is located at 2209 16th Street in Troy, NY, across the street from Beman Park. It is also positioned conveniently near RPI, downtown Troy, parks, restaurants, shopping, and major highways.
Additional property details include public water service and a roof described as asphalt and flat.
Key Highlights
- 7‑unit apartment building on a double lot with potential for future development
- Most apartments renovated in the past several years
- New roof
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
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Frequently Asked Questions
What type of property is this?
Apartment building - 7-unit apartment building with many recently renovated apartments, radiant heat, and public water on a double lot.
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 on a double lot with potential for future development; Most apartments renovated in the past several years; New roof
