Turnkey Business Near RPI
For Sale
$850,000
2253 15th Street, Troy, NY
Remodeled mixed-use property near college, hospitals, and major highway.
Property Size1,978 SF
Price / SF$429.73
Days on Market331
Property Features for 2253 15th Street
General Information
Standard status
Active
Size
1,978 SF
Property subtype
Mixed Use
Building Details
Building Size
1,978 SF
Listing Agency:
America Realty Group
(518) 489-9199
Listed By:
Pyramid Brokerage Albany · License #347444
(518) 489-9199
Source:
Pyramidbrokerage
Added: Sep 25, 2025
Changed: Aug 16
Last Checked: Aug 20 at 4:29AM
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 America Realty Group
Investment Insights
Based on property information with market context.
This mixed-use property is located less than one mile from RPI Technical College, which has 9,500 students, and within walking distance of two major hospitals. The property was completely remodeled in 2010 by its owner, a professional contractor, and has been very well maintained by the family that owns it. It is located one mile from a major highway. The property includes an office or bedroom with a full bath upstairs, a walkout basement, and a full kitchen. The property size is 1,978 square feet. This is a turnkey business opportunity.
Key Highlights
- Prime location less than a mile from RPI Technical College (9,500 students).
- Walking distance to two major hospitals.
- Turn‑key business opportunity.
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
$23,876
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
2.81%
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%
$477,520
$477.5K
Cap Rate 7%
$341,086
$341.1K
Cap Rate 9%
$265,289
$265.3K
Market Conditions
NOI Build-Up for 1,978 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
$35.6K $18.00/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$34.1K $17.24/SF
− OpEx
−$10.2K −$5.17/SF
NOI
$23.9K $12.07/SF
Area
Albany County, NY
Vacancy
4.20%
Lease Rate
$18.00 /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%
$477,520
Cap Rate 7%
$341,086
Cap Rate 9%
$265,289
Alternative Uses
Best Use
Retail
$341.1K
$298.5K – $397.9K
NOI $23,876 @ 7.0% cap · market cap 2.81%
Second Best
Mixed Use
$279.7K
$244.8K – $326.4K
NOI $19,582 @ 7.0% cap · market cap 2.30%
Theoretical Best
Office A
$617.2K
$540.1K – $720.1K
NOI $43,206 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,337
Businesses Nearby
129k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 29%
Hotels & Casinos 6%
Apparel 2%
McDonald's
Dining
29,631 visits/mo
0.2 miles
Speedway
Shops & Services
13,193 visits/mo
0.2 miles
Popeyes Louisiana Kitchen
Dining
13,037 visits/mo
0.2 miles
Starbucks
Dining
12,343 visits/mo
0.2 miles
Friendly's Ice Cream
Dining
10,212 visits/mo
0.2 miles
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Remodeled mixed-use property near college, hospitals, and major highway.
Where is this mixed-use property located?
The property is located at 2253 15th Street Troy, NY.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Prime location less than a mile from RPI Technical College (9,500 students).; Walking distance to two major hospitals.; Turn‑key business opportunity.
