Updated Triplex with Detached
New
For Sale
$229,000
274 3rd Ave, Troy, NY 12182
Fully occupied three-unit property with a fenced yard, double lot, and oversized detached garage.
Property Size1,922 SF
Price / SF$119.15
Days on Market5
Property Features for 274 3rd Ave
General Information
Standard status
Active
Size
1,922 SF
Property subtype
Residential Income
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,240
Amenities
large fully fenced in yard
oversized detached garage
Listing Agency:
Heer Realty Inc
(518) 424-1313
Listed By:
Carl Frost
(518) 424-1313
Source:
Exprealty
Added: Aug 12
Changed: Aug 16
Last Checked: Aug 16 at 4:32AM
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 1,922-square-foot triplex includes three residential units and is fully occupied by long-term tenants on month-to-month terms. The property sits on a double lot with a large fully fenced yard and an oversized detached garage. Recent improvements include a new roof completed in September 2025 and a new water heater installed in July 2026.
Located at 274 3rd Ave in Troy, NY, the property is near schools, a bus line, shopping, parks, and a highway. Its unit count, outdoor space, garage, and recent mechanical updates provide a clear overview of the existing residential income property.
Located at 274 3rd Ave in Troy, NY, the property is near schools, a bus line, shopping, parks, and a highway. Its unit count, outdoor space, garage, and recent mechanical updates provide a clear overview of the existing residential income property.
Key Highlights
- Three‑unit multifamily property totaling 1922 square feet
- Fully occupied by long‑term tenants on month‑to‑month terms
- Double lot with a large fully fenced yard
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
$20,530
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
8.97%
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%
$410,600
$410.6K
Cap Rate 7%
$293,286
$293.3K
Cap Rate 9%
$228,111
$228.1K
Market Conditions
NOI Build-Up for 1,922 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
$39.2K $20.40/SF
− Vacancy
−$1.9K −$0.98/SF
EGI
$37.3K $19.42/SF
− OpEx
−$16.8K −$8.74/SF
NOI
$20.5K $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%
$410,600
Cap Rate 7%
$293,286
Cap Rate 9%
$228,111
Alternative Uses
Best Use
Multifamily LT 5
$317.0K
$277.4K – $369.9K
NOI $22,193 @ 7.0% cap · market cap 9.69%
Second Best
Apartment 5plus
$293.3K
$256.6K – $342.2K
NOI $20,530 @ 7.0% cap · market cap 8.97%
Theoretical Best
Office A
$599.7K
$524.8K – $699.7K
NOI $41,982 @ 7.0% cap · market cap 18.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
313
Businesses Nearby
Explore this area
Business Placement
Demographics for 12182, NY
14,657
Population
7,314
Households
2
Avg Household Size
42
Median Age
29%
College-Educated
89%
High-School Grad
13.7 sq mi
ZIP Area
1,070
Density / Sq Mi
$54,663
Median Household Income
$47,077
Median Earnings
$1,012
Median Rent
$195,300
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?
Triplex - Fully occupied three-unit property with a fenced yard, double lot, and oversized detached garage.
Where is this triplex located?
The property is located at 274 3rd Ave Troy, NY.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Three‑unit multifamily property totaling 1922 square feet; Fully occupied by long‑term tenants on month‑to‑month terms; Double lot with a large fully fenced yard
