Five-Unit Apartment
For Sale
$524,000
276 3rd Street, Troy, NY 12180
Separate utilities support straightforward expense allocation across the building.
Property Size2,898 SF
Price / SF$180.81
Days on Market39
Property Features for 276 3rd Street
General Information
Standard status
Active
Size
2,898 SF
Property subtype
Multi-Family
Zoning
Multi Residence
Taxes and HOA fees
Annual Taxes
$6,150
Building Details
Year Built
1890
Listing Agency:
Lincoln House Realty
(518) 443-9701
Listed By:
Cristhian Astorga · License #10401387776
(518) 443-9701
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 30
Last Checked: Aug 30 at 1:38PM
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 Lincoln House Realty
Investment Insights
Based on property information with market context.
This five-unit apartment building at 276 3rd Street contains a consistent mix of two-bedroom, one-bath residences. Each unit has its own utilities, supporting distinct expense tracking and property management. The building was constructed in 1890 and carries Multi Residence zoning.
The property is situated in Little Italy in Troy, near DeFazio's Pizzeria and downtown Troy restaurants, shops, the farmers market, and entertainment venues. Major roadways are also accessible for commuting. The asset is offered as part of a nearby 14-unit portfolio that includes buildings at 308 4th Street and 278-280 4th Street.
The property is situated in Little Italy in Troy, near DeFazio's Pizzeria and downtown Troy restaurants, shops, the farmers market, and entertainment venues. Major roadways are also accessible for commuting. The asset is offered as part of a nearby 14-unit portfolio that includes buildings at 308 4th Street and 278-280 4th Street.
Key Highlights
- Five units, each configured with 2 bedrooms and 1 bath
- Separate utilities for every unit
- Multi Residence zoning
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
$30,955
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
5.91%
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%
$619,100
$619.1K
Cap Rate 7%
$442,214
$442.2K
Cap Rate 9%
$343,944
$343.9K
Market Conditions
NOI Build-Up for 2,898 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
$59.1K $20.40/SF
− Vacancy
−$2.8K −$0.98/SF
EGI
$56.3K $19.42/SF
− OpEx
−$25.3K −$8.74/SF
NOI
$31.0K $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%
$619,100
Cap Rate 7%
$442,214
Cap Rate 9%
$343,944
Alternative Uses
Best Use
Apartment 5plus
$442.2K
$386.9K – $515.9K
NOI $30,955 @ 7.0% cap · market cap 5.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$904.3K
$791.3K – $1.06M
NOI $63,301 @ 7.0% cap · market cap 12.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,107
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 - Separate utilities support straightforward expense allocation across the building.
Where is this apartment building located?
The property is located at 276 3rd Street Troy, NY.
What is the asking price?
The asking price for this property is $524,000.
What are key features of this property?
This property features: Five units, each configured with 2 bedrooms and 1 bath; Separate utilities for every unit; Multi Residence zoning
