Six-Unit Apartment
For Sale
$688,000
278-280 4th Street, Troy, NY 12180
Separate utilities, updated residences, and shared outdoor space support straightforward multifamily operations.
Property Size5,121 SF
Price / SF$134.35
Days on Market39
Property Features for 278-280 4th Street
General Information
Standard status
Active
Size
5,121 SF
Property subtype
Multi-Family
Zoning
Multi Residence
Taxes and HOA fees
Annual Taxes
$7,000
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 11:39PM
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.
Built in 1890, this six-unit apartment property includes a combination of two-bedroom and three-bedroom residences. Several apartments have undergone recent renovations, and each unit has its own utilities. A shared backyard provides outdoor space for residents, while the property is nearly fully rented. The zoning is Multi Residence.
Located at 278-280 4th Street in Troy’s Little Italy, the building sits a half block from DeFazio’s Pizzeria and near downtown restaurants, shops, the farmers market, and entertainment. Major roadways are also conveniently accessible for commuting. The property is included in a 14-unit portfolio with additional buildings at 308 4th Street and 276 3rd Street, all within close walking distance.
Located at 278-280 4th Street in Troy’s Little Italy, the building sits a half block from DeFazio’s Pizzeria and near downtown restaurants, shops, the farmers market, and entertainment. Major roadways are also conveniently accessible for commuting. The property is included in a 14-unit portfolio with additional buildings at 308 4th Street and 276 3rd Street, all within close walking distance.
Key Highlights
- Six‑unit apartment property with two‑bedroom and three‑bedroom residences
- Separate utilities for every unit support clearer expense allocation
- Several apartments have been recently renovated
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
$54,700
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
7.95%
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%
$1,094,000
$1.1M
Cap Rate 7%
$781,429
$781.4K
Cap Rate 9%
$607,778
$607.8K
Market Conditions
NOI Build-Up for 5,121 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
$104.5K $20.40/SF
− Vacancy
−$5.0K −$0.98/SF
EGI
$99.5K $19.42/SF
− OpEx
−$44.8K −$8.74/SF
NOI
$54.7K $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%
$1,094,000
Cap Rate 7%
$781,429
Cap Rate 9%
$607,778
Alternative Uses
Best Use
Apartment 5plus
$781.4K
$683.8K – $911.7K
NOI $54,700 @ 7.0% cap · market cap 7.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.60M
$1.40M – $1.86M
NOI $111,858 @ 7.0% cap · market cap 16.26%
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, updated residences, and shared outdoor space support straightforward multifamily operations.
Where is this apartment building located?
The property is located at 278-280 4th Street Troy, NY.
What is the asking price?
The asking price for this property is $688,000.
What are key features of this property?
This property features: Six‑unit apartment property with two‑bedroom and three‑bedroom residences; Separate utilities for every unit support clearer expense allocation; Several apartments have been recently renovated
