Three-Story Mixed-Use
New
For Sale
$419,900
278 River Street, Troy, NY 12180
MultiFamily, Troy, NY
Property Size2,720 SF
Lot Size0.02 Acres
Price / SF$154.38
Days on Market3
Property Features for 278 River Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 2, Bathroom 3
Fireplace
1
Basement
Full, Sump Pump, Interior Entry
Lot features
Road Frontage
View
River
Elementary school district
Troy
Middle school district
Troy
High school district
Troy
Directions
From I-787 in Albany, cross the Menands Bridge or take Route 7 east into Troy, then follow River Street (Route 2) south. The property will be on your right.
Standard status
Active
APN
381700 101.53-3-1.22
Size
2,720 SF
Lot size
0.02 Acres
Additional Details
Mixed-Use Components
retail, residential
Taxes and HOA fees
Tax Annual Amount
8402
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
complimentary parking
Building Details
Year built
1890
Number of units
3
Flooring type
Carpet, Tile
Building materials
Brick
Roof type
Flat
Buildings
1
Listing Agency:
KW Platform · Keller Williams Realty
Listed By:
Scott P Varley · License #30VA0727304
(518) 281-6808
Added: Oct 29
Changed: Oct 30
Last Checked: Oct 31 at 7:06AM
MLS# 202629217
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
At 278 River Street, this three-story brick building combines a ground-floor storefront with two apartments above. The second- and third-floor units each have two bedrooms and one bathroom. The building contains 2,720 square feet on a 0.02-acre lot and dates to 1890. Interior features include carpet and tile flooring, a fireplace, and forced-air, natural gas heating.
The property is in downtown Troy, with the Troy Waterfront Farmers Market, restaurants, boutiques, historic landmarks, and the Hudson River waterfront among the area’s cited destinations. Public water and public sewer serve the building. Complimentary parking is also noted.
The property is in downtown Troy, with the Troy Waterfront Farmers Market, restaurants, boutiques, historic landmarks, and the Hudson River waterfront among the area’s cited destinations. Public water and public sewer serve the building. Complimentary parking is also noted.
Key Highlights
- 2,720‑square‑foot building on a 0.02‑acre lot
- Three stories with a ground‑floor storefront and two upper‑floor apartments
- Two apartments, each with two bedrooms and one bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,584
Cap Rate
8.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$691,680
$691.7K
Cap Rate 7%
$494,057
$494.1K
Cap Rate 9%
$384,267
$384.3K
Market Conditions
NOI Build-Up for 2,720 SF
Gross rent
$51.6K $18.96/SF
− Vacancy
−$2.2K −$0.80/SF
EGI
$49.4K $18.16/SF
− OpEx
−$14.8K −$5.45/SF
NOI
$34.6K $12.71/SF
Area
Rensselaer County, NY
Vacancy
4.20%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$691,680
Cap Rate 7%
$494,057
Cap Rate 9%
$384,267
Alternative Uses
Best Use
Retail
$494.1K
$432.3K – $576.4K
NOI $34,584 @ 7.0% cap · market cap 8.24%
Second Best
Apartment 5plus
$471.7K
$412.7K – $550.3K
NOI $33,016 @ 7.0% cap · market cap 7.86%
Theoretical Best
Office A
$680.0K
$595.0K – $793.3K
NOI $47,597 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,100
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - A street-level commercial space sits below two two-bedroom apartments in this brick downtown property.
Where is this mixed-use property located?
The property is located at 278 River Street Troy, NY.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: 2,720‑square‑foot building on a 0.02‑acre lot; Three stories with a ground‑floor storefront and two upper‑floor apartments; Two apartments, each with two bedrooms and one bathroom
