Downtown Troy Brick
For Sale
$1,450,000
28 2nd Street, Troy, NY 12180
9,171 SF three-story building in downtown Troy.
Property Size9,171 SF
Lot Size0.11 Acres
Price / SF$158.11
Days on Market323
Property Features for 28 2nd Street
General Information
Standard status
Active
Size
9,171 SF
Lot size
0.11 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$34,083
Amenities
Central air
Patio
Central Air Cooling
Deck
Exterior Wheelchair Lift
Flat Roof
Forced Air Heating
Garage Door Opener
Paved
Private
Rubber Roof
Secured Garage/Parking
Wood Flooring
Building Details
Year Built
1840
Listing Agency:
NAI PLATFORM LLC
(518) 465-1400
Listed By:
CORY M TYKSINSKI · License #10491200588
Source:
Corcoran
Added: Oct 3, 2025
Changed: Aug 21
Last Checked: Aug 21 at 7:09AM
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 NAI PLATFORM LLC
Investment Insights
Based on property information with market context.
This is an immaculately maintained, circa 1840, 9,171 SF brick building located in the heart of downtown Troy. The three-story building features private offices, conference rooms, a reception area, and office cubicles throughout. Each floor includes one to two bathrooms. The top floor, previously an apartment, contains a kitchen, two full baths, a front balcony, and a rear deck, making it suitable for live/work use. Elevator access is available to all floors, including the basement, which features a two-car garage and a former spa space now used as a bullpen of offices. Rear surface parking is available for five to six cars. An ADA-compliant rear entry lift is present. The property is ideal for owner-occupant professional use or investor redevelopment into multifamily housing. A parking lot at 47 3rd St. and a mixed-use building at 45 3rd St. across the alleyway are also for sale by the same owner.
Key Highlights
- 9,171 SF brick building in the heart of downtown Troy.
- Elevator access to all floors, including basement with two‑car garage.
- Top floor with kitchen, two full baths, front balcony, and rear deck, ideal for live/work.
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
$90,793
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
6.26%
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%
$1,815,860
$1.8M
Cap Rate 7%
$1,297,043
$1.3M
Cap Rate 9%
$1,008,811
$1.0M
Market Conditions
NOI Build-Up for 9,171 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
$165.1K $18.00/SF
− Vacancy
−$19.8K −$2.16/SF
EGI
$145.3K $15.84/SF
− OpEx
−$54.5K −$5.94/SF
NOI
$90.8K $9.90/SF
Area
Albany County, NY
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,815,860
Cap Rate 7%
$1,297,043
Cap Rate 9%
$1,008,811
Alternative Uses
Best Use
Office B
$2.02M
$1.77M – $2.36M
NOI $141,637 @ 7.0% cap · market cap 9.77%
Second Best
Mixed Use
$1.30M
$1.13M – $1.51M
NOI $90,793 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$2.86M
$2.50M – $3.34M
NOI $200,323 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 9,171 SF three-story building in downtown Troy.
Where is this office building located?
The property is located at 28 2nd Street Troy, NY.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 9,171 SF brick building in the heart of downtown Troy.; Elevator access to all floors, including basement with two‑car garage.; Top floor with kitchen, two full baths, front balcony, and rear deck, ideal for live/work.
