Renovated School Conversion
For Sale
$4,250,000
2920 5TH Avenue, Troy, NY 12180
Converted school building offering 29 renovated residential units with in-unit laundry and on-site parking.
Property Size25,519 SF
Price / SF$166.54
Days on Market92
Property Features for 2920 5TH Avenue
General Information
Standard status
Active
Size
25,519 SF
Property subtype
Multi-family
Building Details
Year Built
1920
Listing Agency:
Realty One Group Key
(518) 649-7505
Listed By:
Ryan Mortka · License #10401256547
(518) 639-4663
Source:
Signatureonerealtygroup
Added: May 31
Changed: Aug 28
Last Checked: Aug 29 at 10:50AM
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 Realty One Group Key
Investment Insights
Based on property information with market context.
This renovated multifamily property was converted from a school into residential units. The building totals 29 units and features high ceilings, with laundry in the units. On-site parking is included with the property.
Located at 2920 5th Avenue in Troy, the building is described as being close to services, shopping, and highways.
The available information is for the sale of the 29-unit school conversion multifamily building plus parking. Contact us for additional details, including any financing considerations mentioned for the transaction.
Located at 2920 5th Avenue in Troy, the building is described as being close to services, shopping, and highways.
The available information is for the sale of the 29-unit school conversion multifamily building plus parking. Contact us for additional details, including any financing considerations mentioned for the transaction.
Key Highlights
- Converted school building offering 29 renovated residential units
- In‑unit laundry in each residence
- On‑site parking included
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
$272,580
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
6.41%
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%
$5,451,600
$5.5M
Cap Rate 7%
$3,894,000
$3.9M
Cap Rate 9%
$3,028,667
$3.0M
Market Conditions
NOI Build-Up for 25,519 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
$520.6K $20.40/SF
− Vacancy
−$25.0K −$0.98/SF
EGI
$495.6K $19.42/SF
− OpEx
−$223.0K −$8.74/SF
NOI
$272.6K $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%
$5,451,600
Cap Rate 7%
$3,894,000
Cap Rate 9%
$3,028,667
Alternative Uses
Best Use
Apartment 5plus
$3.89M
$3.41M – $4.54M
NOI $272,580 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.96M
$6.97M – $9.29M
NOI $557,413 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
818
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Converted school building offering 29 renovated residential units with in-unit laundry and on-site parking.
Where is this apartment building located?
The property is located at 2920 5TH Avenue Troy, NY.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: Converted school building offering 29 renovated residential units; In‑unit laundry in each residence; On‑site parking included
