Converted School Multifamily
For Sale
$4,250,000
2920 5th Avenue, Troy, NY 12180
COMMERCIAL - Troy, NY
Property Size26,000 SF
Lot Size0.60 Acres
Price / SF$163.46
Days on Market52
Property Features for 2920 5th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
5th Ave Troy
Standard status
Active
Size
26,000 SF
Lot size
0.60 Acres
Utilities
Water source
Public
Amenities
laundry in house
Listing Agency:
REALTY ONE GROUP KEY
(518) 630-0360
Listed By:
Leah Witko · License #10401256547
(518) 649-7505
Added: Jul 13
Changed: Aug 4
Last Checked: Sep 2 at 3:06PM
MLS# 11883223
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated multifamily building was converted from a school and offers 29 residential units. The property features high ceilings and in-house laundry facilities. Parking is included on site.
Located in Northern Troy, the building is described as being close to services, shopping, and highways.
The offering is for sale and includes parking and residential improvements resulting from the school conversion.
Located in Northern Troy, the building is described as being close to services, shopping, and highways.
The offering is for sale and includes parking and residential improvements resulting from the school conversion.
Key Highlights
- 29‑unit multifamily building converted from a school, offering renovated residential units
- Public water source
- Building features high ceilings and laundry in‑house
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
$277,717
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
6.53%
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%
$5,554,340
$5.6M
Cap Rate 7%
$3,967,386
$4.0M
Cap Rate 9%
$3,085,744
$3.1M
Market Conditions
NOI Build-Up for 26,000 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
$530.4K $20.40/SF
− Vacancy
−$25.5K −$0.98/SF
EGI
$504.9K $19.42/SF
− OpEx
−$227.2K −$8.74/SF
NOI
$277.7K $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%
$5,554,340
Cap Rate 7%
$3,967,386
Cap Rate 9%
$3,085,744
Alternative Uses
Best Use
Apartment 5plus
$3.97M
$3.47M – $4.63M
NOI $277,717 @ 7.0% cap · market cap 6.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.11M
$7.10M – $9.47M
NOI $567,920 @ 7.0% cap · market cap 13.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
29
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
834
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 - Renovated 29-unit multifamily building with in-house laundry and on-site parking in Northern Troy.
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: 29‑unit multifamily building converted from a school, offering renovated residential units; Public water source; Building features high ceilings and laundry in‑house
