Listing Agency: REALTY ONE GROUP KEY Show Phone

Listed By: Leah Witko · License #10401256547 Show Phone

Added: Jul 13 Changed: Oct 1 Last Checked: Oct 17 at 10:06PM

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MLS# 11883223

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Investment Insights

Based on property information with market context.

This 29-unit multifamily property occupies a renovated former school building with approximately 26,000 square feet of residential space on 0.6 acres. The conversion retains high ceilings and includes laundry facilities within the building, along with parking for residents and guests. Public water serves the property.

Located at 2920 5th Avenue in Troy, the building is near services, shopping, and highway access. Its apartment configuration, renovated residential interiors, and existing parking create a substantial multifamily asset in Northern Troy.

Key Highlights

• 29‑unit multifamily building with approximately 26,000 square feet
• Renovated residential conversion of a former school building
• High ceilings and laundry facilities within the building

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$315,593

Cap Rate

7.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,311,860 $6.3M

Cap Rate 7%

$4,508,471 $4.5M

Cap Rate 9%

$3,506,589 $3.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 26,000 SF

Gross rent

$605.3K $23.28/SF

− Vacancy

−$31.5K −$1.21/SF

EGI

$573.8K $22.07/SF

− OpEx

−$258.2K −$9.93/SF

NOI

$315.6K $12.14/SF

Area

Rensselaer County, NY

Vacancy

5.20%

Lease Rate

$23.28 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,311,860

Cap Rate 7%

$4,508,471

Cap Rate 9%

$3,506,589

Alternative Uses

Best Use

Apartment 5plus

$4.51M

$3.94M – $5.26M (±1% cap)

NOI $315,593 @ 7.0% cap · market cap 7.61%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$6.50M

$5.69M – $7.58M (±1% cap)

NOI $454,971 @ 7.0% cap · market cap 10.97%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

school one Apartment Building

Suggested Use

Top Pick Real Estate Agency (Bike/Boat/Book/etc) Store Law Firm Accounting Firm Parking Lot & Garage Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

29

Residential units

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Converted school building with high ceilings, in-building laundry, and 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 $4,149,000.

What are key features of this property?

This property features: 29‑unit multifamily building with approximately 26,000 square feet; Renovated residential conversion of a former school building; High ceilings and laundry facilities within the building