Brick Duplex with Covered
For Sale
$375,000
Pending
303 Spring Avenue, Troy, NY 12180
Classic two-family property with two spacious flats, period details, flexible lower-level space, and a generously sized lot.
Property Size2,690 SF
Days on Market45
Property Features for 303 Spring Avenue
General Information
Standard status
Pending
Size
2,690 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,452
Amenities
covered porches
finished basement
laundry hookups
Building Details
Year Built
1920
Buildings
1
Construction
brick
Listing Agency:
Howard Hanna Capital Inc
(518) 669-7119
Listed By:
Kristin M McClenaghan · License #10301212697
(518) 669-7119
Source:
Capmarkrealty
Added: Jul 18
Changed: Aug 31
Last Checked: Aug 31 at 12:51PM
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 Howard Hanna Capital Inc
Investment Insights
Based on property information with market context.
Built in 1920, this brick two-family property has a slate roof and two oversized flats with hardwood flooring, high ceilings, large rooms, and eat-in kitchens. Each unit includes laundry hookups, while covered porches add usable outdoor space. The basement provides substantial storage along with a finished area suitable for play or flexible use.
The property occupies a large lot on Spring Avenue in Troy’s East Side. Emma Willard School is immediately adjacent, and shopping, restaurants, places of worship, and other neighborhood amenities are within walking distance. Highway connections and public transportation are also nearby.
The combination of two distinct flats, durable construction, period character, and adaptable lower-level space supports a range of residential ownership and occupancy arrangements.
The property occupies a large lot on Spring Avenue in Troy’s East Side. Emma Willard School is immediately adjacent, and shopping, restaurants, places of worship, and other neighborhood amenities are within walking distance. Highway connections and public transportation are also nearby.
The combination of two distinct flats, durable construction, period character, and adaptable lower-level space supports a range of residential ownership and occupancy arrangements.
Key Highlights
- Two oversized flats with hardwood floors, high ceilings, eat‑in kitchens, and laundry hookups
- Brick construction with a slate roof; built in 1920
- Covered porches and a large lot provide outdoor space
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
$31,060
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
8.28%
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%
$621,200
$621.2K
Cap Rate 7%
$443,714
$443.7K
Cap Rate 9%
$345,111
$345.1K
Market Conditions
NOI Build-Up for 2,690 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
$46.8K $17.40/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$44.4K $16.50/SF
− OpEx
−$13.3K −$4.95/SF
NOI
$31.1K $11.55/SF
Area
Albany County, NY
Vacancy
5.20%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$621,200
Cap Rate 7%
$443,714
Cap Rate 9%
$345,111
Alternative Uses
Best Use
Multifamily LT 5
$443.7K
$388.3K – $517.7K
NOI $31,060 @ 7.0% cap · market cap 8.28%
Second Best
Apartment 5plus
$410.5K
$359.2K – $478.9K
NOI $28,733 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$839.4K
$734.5K – $979.3K
NOI $58,758 @ 7.0% cap · market cap 15.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
154
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
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Frequently Asked Questions
What type of property is this?
Duplex - Classic two-family property with two spacious flats, period details, flexible lower-level space, and a generously sized lot.
Where is this duplex located?
The property is located at 303 Spring Avenue Troy, NY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two oversized flats with hardwood floors, high ceilings, eat‑in kitchens, and laundry hookups; Brick construction with a slate roof; built in 1920; Covered porches and a large lot provide outdoor space
