Brick Two-Family With Slate
For Sale
$375,000
Pending
303 Spring Avenue, Troy, NY 12180
MULTI_FAMILY - Other - Troy, NY
Property Size2,690 SF
Lot Size0.29 Acres
Days on Market95
Property Features for 303 Spring Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 1, Bedroom 2, Bathroom 2
Parking
4
Parking features
Driveway
Patio and Porch features
Porch
Interior features
High Speed Internet
Fireplace
1
Basement
Full
Lot features
Level
Elementary school district
Troy
Middle school district
Troy
High school district
Troy
Directions
From Troy route 2 east to a right on Pawling Av. bear left onto Spring at the light house on left
Standard status
Pending
APN
381700 112.58-1-4 01
Size
2,690 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Annual Amount
7452
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Amenities
covered porches
finished basement play area
Building Details
Year built
1920
Number of units
2
Flooring type
Wood
Building materials
Brick
Roof type
Slate
Architectural style
Other
Listing Agency:
Howard Hanna Capital Inc
(518) 286-1000
Listed By:
Kristin M McClenaghan · License #10301212697
(518) 669-7119
Added: May 18
Changed: Aug 12
Last Checked: Aug 20 at 7:06PM
MLS# 202617517
Copyright © 2026 Global MLS, Inc. 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 classic brick two-family features a slate roof and generous interior space across two oversized flats. Both units include hardwood floors, high ceilings, large sun-filled rooms, eat-in kitchens, and laundry hookups. The home also offers covered porches and a huge basement with a small finished play area or flex space. Outside, the property includes a large lot.
Located on the East Side of Troy, it is next to Emma Willard School and within walking distance of shopping, restaurants, places of worship, and other neighborhood amenities. Quick highway access and public transportation nearby add convenience.
With a total size described as over 2,900 square feet, the layout is designed to support comfortable long-term owner occupancy with flexibility for multi-generational living.
Located on the East Side of Troy, it is next to Emma Willard School and within walking distance of shopping, restaurants, places of worship, and other neighborhood amenities. Quick highway access and public transportation nearby add convenience.
With a total size described as over 2,900 square feet, the layout is designed to support comfortable long-term owner occupancy with flexibility for multi-generational living.
Key Highlights
- Classic brick two‑family built in 1920 with a slate roof
- Over 2,900 sq. ft. total with a layout suited for multi‑generational living or owner occupancy
- Both oversized flats feature hardwood floors, high ceilings, large sun‑filled rooms, and eat‑in kitchens
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
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
224
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?
Duplex - Classic brick two-family offers hardwood floors, eat-in kitchens, laundry hookups, covered porches, and a large basement.
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: Classic brick two‑family built in 1920 with a slate roof; Over 2,900 sq. ft. total with a layout suited for multi‑generational living or owner occupancy; Both oversized flats feature hardwood floors, high ceilings, large sun‑filled rooms, and eat‑in kitchens
