Updated Triplex with Two-Story
For Sale
$445,000
306 3rd Street, Troy, NY 12180
Separate utilities, enclosed porches, and a private rear yard support flexible residential income use.
Property Size3,379 SF
Price / SF$131.70
Days on Market197
Property Features for 306 3rd Street
General Information
Standard status
Active
Size
3,379 SF
Total Parking Spaces
3
Property subtype
Multi Family / Triplex
Zoning
Multi Residence
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,603
Amenities
enclosed porches
deck
private yard
perennial gardens
garage
Flat, Rubber
None, No
Forced Air, Natural Gas, Yes
Exterior Entry
220 Volts, Circuit Breakers
Laminate
No
Brick/Mortar, Concrete Perimeter
Yes
Block
Back Yard, Chain Link, Gate
Aluminum Frames
Garden
Secured Garage/Parking, Carbon Monoxide Detector(s)
Rear Porch
Building Details
Year Built
1880
Listing Agency:
McDonald Real Estate Company, LLC
(917) 575-8112
Listed By:
Heather J Morra · License #10401362691
(917) 575-8112
Source:
Compass
Added: Feb 16
Changed: Aug 31
Last Checked: Aug 31 at 9:57PM
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 McDonald Real Estate Company, LLC
Investment Insights
Based on property information with market context.
This three-family residence combines updated interiors with historic character, including original fireplace mantles, enclosed porches, and separate utilities. The property also features a spacious deck, private yard with perennial gardens, rear porch, and a detached two-story garage. The garage is offered as-is.
Located at 306 3rd Street in Troy’s Little Italy, the property offers views of Mt. Ida and the historic gasholder building. Downtown shops and restaurants, the Troy Farmers Market, a bike trail, HVCC, RPI, and Russell Sage College are within walking distance or close proximity as described. The property is zoned Multi Residence and is located in a flood zone. Additional features include forced-air natural gas heat, laminate flooring, aluminum frames, and secured garage or parking access.
Located at 306 3rd Street in Troy’s Little Italy, the property offers views of Mt. Ida and the historic gasholder building. Downtown shops and restaurants, the Troy Farmers Market, a bike trail, HVCC, RPI, and Russell Sage College are within walking distance or close proximity as described. The property is zoned Multi Residence and is located in a flood zone. Additional features include forced-air natural gas heat, laminate flooring, aluminum frames, and secured garage or parking access.
Key Highlights
- Three‑family residence with updated interiors and separate utilities
- Two‑story garage included; garage is offered as‑is
- Spacious deck, rear porch, and private yard with perennial gardens
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
$39,016
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
8.77%
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%
$780,320
$780.3K
Cap Rate 7%
$557,371
$557.4K
Cap Rate 9%
$433,511
$433.5K
Market Conditions
NOI Build-Up for 3,379 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
$58.8K $17.40/SF
− Vacancy
−$3.1K −$0.90/SF
EGI
$55.7K $16.50/SF
− OpEx
−$16.7K −$4.95/SF
NOI
$39.0K $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%
$780,320
Cap Rate 7%
$557,371
Cap Rate 9%
$433,511
Alternative Uses
Best Use
Multifamily LT 5
$557.4K
$487.7K – $650.3K
NOI $39,016 @ 7.0% cap · market cap 8.77%
Second Best
Apartment 5plus
$515.6K
$451.2K – $601.6K
NOI $36,093 @ 7.0% cap · market cap 8.11%
Theoretical Best
Office A
$1.05M
$922.6K – $1.23M
NOI $73,808 @ 7.0% cap · market cap 16.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
555
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?
Triplex - Separate utilities, enclosed porches, and a private rear yard support flexible residential income use.
Where is this triplex located?
The property is located at 306 3rd Street Troy, NY.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Three‑family residence with updated interiors and separate utilities; Two‑story garage included; garage is offered as‑is; Spacious deck, rear porch, and private yard with perennial gardens
