Renovated Multifamily
New
For Sale
$220,900
307 4th Street, Troy, NY 12180
Tenant-occupied asset with upgraded systems and an additional parcel included in the sale.
Property Size1,780 SF
Price / SF$124.10
Days on Market4
Property Features for 307 4th Street
General Information
Standard status
Active
Size
1,780 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,409
Building Details
Year Built
1890
Listing Agency:
Empire Real Estate Firm LLC
(518) 937-3950
Listed By:
Arielle Roberts · License #10401367127
(518) 937-3950
Source:
Capmarkrealty
Added: Aug 28
Changed: Aug 30
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 Empire Real Estate Firm LLC
Investment Insights
Based on property information with market context.
This 1,780-square-foot multifamily property, built in 1890, has undergone substantial updates. Improvements include two new electric water heaters, upgraded electrical wiring, new plumbing, reinforced support beams, and a newly built exterior staircase. The interior includes spacious bedrooms, well-lit living areas, and additional outdoor space in the backyard.
The sale also includes a separate parcel where a garage previously stood. Future residential development may be possible, subject to municipal approvals. The property is currently tenant-occupied and includes rental income, while its multifamily configuration may also offer flexibility for an owner-occupant. Located at 307 4th Street in Troy, the property is near bus routes and a few blocks from Washington Park.
The sale also includes a separate parcel where a garage previously stood. Future residential development may be possible, subject to municipal approvals. The property is currently tenant-occupied and includes rental income, while its multifamily configuration may also offer flexibility for an owner-occupant. Located at 307 4th Street in Troy, the property is near bus routes and a few blocks from Washington Park.
Key Highlights
- 1,780 SF multifamily property built in 1890
- Two new electric water heaters, updated wiring, and new plumbing
- Reinforced support beams and newly constructed exterior staircase
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
$19,013
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
8.61%
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%
$380,260
$380.3K
Cap Rate 7%
$271,614
$271.6K
Cap Rate 9%
$211,256
$211.3K
Market Conditions
NOI Build-Up for 1,780 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
$36.3K $20.40/SF
− Vacancy
−$1.7K −$0.98/SF
EGI
$34.6K $19.42/SF
− OpEx
−$15.6K −$8.74/SF
NOI
$19.0K $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%
$380,260
Cap Rate 7%
$271,614
Cap Rate 9%
$211,256
Alternative Uses
Best Use
Apartment 5plus
$271.6K
$237.7K – $316.9K
NOI $19,013 @ 7.0% cap · market cap 8.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$555.4K
$486.0K – $648.0K
NOI $38,881 @ 7.0% cap · market cap 17.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,107
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?
Multifamily property - Tenant-occupied asset with upgraded systems and an additional parcel included in the sale.
Where is this multifamily property located?
The property is located at 307 4th Street Troy, NY.
What is the asking price?
The asking price for this property is $220,900.
What are key features of this property?
This property features: 1,780 SF multifamily property built in 1890; Two new electric water heaters, updated wiring, and new plumbing; Reinforced support beams and newly constructed exterior staircase
