Duplex with Modernized
For Sale
$314,900
31 North Lake Avenue, Troy, NY 12180
Two residential units feature hardwood floors, updated kitchens, and updated baths.
Property Size2,674 SF
Price / SF$117.76
Days on Market162
Property Features for 31 North Lake Avenue
General Information
Standard status
Active
Size
2,674 SF
Total Parking Spaces
4
Property subtype
Multi Family / Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,404
Amenities
hardwood floors
modernized kitchens and baths
Asphalt
Baseboard, Hot Water, Yes
Full, Unfinished
Aluminum Siding
Electric Dryer Hookup, In Basement, Washer Hookup
Rear Porch, Front Porch
Building Details
Year Built
1911
Listing Agency:
Empire Real Estate Firm LLC
(518) 396-7189
Listed By:
Giovanni Lisi · License #10491213724
(518) 396-7189
Source:
Compass
Added: Mar 23
Changed: Aug 30
Last Checked: Aug 30 at 8:21PM
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.
Built in 1911, this Troy duplex contains two residential units totaling 2,674 square feet. Both units are described with hardwood flooring, modernized kitchens, and modernized baths. The property also includes baseboard and hot-water heating, a full unfinished basement, aluminum siding, and washer and dryer hookups in the basement.
Outdoor features include both front and rear porches. The property is located at 31 North Lake Avenue, with Downtown Troy, Samaritan Hospital, Saint Mary's Hospital, RPI, and the Hoosick Street commercial corridor nearby.
Outdoor features include both front and rear porches. The property is located at 31 North Lake Avenue, with Downtown Troy, Samaritan Hospital, Saint Mary's Hospital, RPI, and the Hoosick Street commercial corridor nearby.
Key Highlights
- Two‑family duplex with 2,674 square feet
- Built in 1911
- Hardwood floors with modernized kitchens and baths
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
$28,562
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
9.07%
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%
$571,240
$571.2K
Cap Rate 7%
$408,029
$408.0K
Cap Rate 9%
$317,356
$317.4K
Market Conditions
NOI Build-Up for 2,674 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
$54.5K $20.40/SF
− Vacancy
−$2.6K −$0.98/SF
EGI
$51.9K $19.42/SF
− OpEx
−$23.4K −$8.74/SF
NOI
$28.6K $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%
$571,240
Cap Rate 7%
$408,029
Cap Rate 9%
$317,356
Alternative Uses
Best Use
Multifamily LT 5
$441.1K
$386.0K – $514.6K
NOI $30,876 @ 7.0% cap · market cap 9.81%
Second Best
Apartment 5plus
$408.0K
$357.0K – $476.0K
NOI $28,562 @ 7.0% cap · market cap 9.07%
Theoretical Best
Office A
$834.4K
$730.1K – $973.5K
NOI $58,408 @ 7.0% cap · market cap 18.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
548
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 - Two residential units feature hardwood floors, updated kitchens, and updated baths.
Where is this duplex located?
The property is located at 31 North Lake Avenue Troy, NY.
What is the asking price?
The asking price for this property is $314,900.
What are key features of this property?
This property features: Two‑family duplex with 2,674 square feet; Built in 1911; Hardwood floors with modernized kitchens and baths
