12-Unit Apartment
For Sale
$2,400,000
462-470 2nd Avenue, Troy, NY 12182
Twelve-unit multifamily property with exposed brick, detailed woodwork, landscaped grounds, and access to nearby retail and regional routes.
Property Size7,885 SF
Price / SF$304.38
Days on Market39
Property Features for 462-470 2nd Avenue
General Information
Standard status
Active
Size
7,885 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Cap Rate
7%
Highway Access
Yes
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$40,612
Amenities
gardens
open space
Building Details
Year Built
1890
Listing Agency:
Howard Hanna Capital Inc
(518) 755-2064
Listed By:
Joseph P Cardinale · License #10401290174
(518) 755-2064
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 30 at 1:40PM
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 1890, this 7,885-square-foot apartment property contains 12 units with exposed brick walls, woodwork, fixtures, and finished interior details. The buildings are arranged around gardens and open space, with the property positioned on a corner site. Long-term tenants are in place, and the reported current cap rate is 7%, with a market cap rate of 8.7%.
The property is across from Stewart's and CVS, with access toward Cohoes via the 112th Street bridge. Downtown Troy, I-787, and Route 7 are described as minutes away, providing connections to nearby commercial areas and regional roadways.
The property is across from Stewart's and CVS, with access toward Cohoes via the 112th Street bridge. Downtown Troy, I-787, and Route 7 are described as minutes away, providing connections to nearby commercial areas and regional roadways.
Key Highlights
- 12 apartment units in a 7,885 SF property
- Built in 1890
- Exposed brick walls, woodwork, fixtures, and finished interior details
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
$84,223
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
3.51%
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%
$1,684,460
$1.7M
Cap Rate 7%
$1,203,186
$1.2M
Cap Rate 9%
$935,811
$935.8K
Market Conditions
NOI Build-Up for 7,885 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
$160.9K $20.40/SF
− Vacancy
−$7.7K −$0.98/SF
EGI
$153.1K $19.42/SF
− OpEx
−$68.9K −$8.74/SF
NOI
$84.2K $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%
$1,684,460
Cap Rate 7%
$1,203,186
Cap Rate 9%
$935,811
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $84,223 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.46M
$2.15M – $2.87M
NOI $172,233 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
423
Businesses Nearby
Explore this area
Business Placement
Demographics for 12182, NY
14,657
Population
7,314
Households
2
Avg Household Size
42
Median Age
29%
College-Educated
89%
High-School Grad
13.7 sq mi
ZIP Area
1,070
Density / Sq Mi
$54,663
Median Household Income
$47,077
Median Earnings
$1,012
Median Rent
$195,300
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?
Apartment building - Twelve-unit multifamily property with exposed brick, detailed woodwork, landscaped grounds, and access to nearby retail and regional routes.
Where is this apartment building located?
The property is located at 462-470 2nd Avenue Troy, NY.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 12 apartment units in a 7,885 SF property; Built in 1890; Exposed brick walls, woodwork, fixtures, and finished interior details
