Meticulously Maintained Apartment
For Sale
$2,400,000
462-470 2nd Avenue, Troy, NY 12182
MULTI_FAMILY - Troy, NY
Property Size7,885 SF
Lot Size0.42 Acres
Price / SF$304.38
Days on Market142
Property Features for 462-470 2nd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
18
Bathrooms
14
Full bathrooms
13
Half bathrooms
1
Rooms
Bathroom 7, Bedroom 5, Bedroom 2, Bedroom 9, Bedroom 6, Bathroom 9, Bathroom 4, Bathroom 12, Bedroom 7, Bathroom 1, Bedroom 18, Bathroom 11, Bedroom 13, Bedroom 8, Bedroom 3, Bathroom 6, Bathroom 13, Bedroom 11, Bedroom 4, Bedroom 16, Bedroom 12, Bathroom 5, Bathroom 8, Bedroom 10, Bathroom 3, Bedroom 1, Bedroom 14, Bathroom 10, Bathroom 14, Bedroom 15, Bathroom 2, Bedroom 17
Parking
2
Parking features
Garage
Interior features
Vaulted Ceiling(s), Cathedral Ceiling(s)
Exterior features
Garden
Basement
Full
Elementary school district
Lansingburgh
Middle school district
Lansingburgh
High school district
Lansingburgh
Directions
Continue onto 112th St Turn right onto 2nd Ave
Standard status
Active
APN
80.63-12-9
Size
7,885 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Annual Amount
40612
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard, Forced Air, Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Amenities
gardens and open space
Building Details
Year built
1890
Number of units
12
Flooring type
Tile, Hardwood
Building materials
Brick, Vinyl Siding
Roof type
Rubber, Shingle
Listing Agency:
Howard Hanna Capital Inc
(518) 371-4500
Listed By:
Joseph P Cardinale · License #10401290174
(518) 755-2064
Added: Mar 23
Changed: Aug 4
Last Checked: Aug 11 at 11:06PM
MLS# 202613763
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 is a rare opportunity to own a meticulously maintained 12-unit apartment building. The high-end apartments feature exquisite woodwork, finishes, fixtures, and exposed brick walls. The buildings are surrounded by gardens and open space, situated on a corner across from a Stewart's and CVS. It is located across the 112th Street bridge from Cohoes and minutes from Downtown Troy, 787, and Route 7. Many long-term tenants provide steady income. The property has a current cap rate of 7% with a high market cap rate of 8.7%. The property size is 7885 square feet and the lot size is 0.42 acres.
Key Highlights
- 12‑unit apartment building with nearly half‑block footprint
- Current cap rate 7% with high market cap rate of 8.7% (per seller remarks)
- Built in 1890 with brick and vinyl siding construction
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
371
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Rare opportunity: 12-unit apartment building with steady income.
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‑unit apartment building with nearly half‑block footprint; Current cap rate 7% with high market cap rate of 8.7% (per seller remarks); Built in 1890 with brick and vinyl siding construction
