12-Unit Apartment
New
For Sale
$2,400,000
462-470 2nd Avenue, Troy, NY 12182
MultiFamily, Troy, NY
Property Size7,885 SF
Lot Size0.42 Acres
Price / SF$304.38
Days on Market2
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
Bedroom 5, Bedroom 17, Bedroom 18, Bathroom 14, Bathroom 1, Bedroom 9, Bathroom 2, Bathroom 12, Bedroom 10, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 7, Bathroom 5, Bedroom 14, Bathroom 13, Bathroom 4, Bathroom 7, Bedroom 13, Bathroom 8, Bedroom 15, Bedroom 3, Bedroom 16, Bathroom 9, Bathroom 10, Bedroom 4, Bedroom 8, Bathroom 6, Bathroom 11, Bedroom 6, Bedroom 11, Bedroom 12
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
40611
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Forced Air, Hot Water(Heating), Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1890
Number of units
8
Flooring type
Hardwood, Tile
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: Sep 24
Last Checked: Sep 25 at 3:06AM
MLS# 202626830
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 12-unit apartment property contains 7,885 square feet on a 0.42-acre parcel and dates to 1890. Brick and vinyl siding, hardwood and tile flooring, and vaulted and cathedral ceilings characterize the buildings. Interior details include exposed brick, woodwork, fixtures, and finished surfaces. Garden areas and open space are part of the grounds. Heating includes baseboard, forced air, and hot water systems fueled by natural gas; window units provide cooling. A garage is also present, and the property connects to public water and sewer.
Retail businesses including Stewart’s and CVS are across the corner. The property is near the 112th Street bridge crossing toward Cohoes, with Downtown Troy, I-787, and Route 7 reachable within minutes. The reported current cap rate is 7%.
Retail businesses including Stewart’s and CVS are across the corner. The property is near the 112th Street bridge crossing toward Cohoes, with Downtown Troy, I-787, and Route 7 reachable within minutes. The reported current cap rate is 7%.
Key Highlights
- 12 apartment units across 7,885 square feet
- 0.42‑acre parcel; buildings constructed in 1890
- Reported current cap rate of 7%
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
$95,710
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
3.99%
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%
$1,914,200
$1.9M
Cap Rate 7%
$1,367,286
$1.4M
Cap Rate 9%
$1,063,444
$1.1M
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
$183.6K $23.28/SF
− Vacancy
−$9.5K −$1.21/SF
EGI
$174.0K $22.07/SF
− OpEx
−$78.3K −$9.93/SF
NOI
$95.7K $12.14/SF
Area
Rensselaer County, NY
Vacancy
5.20%
Lease Rate
$23.28 /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%
$1,914,200
Cap Rate 7%
$1,367,286
Cap Rate 9%
$1,063,444
Alternative Uses
Best Use
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $95,710 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.97M
$1.72M – $2.30M
NOI $137,979 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Hardwood and tile floors complement varied ceiling heights and garden areas.
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 across 7,885 square feet; 0.42‑acre parcel; buildings constructed in 1890; Reported current cap rate of 7%
