Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2 3rd St Troy, NY 12180-3299

    • Investment properties
    • 114,198 SF
    • 0.93 lot acres
    OFF-MARKET
    Last Sale
    Oct 24, 2024
    $6,300,000
    Value Estimations
    $8,280,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1219790
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Rensselaer County Republican / Political Party Office
    • Creative Communication Associates (CCA) / Marketing Agency
    • CornerStone / Internet Service Provider / Telecommunications Service Provider
    • UPPmarket, Inc. / Business To Business Service
    • Levrx Technology Inc. / Corporate Office

    Property Details for 2 3rd St

    Year built
    1920
    Lot size
    0.93 lot acres
    Property size
    114,198 SF
    Zone code
    B4
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    381700 101.45-6-1
    APU
    3817001014561

    Description

    This exceptional 2,430 square foot office suite resides within Troy's prestigious Frear Building, a landmark structure at the gateway to the historic downtown area. Built in 1887, this four-story building boasts a single-tenant occupancy in this particular suite located on the third floor. The suite features captivating period details and impressive ceiling heights ranging from nine to thirteen feet, creating a sophisticated and inspiring work environment. The space includes two convenient kitchenettes, three enclosed private offices, and a spacious open area perfect for collaborative work. Modern amenities are seamlessly integrated with the building's historic charm, including high-speed fiber optic internet access, recently renovated elevators, and updated bathrooms. The suite offers flexibility, with the potential for subdivision into two smaller spaces of 1,272 and 1,158 square feet, catering to various business needs. The building is situated within the Downtown Mixed Use (DMU) zoning district of Rensselaer County, offering a vibrant and accessible location. The total building size is 90,000 square feet, providing ample space and a strong sense of presence within the community. This unique opportunity combines historical character with modern functionality, making it an ideal location for discerning businesses seeking a prestigious address in a thriving downtown setting. The cross street is Fulton Street.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $8,280,000
      ML approach
      $8,280,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $6,440,000
      Current use
      AUTO REPAIR, GARAGE
      $9,525,000
      Change: +48% Conversion: Difficult
      OFFICE BUILDING
      $6,165,000
      Change: -4% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Troy
    County
    Rensselaer
    State
    New York
    Longitude
    -73.6894
    Latitude
    42.7322
    CBSA code
    10580
    CBSA name
    ALBANY-SCHENECTADY-TROY, NY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $540,000
    $2,960,000
    $3,500,000
    -
    $771,429
    $4,228,571
    $5,000,000

    Comparable in this City

    • Value Estimation
      $190,000
      1,824 SF

      591 Riv St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,824 SF
      591 Riv St, Troy, NY 12180-2219
      View Details
    • Value Estimation
      $170,000
      2,037 SF

      2231 15th St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,037 SF
      2231 15th St, Troy, NY 12180-3003
      View Details
    • Value Estimation
      $195,000
      1,920 SF

      530 2nd St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,920 SF
      530 2nd St, Troy, NY 12180-5523
      View Details
    • Value Estimation
      $150,000
      2,558 SF

      391 3rd St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,558 SF
      391 3rd St, Troy, NY 12180
      View Details
    • Value Estimation
      $205,000
      2,058 SF

      373 4th St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,058 SF
      373 4th St, Troy, NY 12180-4920
      View Details
    • Value Estimation
      $190,000
      2,620 SF

      3334 6th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,620 SF
      3334 6th Ave, Troy, NY 12180-1389
      View Details

    Similar Nearby for Sale

    • $1,160,000
      0.95 Acres

      Prime Troy Mixed-Use Investment

      Rare 0.95-acre Troy mixed-use opportunity.
      474 4Th St, Troy, NY 12180
      View Details
    • $424,900
      5,601 SF

      Mixed-Use Property in Downtown Troy

      Spacious mixed-use property with commercial space and apartments in Troy.
      117 4Th St, Troy, NY 12180
      View Details
    • $850,000
      4,996 SF

      Troy Mixed-Use Compound on Acreage

      Five buildings on 14 acres with mixed-use zoning near downtown.
      104 Lord Ave, Troy, NY 12180
      View Details
    • $2,000,000
      9,265 SF

      Downtown Troy Mixed-Use Building

      Mixed-use building with retail and residential units in downtown Troy.
      47 Congress St, Troy, NY 12180
      View Details
    • $550,000

      Mixed-Use Building with Storefronts

      Mixed-use four-unit building with dual storefronts and two apartments.
      114 Congress St, Troy, NY 12180
      View Details
    • $1,150,000
      Pending

      11-Unit Income Property with Views

      Two buildings, 11 units, Hudson River views, investment opportunity.
      204 2Nd Ave, Troy, NY 12180
      View Details

    Similar Nearby for Lease

    • $1.00 SF/Yr
      106,301 SF

      Historic Mixed-Use Building in Troy

      Mixed-use building with retail and multi-family units in Troy.
      547 River St, Troy, NY 12180
      View Details
    • $1.00 SF/Yr
      24,200 SF

      Downtown Troy Mixed-Use Opportunity

      Prime location in downtown Troy's River Street corridor.
      171 River St, Troy, NY 12180
      View Details
    • $2,800 /Mo
      2,600 SF

      Versatile Commercial Space with Apartment

      Live-work opportunity: commercial suite with a spacious 2-3 bedroom apartment.
      213 Pawling Ave, Troy, NY 12180
      View Details
    • $15 SF/Yr
      9,265 SF

      Downtown Troy Mixed-Use Building

      Mixed-use building with retail and residential spaces in downtown Troy.
      47 Congress St, Troy, NY 12180
      View Details
    • $1.00 SF/Yr

      Versatile Mixed-Use Building For Lease

      28,500 SF building on 3.2 acres available for lease.
      2600 6Th Ave, Troy, NY 12180
      View Details
    • $13 SF/Yr
      102,000 SF

      Downtown Troy Mixed-Use Property

      Mixed-use property in historic downtown Troy, suitable for diverse businesses.
      1521 6Th Ave, Troy, NY 12180
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2 3rd St
    Troy, NY 12180-3299
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.