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    Property profile & analytics

    251 River St Troy, NY 12180

    • Investment properties
    • 29,760 SF
    • 0.13 lot acres
    For Sale
    View listing
    $2,300,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5990037
    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

    • Law Office of Ryan E. Cooke / Family Law Attorney / Divorce Lawyer
    • Art of Reiki / Holistic Medicine Practitioner
    • Troy Turkey Trot / Event Venue
    • Gilchrist Tingley, P.C. / Law Firm
    • Parsley Jr Lawrence J MD / Gynecologist

    Property Details for 251 River St

    Year built
    1900
    Lot size
    0.13 lot acres
    Property size
    29,760 SF
    Zone code
    B4
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    381700 101.45-5-4.2
    APU
    38170010145542

    Description

    This exceptional five-story building at 251 River Street in Troy, NY offers a diverse range of office and retail spaces, totaling 29,760 square feet. Currently, 9,543 square feet are available for lease, encompassing several suites ideal for various business needs. Suite sizes range from 1,106 to 2,475 square feet, catering to businesses of all scales. Six individual suites are currently available, with some ready for immediate occupancy and others available January 2024. The building boasts convenient access to downtown Troy's vibrant amenities, including restaurants and cultural attractions, offering employees a desirable work environment. The property features 15 total parking spaces, with off-street parking available at a monthly rate of $75 per permit, located within a half-block radius. Each suite includes five nights of janitorial service. The building is zoned B-4 and sits on a 0.13-acre lot. Building amenities include elevators. Enjoy stunning Hudson River and Monument Square views from this premier location in Rensselaer County. This is a unique opportunity to secure high-quality office space in a thriving downtown setting.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Troy
    County
    Rensselaer
    State
    New York
    Longitude
    -73.692
    Latitude
    42.7319
    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
    $53,000
    $947,000
    $1,000,000
    -
    $75,716
    $1,352,884
    $1,428,600

    Comparable in this City

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      591 Riv St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,824 SF
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      View Details
    • Value Estimation
      $215,000
      2,037 SF

      2231 15th St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,037 SF
      2231 15th St, Troy, NY 12180-3003
      View Details
    • Value Estimation
      $245,000
      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
      $260,000
      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

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      Prime Troy Mixed-Use Investment

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    Similar Nearby for Lease

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      Downtown Troy Mixed-Use Retail

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    • $1.00 SF/Yr
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      Historic Mixed-Use Building For Lease

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      Downtown Troy Mixed-Use Building

      Mixed-use building with retail and residential spaces in downtown Troy.
      47 Congress St, Troy, NY 12180
      View Details
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    251 River St
    Troy, NY 12180
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    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
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