Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Brick Multifamily Investment Near Union College Title is generated by Realmo AI

    1011 Union Street, Schenectady, NY 12308

    View on Map
    Claim this Listing
    Pending
    $1,590,000

    MULTI_FAMILY - Other - Schenectady, NY

    Property size:
    10,809 SF
    Lot size:
    0.19 Acres
    Added:
    Feb 3, 2026
    Days on Market:
    123
    Last Refresh:
    Jun 6 at 11:06 am

    Property Features for 1011 Union Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Multi Residence
    Bedrooms
    19
    Bathrooms
    16
    Rooms
    Bedroom 1, Bedroom 6, Bedroom 3, Bedroom 11, Bathroom 11, Bathroom 10, Bedroom 15, Bedroom 19, Bathroom 15, Bathroom 14, Bedroom 12, Bathroom 13, Bedroom 16, Bedroom 8, Bathroom 4, Bedroom 9, Bedroom 13, Bathroom 5, Bathroom 16, Bedroom 18, Bathroom 12, Bathroom 1, Bedroom 7, Bathroom 9, Bedroom 10, Bedroom 2, Bathroom 3, Bathroom 6, Bathroom 8, Bedroom 14, Bedroom 17, Bedroom 5, Bathroom 2, Bedroom 4, Bathroom 7
    Parking
    18
    Security features
    Security Lighting
    Interior features
    Walk-In Closet(s), Built-in Features, Ceramic Tile Bath
    Basement
    Walk-Out Access, Unfinished, Full, Interior Entry, Exterior Entry
    Standard status
    Pending
    APN
    421500 39.75-1-23
    Size
    10,809 SF
    Lot size
    0.19 Acres

    Taxes and HOA fees

    Tax Annual Amount
    17514

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Zoned, Electric (Heating), Forced Air, Natural Gas, Baseboard
    Cooling system
    Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1984
    Number of units
    16
    Flooring type
    Tile - Ceramic, Vinyl, Tile, Hardwood
    Building materials
    Brick
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Richard Carr
    Richard Carr

    Listing agent Richard Carr License #10491207486

    Listing office Carr Real Estate Group, LLC 79 Blue Jay Way, Rexford, NY

    Listing date Feb 3, 2026

    MLS# 202611444 Listing URL

    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.

    HighLights

    • 16‑unit all‑brick multifamily building
    • Gross rents listed at $17,780/month and $213,360 annual scheduled rent roll
    • New rubber roof installed in 2022
    • Full sprinkler system in all common areas on four levels
    • Mixed flooring including hardwood, ceramic tile, and vinyl
    • Public water and public sewer; heating includes natural gas forced air with zoned/baseboard options

    Overview

    This 16-unit multifamily property is an all-brick building generating $17,780 per month in gross rents, with a gross annual scheduled rent roll of $213,360. It features a full sprinkler system on all four levels in all common areas, plus a new rubber roof installed in 2022. Most apartments feature hardwood floors and tiled bathrooms, and the building is in good overall condition. The property is located within walking distance to Union College, downtown Schenectady, and public transportation, with a bus stop directly across the street. The property is located in Schenectady, NY. The lot size is 0.19 acres and the property size is 10809 square feet. The zoning is Multi Residence. The property is intended as an investment opportunity. The year built is approximate. The property is located near Union College and downtown Schenectady.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $214.0k $19.80
    − Vacancy −$13.3k −$1.23
    EGI $200.7k $18.57
    − OpEx −$90.3k −$8.36
    NOI $110.4k $10.21
    10,809 SF · lease $19.80/SF/yr · vacancy 6.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $1.58M
    $1.38M – $1.84M (±1% cap)
    NOI $110,412 @ 7.0% cap · market cap 6.94%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $3.24M
    $2.83M – $3.77M (±1% cap)
    NOI $226,470 @ 7.0% cap · market cap 14.24%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Schenectady
    County
    Schenectady
    State
    New York
    Longitude
    -73.92583
    Latitude
    42.812937

    Nearby Similar for Sale

    • $350,000
      2,580 SF

      Turnkey Auto Body Repair Shop

      Auto body repair shop with office, near highways and businesses.
      814 Broadway, Schenectady, NY 12305
      View Details
    • $499,900
      3,521 SF

      Iconic Restaurant/Bar in Schenectady

      Turnkey restaurant/bar with indoor/outdoor seating near Mohawk Harbor.
      1857 Van Vranken Avenue, Schenectady, NY 12308
      View Details
    • $799,000
      3,833 SF

      Schenectady Commercial Property For Sale

      Well-located commercial property in Schenectady, offering visibility and accessibility.
      2855 Aqueduct Road, Schenectady, NY 12309
      View Details
    • $2,100,000
      11,000 SF

      Downtown Schenectady Townhome Portfolio

      Eight turnkey townhomes in downtown Schenectady with modern amenities.
      1001-1015 Barrett St, Schenectady, NY 12305
      View Details
    • $65,000
      1,109 SF

      Turn-Key Restaurant Opportunity, Schenectady

      Established Italian restaurant for sale in prime Schenectady location.
      1599 Union Street, Schenectady, NY 12309
      View Details
    • $379,000
      2,740 SF

      Schenectady Multifamily Investment Opportunity

      Fully occupied four-unit property with immediate returns and strong occupancy.
      1521 Van Vranken Avenue, Schenectady, NY 12308
      View Details
    • $950,000
      2,368 SF

      Schenectady Commercial Opportunity For Sale

      Turnkey restaurant and bar with apartment in high-traffic location.
      1490 State Street, Schenectady, NY 12304
      View Details
    • $400,000
      2,700 SF

      Schenectady Commercial Opportunity For Sale

      Commercial property in Schenectady with flexible zoning and spacious lot.
      440 Peek Street, Schenectady, NY 12308
      View Details
    • $375,000
      2,578 SF

      Turn-Key Mixed-Use Property

      Mixed-use property with restaurant and apartment in Schenectady, NY.
      703 Union Street, Schenectady, NY 12305
      View Details
    • $349,999
      2,585 SF

      Mixed-Use Property in Upper Union

      Mixed-use property in desirable Upper Union St Business District!
      1603 Union Street, Schenectady, NY 12309
      View Details
    • $479,000
      3,824 SF

      Renovated Mixed-Use Schenectady Property

      Fully renovated mixed-use property with commercial space and apartments.
      1115 McClyman Street, Schenectady, NY 12307
      View Details
    • $225,000
      1,677 SF

      Two-Story Office Building For Sale

      Two-story office building with salon and office space for sale.
      162 Lafayette Street, Schenectady, NY 12305
      View Details

    FAQs

    What type of property is this?
    Apartment building - 16-unit multifamily property near Union College with high cap rate.
    Where is this apartment building located?
    The property is located at 1011 Union Street Schenectady, NY.
    What is the asking price?
    The asking price for this property is $1,590,000.
    What are key features of this property?
    This property features: 16‑unit all‑brick multifamily building; Gross rents listed at $17,780/month and $213,360 annual scheduled rent roll; New rubber roof installed in 2022
    (518) 488-2434
    We can help!
    Listing Contact
    Richard Carr
    Richard Carr
    Real Estate License ID: 10491207486
    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.
    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

    Thank You for Inquiry
    1011 Union Street, Schenectady, NY 12308
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!