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    1011 Union St Schenectady, NY 12308

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    Sponsored
    Pending
    $1,695,000

    MULTI_FAMILY - Other - Schenectady, NY

    Property size:
    10,809 SF
    Lot size:
    0.19 Acres
    Days on Market:
    31
    Last Refresh:
    Mar 28 at 7:06 pm

    Property Features for 1011 Union St

    General Information

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

    Utilities

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

    Building Details

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

    We can help!

    Listing Contact
    Richard Carr
    Richard Carr

    Carr Real Estate Group

    Listing agent Richard Carr License #10491207486

    Listing date Feb 25, 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.

    Learn more

    Property Insight Report

    Overview

    Solid Brick Multifamily Investment Property

    This 16-unit multifamily property is an all-brick building generating $17,480 per month in gross rents, resulting in a gross annual scheduled rent roll of $209,760. The property includes 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 currently in good overall condition. The property is located within walking distance of Union College, downtown Schenectady, and public transportation, with a bus stop directly across the street. The property sits on a 0.19-acre lot. The building size is 10,809 square feet. The property is located in Schenectady, NY. The zoning is Multi Residence. The projected returns place the cap rate in the high-10% range. The property is an income opportunity for both seasoned and first-time multifamily investors.
    Property Profile Insight Report 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

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    FAQs

    What type of property is this?
    Apartment building - 16-unit multifamily near Union College with high-10% cap rate.
    Where is this apartment building located?
    The property is located at 1011 Union St Schenectady, NY.
    What is the asking price?
    The asking price for this property is $1,695,000.
    What are key features of this property?
    This property features: - High-10% Cap Rate: Compelling income play with projected returns in the high-10% range.; - $17,480/Month Gross Rents: Solid 16-unit multifamily generating substantial monthly income.; - New Rubber Roof (2022): Provides major capital-expense peace of mind.
    (518) 488-2434
    Request Owner's contact information
    1011 Union St Schenectady, NY 12308
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    Schenectady, NY 12308
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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
    1011 Union St Schenectady, NY 12308
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    We can help!
    Listing Contact
    Richard Carr
    Richard Carr
    Real Estate License ID: 10491207486
    Learn More
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