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    Mixed-Use Property in Upper Union Title is generated by Realmo AI

    1603 Union Street, Schenectady, NY 12309

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    Pending
    $349,999

    COMMERCIAL - Other - Schenectady, NY

    Property size:
    2,706 SF
    Lot size:
    0.12 Acres
    Added:
    Apr 23, 2026
    Days on Market:
    47
    Last Refresh:
    Jun 8 at 7:06 am

    Property Features for 1603 Union Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Mixed
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2
    Parking
    4
    Parking features
    Open, Off Street
    Security features
    Security Lighting
    Patio and Porch features
    Patio, Porch, Deck
    Interior features
    High Speed Internet, Paddle Fan, Built-in Features, Ceramic Tile Bath
    Exterior features
    Garden, Lighting
    Basement
    Full, Interior Entry
    Standard status
    Pending
    APN
    421500 50.30-1-34
    Size
    2,706 SF
    Lot size
    0.12 Acres

    Taxes and HOA fees

    Tax Annual Amount
    8156

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    3
    Flooring type
    Vinyl, Hardwood, Tile - Ceramic
    Building materials
    Vinyl Siding
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Jon F Civill
    Jon F Civill

    Listing agent Jon F Civill License #37CI0896911

    Listing office Civill Realty 915 Lakewood Avenue, Schenectady, NY

    Listing date Apr 23, 2026

    MLS# 202615708

    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

    • Mixed‑use property in the desirable Upper Union Street Business District.
    • Updated two‑bedroom apartment with separate heating and cooling.
    • Private 8‑room office suite in excellent condition with conversion potential.
    • Separate electric and one gas hot water heater for each unit.
    • Detached two‑car garage and yard.
    • Roof replaced in 2014.

    Overview

    Located in the Upper Union Street Business District, this mixed-use property offers flexibility for investors, business owners, or owner-occupants. The main level features a private 8 room office suite in excellent condition, suitable for professional use. There is potential to convert it to a first-floor apartment by installing a shower. The property also includes an updated two-bedroom apartment in excellent condition. The apartment has 2 separate heating and cooling systems, separate electric, and 1 gas hot water heater. Additional features include a detached two-car garage and a yard. The roof was replaced in 2014. The property is situated on a 0.12-acre lot. The building size is 2706 square feet. The property is zoned as mixed-use.
    Property Profile Location Intelligence

    Current Use by Public Records

    Sandra J. Wells, ... Physician

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Schenectady
    County
    Schenectady
    State
    New York
    Longitude
    -73.905791
    Latitude
    42.805492

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    FAQs

    What type of property is this?
    Mixed-use property - Well-maintained mixed-use property in the Upper Union Street Business District.
    Where is this mixed-use property located?
    The property is located at 1603 Union Street Schenectady, NY.
    What is the asking price?
    The asking price for this property is $349,999.
    What are key features of this property?
    This property features: Mixed‑use property in the desirable Upper Union Street Business District.; **Updated two‑bedroom apartment** with separate heating and cooling.; **Private 8‑room office suite** in excellent condition with conversion potential.
    (518) 369-2016
    We can help!
    Listing Contact
    Jon F Civill
    Jon F Civill
    Real Estate License ID: 37CI0896911
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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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