Mixed-Use Two-Unit
For Sale
$349,999
Pending
1603 Union Street, Schenectady, NY 12309
MULTI_FAMILY - Other - Schenectady, NY
Property Size2,585 SF
Lot Size0.12 Acres
Days on Market130
Property Features for 1603 Union Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Mixed
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 3, Dining Room, Bedroom 2, Bathroom 1, Bedroom 1
Parking
4
Parking features
Open, Off Street
Security features
Security Lighting
Window features
Storm Window(s)
Patio and Porch features
Patio, Deck, Porch
Interior features
Paddle Fan, High Speed Internet, Built-in Features, Ceramic Tile Bath
Exterior features
Garden
Fireplace
1
Basement
Interior Entry, Full
Lot features
Level
High school
Schenectady
Elementary school district
Schenectady
Middle school district
Schenectady
High school district
Schenectady
Directions
Upper Union St next door to Northeast Jewelry before Baker Ave traffic light
Standard status
Pending
APN
421500 50.30-1-34
Size
2,585 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
8156
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Number of units
2
Flooring type
Vinyl, Hardwood, Tile - Ceramic
Building materials
Vinyl Siding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Civill Realty
(518) 369-2016
Listed By:
Jon F Civill · License #37CI0896911
(518) 369-2016
Added: Apr 23
Changed: Aug 5
Last Checked: Aug 30 at 10:06AM
MLS# 202615750
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.
Investment Insights
Based on property information with market context.
This mixed-use two-unit property offers residential and office layouts under one roof. The second-floor owner unit includes a dining and living area with a fireplace, a generous primary bedroom, an additional bedroom, a full bath, and a modern kitchen with pantry. The first floor is currently configured as professional office space, including a waiting room, exam room, multiple offices, treatment space, and room for a kitchen plus a half bath. The property is described as move-in condition and includes appliances, with separate electric circuit breakers, two gas hot-air heating and AC units, and one gas hot-water heater.
The building includes enclosed porches, a private fenced yard, a two-car garage, and off-street parking. The property is located in the Upper Union St Business District of Schenectady and is zoned “Mixed,” supporting flexible use within the current configuration.
The existing setup provides an opportunity for continued owner occupancy with an office component, or a residential conversion concept for the first-floor half bath area, depending on an investor’s plans.
The building includes enclosed porches, a private fenced yard, a two-car garage, and off-street parking. The property is located in the Upper Union St Business District of Schenectady and is zoned “Mixed,” supporting flexible use within the current configuration.
The existing setup provides an opportunity for continued owner occupancy with an office component, or a residential conversion concept for the first-floor half bath area, depending on an investor’s plans.
Key Highlights
- Mixed‑use 2‑family property in the Upper Union St Business District with second‑floor owner unit plus first‑floor professional office space
- Second‑floor unit offers fireplace in the dining/living area, modern kitchen with pantry, and 1 full bath with additional bedroom space
- Approx. 1,236 SF second‑floor living space; first‑floor includes professional office with waiting room, exam room, multiple offices, treatment space, and room for kitchen/half bath
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,439
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.41%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$588,780
$588.8K
Cap Rate 7%
$420,557
$420.6K
Cap Rate 9%
$327,100
$327.1K
Market Conditions
NOI Build-Up for 2,585 SF
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.
Gross rent
$45.0K $17.40/SF
− Vacancy
−$2.9K −$1.13/SF
EGI
$42.1K $16.27/SF
− OpEx
−$12.6K −$4.88/SF
NOI
$29.4K $11.39/SF
Area
Schenectady County, NY
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$588,780
Cap Rate 7%
$420,557
Cap Rate 9%
$327,100
Alternative Uses
Best Use
Office B
$622.2K
$544.5K – $726.0K
NOI $43,557 @ 7.0% cap · market cap 12.44%
Second Best
Mixed Use
$509.6K
$445.9K – $594.6K
NOI $35,673 @ 7.0% cap · market cap 10.19%
Theoretical Best
Office A
$773.7K
$677.0K – $902.7K
NOI $54,161 @ 7.0% cap · market cap 15.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
932
Businesses Nearby
Explore this area
Business Placement
Demographics for 12309, NY
31,273
Population
13,623
Households
2.3
Avg Household Size
43
Median Age
59%
College-Educated
97%
High-School Grad
17.6 sq mi
ZIP Area
1,777
Density / Sq Mi
$119,830
Median Household Income
$68,167
Median Earnings
$1,472
Median Rent
$301,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family mixed-use building with a second-floor residence and first-floor professional office space.
Where is this duplex 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 2‑family property in the Upper Union St Business District with second‑floor owner unit plus first‑floor professional office space; Second‑floor unit offers fireplace in the dining/living area, modern kitchen with pantry, and 1 full bath with additional bedroom space; Approx. 1,236 SF second‑floor living space; first‑floor includes professional office with waiting room, exam room, multiple offices, treatment space, and room for kitchen/half bath
