Brick Triplex With Dual
For Sale
$500,000
2187 Central Avenue, Schenectady, NY 12304
MultiFamily, Schenectady, NY
Property Size2,944 SF
Lot Size0.39 Acres
Price / SF$169.84
Days on Market78
Property Features for 2187 Central Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Multi Residence
Bedrooms
7
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 7, Bedroom 1, Bedroom 6, Bedroom 4, Bathroom 3, Bedroom 2, Bedroom 5, Bathroom 2, Bathroom 4, Bedroom 3, Bathroom 1
Parking
9
Parking features
Driveway, Garage
Patio and Porch features
Patio
Interior features
High Speed Internet, Ceramic Tile Bath, Chair Rail, Crown Molding
Exterior features
Garden
Fireplace
1
Basement
Unfinished, Exterior Entry, Finished, Interior Entry
Lot features
Private, Level, Landscaped, Road Frontage, Corner Lot, Garden
High school
Colonie Central HS
Elementary school district
South Colonie
Middle school district
South Colonie
High school district
South Colonie
Directions
On the Corner of Central Ave and Elmwood Ave, near the Colonie/Schenectady border.
Standard status
Active
APN
012689 16.2-1-42
Size
2,944 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Annual Amount
5935
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Water source
Public
Amenities
backyard
patio
Building Details
Year built
1950
Number of units
3
Flooring type
Hardwood, Tile, Carpet
Building materials
Brick
Roof type
Asphalt
Additional Structures
Second Garage
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Rachel Kusaywa · License #10401243326
(518) 542-6070
Added: Jul 10
Changed: Sep 15
Last Checked: Sep 25 at 5:06AM
MLS# 202621537
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 2,944-square-foot brick triplex, built in 1950, contains three residential units: a three-bedroom, 1.5-bath owner’s unit, a two-bedroom apartment, and a one-bedroom apartment. A flexible bedroom can be incorporated into an existing unit, while the partially finished garden-level basement offers additional space and may support a future fourth unit subject to required approvals and permits. Interior features include hardwood, tile, and carpet flooring, ceramic tile baths, crown molding, chair rail, high-speed internet, and a fireplace.
The property occupies 0.39 acres at 2187 Central Avenue in Schenectady, NY, within the South Colonie School District. Outdoor amenities include a patio and private backyard. Parking and storage are provided by an attached one-car garage, a detached one-car garage, and a driveway; the detached garage has electricity and water. Public water and sewer serve the property, with access to a major bus route, shopping, restaurants, and everyday amenities.
The property occupies 0.39 acres at 2187 Central Avenue in Schenectady, NY, within the South Colonie School District. Outdoor amenities include a patio and private backyard. Parking and storage are provided by an attached one-car garage, a detached one-car garage, and a driveway; the detached garage has electricity and water. Public water and sewer serve the property, with access to a major bus route, shopping, restaurants, and everyday amenities.
Key Highlights
- Three‑unit layout with 3‑bedroom, 1.5‑bath owner’s unit, plus 2‑bedroom and 1‑bedroom apartments
- 2,944 square feet on 0.39 acres at 2187 Central Avenue, Schenectady, NY 12304
- Partially finished garden‑level basement with potential for a future fourth unit, subject to approvals and permits
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
$33,527
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
6.71%
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%
$670,540
$670.5K
Cap Rate 7%
$478,957
$479.0K
Cap Rate 9%
$372,522
$372.5K
Market Conditions
NOI Build-Up for 2,944 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
$51.2K $17.40/SF
− Vacancy
−$3.3K −$1.13/SF
EGI
$47.9K $16.27/SF
− OpEx
−$14.4K −$4.88/SF
NOI
$33.5K $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%
$670,540
Cap Rate 7%
$478,957
Cap Rate 9%
$372,522
Alternative Uses
Best Use
Multifamily LT 5
$479.0K
$419.1K – $558.8K
NOI $33,527 @ 7.0% cap · market cap 6.71%
Second Best
Apartment 5plus
$429.6K
$375.9K – $501.2K
NOI $30,072 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$881.2K
$771.0K – $1.03M
NOI $61,683 @ 7.0% cap · market cap 12.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
185
Businesses Nearby
Explore this area
Business Placement
Demographics for 12304, NY
21,513
Population
9,438
Households
2.3
Avg Household Size
40
Median Age
25%
College-Educated
88%
High-School Grad
6.7 sq mi
ZIP Area
3,211
Density / Sq Mi
$67,688
Median Household Income
$43,824
Median Earnings
$1,049
Median Rent
$171,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units include a larger owner-occupied layout, two additional apartments, and flexible basement space.
Where is this triplex located?
The property is located at 2187 Central Avenue Schenectady, NY.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Three‑unit layout with 3‑bedroom, 1.5‑bath owner’s unit, plus 2‑bedroom and 1‑bedroom apartments; 2,944 square feet on 0.39 acres at 2187 Central Avenue, Schenectady, NY 12304; Partially finished garden‑level basement with potential for a future fourth unit, subject to approvals and permits
