Two-Unit Duplex with
For Sale
$375,000
Pending
302-304 Michigan Avenue, Schenectady, NY 12303
Residential Income, Schenectady, NY
Property Size2,915 SF
Lot Size0.11 Acres
Days on Market115
Property Features for 302-304 Michigan Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 5, Bedroom 4, Bedroom 6, Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 2
Parking features
Driveway
Patio and Porch features
Porch
Fencing
Fenced
High school district
000000
Directions
From I-890, take Exit 4 (Broadway). Head south on Broadway, then turn right onto Michigan Avenue. The home is on the right.
Standard status
Pending
APN
421500 49.66-1-7 01
Size
2,915 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
8354
Utilities
Heating system
Hot Water(Heating)
Water source
Public
Amenities
paved driveway
fenced backyard
full basement with laundry hookups
Building Details
Year built
1890
Number of units
2
Flooring type
Vinyl, Linoleum, Carpet
Building materials
Vinyl Siding
Roof type
Asphalt
Listing Agency:
Miranda Real Estate Group Inc
(518) 356-1701
Listed By:
Moonrani G Gumani · License #10401352209
(201) 238-4972
Added: May 12
Changed: Sep 2
Last Checked: Sep 3 at 2:06PM
MLS# 11743283
Copyright © 2026 My State MLS. 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 two-family duplex contains 2,915 square feet of living area arranged across two units, with six bedrooms and two full bathrooms. The property includes a full basement with laundry hookups, hot water heating, vinyl siding, and a porch. Interior finishes include vinyl, carpet, and linoleum flooring, while the asphalt roof and public water service provide additional property details.
Outdoor improvements include a two-car detached garage, paved driveway, and fenced backyard on a 0.11-acre lot. Built in 1890, the residence is located at 302-304 Michigan Avenue in Schenectady, New York.
Outdoor improvements include a two-car detached garage, paved driveway, and fenced backyard on a 0.11-acre lot. Built in 1890, the residence is located at 302-304 Michigan Avenue in Schenectady, New York.
Key Highlights
- 2,915 square feet of living area across two units
- Six bedrooms and two full bathrooms
- Two‑car detached garage with paved driveway
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
$33,197
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
8.85%
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%
$663,940
$663.9K
Cap Rate 7%
$474,243
$474.2K
Cap Rate 9%
$368,856
$368.9K
Market Conditions
NOI Build-Up for 2,915 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
$50.7K $17.40/SF
− Vacancy
−$3.3K −$1.13/SF
EGI
$47.4K $16.27/SF
− OpEx
−$14.2K −$4.88/SF
NOI
$33.2K $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%
$663,940
Cap Rate 7%
$474,243
Cap Rate 9%
$368,856
Alternative Uses
Best Use
Multifamily LT 5
$474.2K
$415.0K – $553.3K
NOI $33,197 @ 7.0% cap · market cap 8.85%
Second Best
Apartment 5plus
$425.4K
$372.2K – $496.3K
NOI $29,776 @ 7.0% cap · market cap 7.94%
Theoretical Best
Office A
$872.5K
$763.4K – $1.02M
NOI $61,075 @ 7.0% cap · market cap 16.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
765
Businesses Nearby
Explore this area
Business Placement
Demographics for 12303, NY
30,893
Population
12,533
Households
2.5
Avg Household Size
41
Median Age
35%
College-Educated
90%
High-School Grad
15.6 sq mi
ZIP Area
1,980
Density / Sq Mi
$77,615
Median Household Income
$50,051
Median Earnings
$1,120
Median Rent
$227,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Up-and-down duplex with separate living spaces, basement laundry hookups, fenced outdoor area, and public water service.
Where is this duplex located?
The property is located at 302-304 Michigan Avenue Schenectady, NY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 2,915 square feet of living area across two units; Six bedrooms and two full bathrooms; Two‑car detached garage with paved driveway
