Renovated Triplex with Separated
For Sale
$350,000
Pending
311 Craig Street, Schenectady, NY 12307
Residential Income, Schenectady, NY
Property Size2,484 SF
Lot Size0.08 Acres
Days on Market41
Property Features for 311 Craig Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 5, Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 7, Bedroom 6
Patio and Porch features
Porch
High school district
000000
Directions
Albany St to Craig St
Standard status
Pending
APN
421500 49.33-4-4
Size
2,484 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
5350
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
attic storage
front porch
fenced rear yard
Building Details
Year built
1900
Number of units
3
Flooring type
Vinyl, Tile
Building materials
Vinyl Siding, Brick
Roof type
Asphalt
Listing Agency:
Miranda Real Estate Group Inc
(518) 356-1701
Listed By:
Moonrani G Gumani · License #10401352209
(518) 356-1701
Added: Jul 24
Changed: Sep 2
Last Checked: Sep 2 at 5:06AM
MLS# 11901716
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 2,484-square-foot triplex contains three apartments within a 1900-built residential property. The interiors have been renovated with contemporary kitchens that include stone countertops, tile backsplashes, and stainless appliances, along with tile bathrooms and a mix of vinyl and tile flooring. A first-floor apartment is complemented by two upper-level units. The building also includes a full walk-up attic, front porch, and fenced rear yard.
Each apartment has separate electric and gas metering, with three electric meters and three gas meters serving the property. Heating is provided by forced-air, natural-gas systems, while the building has vinyl and brick siding, an asphalt roof, and public water service. The property occupies 0.08 acres on Craig Street in Schenectady, near schools, shopping, and major routes.
Each apartment has separate electric and gas metering, with three electric meters and three gas meters serving the property. Heating is provided by forced-air, natural-gas systems, while the building has vinyl and brick siding, an asphalt roof, and public water service. The property occupies 0.08 acres on Craig Street in Schenectady, near schools, shopping, and major routes.
Key Highlights
- Three‑unit triplex with 2,484 square feet of building area
- Three electric meters and three gas meters provide separately metered systems
- Renovated kitchens feature stone countertops, tile backsplashes, and stainless appliances
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
$28,289
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
8.08%
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%
$565,780
$565.8K
Cap Rate 7%
$404,129
$404.1K
Cap Rate 9%
$314,322
$314.3K
Market Conditions
NOI Build-Up for 2,484 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
$43.2K $17.40/SF
− Vacancy
−$2.8K −$1.13/SF
EGI
$40.4K $16.27/SF
− OpEx
−$12.1K −$4.88/SF
NOI
$28.3K $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%
$565,780
Cap Rate 7%
$404,129
Cap Rate 9%
$314,322
Alternative Uses
Best Use
Multifamily LT 5
$404.1K
$353.6K – $471.5K
NOI $28,289 @ 7.0% cap · market cap 8.08%
Second Best
Apartment 5plus
$362.5K
$317.2K – $422.9K
NOI $25,374 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$743.5K
$650.6K – $867.4K
NOI $52,045 @ 7.0% cap · market cap 14.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,871
Businesses Nearby
Explore this area
Business Placement
Demographics for 12307, NY
7,567
Population
3,491
Households
2.2
Avg Household Size
32
Median Age
14%
College-Educated
74%
High-School Grad
0.7 sq mi
ZIP Area
10,810
Density / Sq Mi
$33,191
Median Household Income
$28,878
Median Earnings
$1,110
Median Rent
$95,900
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?
Triplex - Three apartments feature updated kitchens, tile bathrooms, and individual electric and gas metering.
Where is this triplex located?
The property is located at 311 Craig Street Schenectady, NY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Three‑unit triplex with 2,484 square feet of building area; Three electric meters and three gas meters provide separately metered systems; Renovated kitchens feature stone countertops, tile backsplashes, and stainless appliances
