Five-Unit Multifamily Investment
For Sale
$495,000
714 Union Street, Schenectady, NY 12305
MULTI_FAMILY - Other - Schenectady, NY
Property Size2,932 SF
Lot Size0.09 Acres
Price / SF$168.83
Days on Market261
Property Features for 714 Union Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 4, Bathroom 5, Bedroom 2, Bedroom 6, Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 3, Bathroom 4, Bathroom 2, Bathroom 1
Parking
5
Parking features
Driveway, Off Street
Window features
Skylight(s)
Patio and Porch features
Porch
Basement
Interior Entry, Unfinished
Lot features
Level, Road Frontage
High school
Schenectady
Elementary school district
Schenectady
Middle school district
Schenectady
High school district
Schenectady
Directions
Heading East on Union Street, the building will be on your left shortly after Seward Pl., but before Lafayette Street.
Standard status
Active
APN
421500 39.73-1-7
Size
2,932 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
6727
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1984
Number of units
5
Flooring type
Hardwood, Carpet, Vinyl
Building materials
Aluminum Siding
Roof type
Flat
Architectural style
Other
Listing Agency:
Advanced Property Management
(518) 265-0886
Listed By:
Matthew H Janke · License #10401338755
(518) 708-9008
Added: Dec 2, 2025
Changed: Jul 24
Last Checked: Aug 20 at 12:06PM
MLS# 202530407
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 three-story multifamily property, built in 1984, contains five units and approximately 2,932 square feet of living space. Situated in the Union Street corridor, the property offers investment potential in an active rental area of Schenectady. The 0.09-acre lot (28-by-150-foot) includes municipal water and sewer, public utilities, and off-street parking via a shared driveway. The location provides access to Union College, Ellis Hospital, Schenectady High School, Downtown Schenectady, and Mohawk Harbor, as well as shops, restaurants, and entertainment venues on Union Street. Nearby schools include Yates Elementary and Oneida Middle School, in addition to Schenectady High School, all within 2 miles. Zoned for multi-family use, this property offers a reliable opportunity for investors seeking stable occupancy and long-term value in a well-connected neighborhood.
Key Highlights
- Five‑unit multifamily building built in 1984 with 2,932 sq ft of living space across three stories
- 28‑by‑150‑foot lot with municipal public water and public sewer
- Aluminum siding exterior with a flat roof
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
$29,950
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
6.05%
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%
$599,000
$599.0K
Cap Rate 7%
$427,857
$427.9K
Cap Rate 9%
$332,778
$332.8K
Market Conditions
NOI Build-Up for 2,932 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
$58.1K $19.80/SF
− Vacancy
−$3.6K −$1.23/SF
EGI
$54.5K $18.57/SF
− OpEx
−$24.5K −$8.36/SF
NOI
$29.9K $10.21/SF
Area
Schenectady County, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$599,000
Cap Rate 7%
$427,857
Cap Rate 9%
$332,778
Alternative Uses
Best Use
Apartment 5plus
$427.9K
$374.4K – $499.2K
NOI $29,950 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$877.6K
$767.9K – $1.02M
NOI $61,431 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,095
Businesses Nearby
Explore this area
Business Placement
Demographics for 12305, NY
6,085
Population
4,103
Households
1.5
Avg Household Size
37
Median Age
34%
College-Educated
88%
High-School Grad
1.5 sq mi
ZIP Area
4,057
Density / Sq Mi
$50,308
Median Household Income
$34,228
Median Earnings
$1,067
Median Rent
$162,500
Median Home Value
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?
Apartment building - Multifamily property in a highly convenient and historic location.
Where is this apartment building located?
The property is located at 714 Union Street Schenectady, NY.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Five‑unit multifamily building built in 1984 with 2,932 sq ft of living space across three stories; 28‑by‑150‑foot lot with municipal public water and public sewer; Aluminum siding exterior with a flat roof
