16-Unit Multifamily Investment
For Sale
$1,590,000
Pending
1011 Union Street, Schenectady, NY 12308
Brick building near Union College generating $17,480 monthly gross rents.
Property Size10,809 SF
Lot Size0.19 Acres
Days on Market198
Property Features for 1011 Union Street
General Information
Standard status
Pending
Size
10,809 SF
Lot size
0.19 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$17,349
Amenities
Corner Lot
Baseboard Heating
Electric Heating
Flat Roof
Forced Air Heating
Hardwood Flooring
Level
Natural Gas Heating
On Street
Road Frontage
Rubber Roof
Vinyl Flooring
Zoned Heating
Building Details
Year Built
1984
Listing Agency:
CARR REAL ESTATE GROUP, LLC
(518) 488-2434
Listed By:
RICHARD CARR · License #10491207486
Source:
Corcoran
Added: Feb 3
Changed: Aug 8
Last Checked: Apr 5 at 8:29PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CARR REAL ESTATE GROUP, LLC
Investment Insights
Based on property information with market context.
This is a 16-unit all-brick multifamily property generating $17,480 per month in gross rents, with a gross annual scheduled rent roll of $209,760. The property is located near Union College, downtown Schenectady, and public transportation, with a bus stop directly across the street. Most apartments feature hardwood floors, and the building is currently in good overall condition. It features a full sprinkler system on all four levels in common areas, plus a new rubber roof installed in 2022. The property contains 16 units with 19 total bedrooms and 51 total rooms. The building is located in an area undergoing revitalization. The property size is 10809 square feet. The year built is approximate. Additional financial details are available upon request.
Key Highlights
- High‑10% range cap rate offers a compelling income opportunity.
- Generates $17,480/month in gross rents ($209,760 annually).
- New rubber roof installed in 2022.
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
$110,412
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
6.94%
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%
$2,208,240
$2.2M
Cap Rate 7%
$1,577,314
$1.6M
Cap Rate 9%
$1,226,800
$1.2M
Market Conditions
NOI Build-Up for 10,809 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
$214.0K $19.80/SF
− Vacancy
−$13.3K −$1.23/SF
EGI
$200.7K $18.57/SF
− OpEx
−$90.3K −$8.36/SF
NOI
$110.4K $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%
$2,208,240
Cap Rate 7%
$1,577,314
Cap Rate 9%
$1,226,800
Alternative Uses
Best Use
Apartment 5plus
$1.58M
$1.38M – $1.84M
NOI $110,412 @ 7.0% cap · market cap 6.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.24M
$2.83M – $3.77M
NOI $226,470 @ 7.0% cap · market cap 14.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,216
Businesses Nearby
Explore this area
Business Placement
Demographics for 12308, NY
15,285
Population
6,442
Households
2.4
Avg Household Size
31
Median Age
29%
College-Educated
89%
High-School Grad
2.3 sq mi
ZIP Area
6,646
Density / Sq Mi
$59,789
Median Household Income
$35,966
Median Earnings
$1,159
Median Rent
$180,100
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?
Apartment building - Brick building near Union College generating $17,480 monthly gross rents.
Where is this apartment building located?
The property is located at 1011 Union Street Schenectady, NY.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: High‑10% range cap rate offers a compelling income opportunity.; Generates $17,480/month in gross rents ($209,760 annually).; New rubber roof installed in 2022.
