Brick Multifamily Investment Near Union
For Sale
$1,590,000
Pending
1011 Union Street, Schenectady, NY 12308
COMMERCIAL - Other - Schenectady, NY
Property Size10,809 SF
Lot Size0.19 Acres
Days on Market189
Property Features for 1011 Union Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Multi Residence
Bathrooms
16
Full bathrooms
16
Rooms
Bathroom 14, Bathroom 8, Bathroom 1, Bathroom 6, Bathroom 2, Bathroom 7, Bathroom 11, Bathroom 5, Bathroom 9, Bathroom 15, Bathroom 16, Bathroom 13, Bathroom 4, Bathroom 10, Bathroom 3, Bathroom 12
Parking
18
Parking features
On Street
Security features
Security Lighting
Interior features
High Speed Internet, Built-in Features, Ceramic Tile Bath
Basement
Exterior Entry, Full, Unfinished, Interior Entry, Walk-Out Access
Lot features
Road Frontage, Level, Corner Lot
Elementary school
Howe International Magnet
High school
Schenectady
Elementary school district
Schenectady
Middle school district
Schenectady
High school district
Schenectady
Directions
Union St. East to Park Ave, the building is on the corner of Union St. & Park Ave
Standard status
Pending
APN
421500 39.75-1-23
Size
10,809 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
17349
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Electric (Heating), Zoned, Baseboard, Forced Air
Water source
Public
Building Details
Year built
1984
Floors in Building
3
Flooring type
Tile - Ceramic, Hardwood, Vinyl
Building materials
Brick
Roof type
Flat, Rubber
Architectural style
Other
Listing Agency:
Carr Real Estate Group, LLC
(518) 488-2434
Listed By:
Richard Carr · License #10491207486
(518) 488-2434
Added: Feb 3
Changed: Aug 4
Last Checked: Aug 11 at 12:06PM
MLS# 202611447
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 is a solid all-brick 16-unit multifamily property generating $17,780 per month in gross rents, resulting in a gross annual scheduled rent roll of $213,360. The property includes a full sprinkler system on all four levels in common areas, along with a new rubber roof installed in 2022. Most apartments feature hardwood floors, and the building is currently in good overall condition. It is ideally located within walking distance of Union College, downtown Schenectady, and public transportation, with a bus stop directly across the street. The property is situated on a 0.19-acre lot. The building has a property size of 10,809 square feet. There are 16 units with 19 total bedrooms and 51 total rooms. The property is located in Schenectady, NY. The building is located near the city's ongoing revitalization. At the asking price, the projected returns place the cap rate in the high-10% range, making this a compelling income play for both seasoned and first-time multifamily investors. The year built is approximate.
Key Highlights
- 16‑unit brick multifamily with 19 total bedrooms and 51 total rooms
- Gross rents reported at $17,780/month with a gross annual scheduled rent roll of $213,360
- Rubber flat 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
Lease Details
16
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
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 - 16-unit multifamily property near Union College with high returns.
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: 16‑unit brick multifamily with 19 total bedrooms and 51 total rooms; Gross rents reported at $17,780/month with a gross annual scheduled rent roll of $213,360; Rubber flat roof installed in 2022
