16-Unit Brick Apartment
For Sale
$1,590,000
Pending
1011 Union Street, Schenectady, NY 12308
Commercial Sale, Schenectady, NY
Property Size10,809 SF
Lot Size0.19 Acres
Days on Market234
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 9, Bathroom 3, Bathroom 7, Bathroom 5, Bathroom 12, Bathroom 13, Bathroom 1, Bathroom 15, Bathroom 16, Bathroom 10, Bathroom 6, Bathroom 2, Bathroom 8, Bathroom 11, Bathroom 4
Parking
18
Parking features
On Street
Security features
Security Lighting
Interior features
High Speed Internet, Built-in Features, Ceramic Tile Bath
Basement
Interior Entry, Unfinished, Walk-Out Access, Full, Exterior Entry
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
Zoned, Forced Air, Natural Gas, Electric (Heating), Baseboard
Water source
Public
Amenities
hardwood floors
Building Details
Year built
1984
Floors in Building
3
Flooring type
Tile - Ceramic, Vinyl, Hardwood
Building materials
Brick
Roof type
Rubber, Flat
Architectural style
Other
Listing Agency:
Carr Real Estate Group LLC
Listed By:
Richard Carr · License #10491207486
(518) 488-2434
Added: Feb 3
Changed: Sep 14
Last Checked: Sep 25 at 11:06PM
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 16-unit apartment building contains 10,809 square feet on a 0.19-acre parcel and is constructed with an all-brick exterior. The property includes 19 total bedrooms and 51 total rooms, with hardwood flooring in most apartments. Common areas across all four levels are protected by a full sprinkler system. A rubber roof was installed in 2022, and the building is served by public water and public sewer. Heating includes forced air, baseboard, electric, natural gas, and zoned systems.
Located at 1011 Union Street in Schenectady, the property is within walking distance of Union College and downtown Schenectady. A public bus stop is positioned directly across the street, providing an additional transportation connection. The property is zoned Multi Residence and includes on-street parking.
Located at 1011 Union Street in Schenectady, the property is within walking distance of Union College and downtown Schenectady. A public bus stop is positioned directly across the street, providing an additional transportation connection. The property is zoned Multi Residence and includes on-street parking.
Key Highlights
- 16‑unit apartment building with 19 total bedrooms and 51 total rooms
- 10,809 square feet on a 0.19‑acre parcel
- All‑brick construction with hardwood flooring in most apartments
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
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Open Analytics
Current Use
Lease Details
16
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 multifamily property with updated roofing, public utilities, and access to nearby college, downtown, and transit destinations.
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 apartment building with 19 total bedrooms and 51 total rooms; 10,809 square feet on a 0.19‑acre parcel; All‑brick construction with hardwood flooring in most apartments
