Renovated 2-Unit
New
For Sale
$294,500
1027 2nd Avenue, Schenectady, NY 12303
Two vacant three-bedroom residences feature updated kitchens, bathrooms, mechanical systems, and interior finishes.
Property Size2,448 SF
Price / SF$120.30
Days on Market5
Property Features for 1027 2nd Avenue
General Information
Standard status
Active
Size
2,448 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$7,053
Building Details
Year Built
1920
Listing Agency:
Scorzafava Real Estate Group LLC
(518) 847-7962
Listed By:
Scott Scorzafava · License #10491210709
(518) 847-7962
Source:
Capmarkrealty
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 8:38PM
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 Scorzafava Real Estate Group LLC
Investment Insights
Based on property information with market context.
This duplex contains two three-bedroom residences within 2,448 square feet of building area. The property is vacant, allowing immediate occupancy or a new leasing plan. Recent improvements include kitchens with granite countertops and stainless steel appliances, ceramic-tile bathrooms, new vinyl siding, drywall, electrical, plumbing, furnaces, hot water heaters, flooring, lighting, and interior paint.
The property is located at 1027 2nd Avenue in Schenectady, NY, with shopping, restaurants, downtown, schools, parks, and a bus line in the surrounding area. Built in 1920, the building combines a two-unit residential layout with extensive updates to major systems and finishes.
The property is located at 1027 2nd Avenue in Schenectady, NY, with shopping, restaurants, downtown, schools, parks, and a bus line in the surrounding area. Built in 1920, the building combines a two-unit residential layout with extensive updates to major systems and finishes.
Key Highlights
- Two‑unit duplex with 3 bedrooms over 3 bedrooms
- 2,448 square feet of building area
- Currently vacant for immediate occupancy or leasing
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
$25,006
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
8.49%
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%
$500,120
$500.1K
Cap Rate 7%
$357,229
$357.2K
Cap Rate 9%
$277,844
$277.8K
Market Conditions
NOI Build-Up for 2,448 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
$48.5K $19.80/SF
− Vacancy
−$3.0K −$1.23/SF
EGI
$45.5K $18.57/SF
− OpEx
−$20.5K −$8.36/SF
NOI
$25.0K $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%
$500,120
Cap Rate 7%
$357,229
Cap Rate 9%
$277,844
Alternative Uses
Best Use
Multifamily LT 5
$398.3K
$348.5K – $464.7K
NOI $27,879 @ 7.0% cap · market cap 9.47%
Second Best
Apartment 5plus
$357.2K
$312.6K – $416.8K
NOI $25,006 @ 7.0% cap · market cap 8.49%
Theoretical Best
Office A
$732.7K
$641.1K – $854.8K
NOI $51,290 @ 7.0% cap · market cap 17.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
488
Businesses Nearby
Explore this area
Business Placement
Demographics for 12303, NY
30,893
Population
12,533
Households
2.5
Avg Household Size
41
Median Age
35%
College-Educated
90%
High-School Grad
15.6 sq mi
ZIP Area
1,980
Density / Sq Mi
$77,615
Median Household Income
$50,051
Median Earnings
$1,120
Median Rent
$227,500
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?
Duplex - Two vacant three-bedroom residences feature updated kitchens, bathrooms, mechanical systems, and interior finishes.
Where is this duplex located?
The property is located at 1027 2nd Avenue Schenectady, NY.
What is the asking price?
The asking price for this property is $294,500.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms over 3 bedrooms; 2,448 square feet of building area; Currently vacant for immediate occupancy or leasing
