Turnkey Duplex
1047 Gillespie Street Schenectady, NY 12308
1047 Gillespie Street, Schenectady, NY, 12308
$339,900
For Sale
$339,900
Well-maintained duplex with two three-bedroom units, new kitchens and baths, and off-street parking.
Property Size2,254 SF
Price / SF$150.80
Days on Market70
Property Features for 1047 Gillespie Street
General Information
- Standard status
- Active
- Size
- 2,254 SF
- Property subtype
- Multi Family / Duplex
Building Details
- Year Built
- 1920
Listing agency
Howard Hanna
(518) 337-9916
Listed by
Elizabeth A Foley-VonDell · License #40FO1178539
(518) 337-9916
Source
Compass
Added: May 13 Updated: Jul 21 at 12:46AM Checked: Jul 21 at 12:46AM
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 Howard Hanna
Investment Insights
Based on property information with market context.
This well-maintained duplex offers 2,254 square feet and features two spacious three-bedroom apartments. Both units have brand new kitchens and baths, with interior finishes including high ceilings, exposed brick, decorative fireplaces, crown moldings, hardwood floors, and luxury vinyl plank flooring. Each apartment includes covered front and rear porches, and recent updates also include a new rubber roof and freshly painted rear porches.
The property is located on Gillespie Street in Schenectady, about one block from Union College. Additional nearby points of reference include Ellis Hospital (0.9 miles), Rivers Casino (1.3 miles), and Central Park (1.7 miles).
Off-street parking is available via a private driveway, and there is a two-story oversized barn/garage that can support tenant storage or potential additional income.
The property is located on Gillespie Street in Schenectady, about one block from Union College. Additional nearby points of reference include Ellis Hospital (0.9 miles), Rivers Casino (1.3 miles), and Central Park (1.7 miles).
Off-street parking is available via a private driveway, and there is a two-story oversized barn/garage that can support tenant storage or potential additional income.
Key Highlights
- Well‑maintained 2,254 SF duplex built in 1920 with two spacious 3‑bedroom apartments
- Both units have brand new kitchens and baths, with hardwood and laminate flooring throughout
- Full basement with sump pump; laundry located in the basement
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $39.2k | $17.40 |
| − Vacancy | −$2.5k | −$1.13 |
| EGI | $36.7k | $16.27 |
| − OpEx | −$11.0k | −$4.88 |
| NOI | $25.7k | $11.39 |
2,254 SF · lease $17.40/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$366.7K
$320.9K – $427.8K
NOI $25,669 @ 7.0% cap · market cap 7.55%
Second Best
Apartment 5plus
$328.9K
$287.8K – $383.7K
NOI $23,024 @ 7.0% cap · market cap 6.77%
Theoretical Best
Office A
$674.7K
$590.3K – $787.1K
NOI $47,226 @ 7.0% cap · market cap 13.89%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Well-maintained duplex with two three-bedroom units, new kitchens and baths, and off-street parking.
Where is this duplex located?
The property is located at 1047 Gillespie Street Schenectady, NY.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Well‑maintained 2,254 SF duplex built in 1920 with two spacious 3‑bedroom apartments; Both units have brand new kitchens and baths, with hardwood and laminate flooring throughout; Full basement with sump pump; laundry located in the basement
