Updated 3-Unit
For Sale
$435,000
1109 Glenwood Boulevard, Schenectady, NY 12308
Three separate utility systems support an updated multifamily property with renovated kitchens, hardwood floors, and a finished tenant-ready layout.
Property Size3,632 SF
Price / SF$119.77
Days on Market10
Property Features for 1109 Glenwood Boulevard
General Information
Standard status
Active
Size
3,632 SF
Total Parking Spaces
4
Property subtype
Multi-family
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Amenities
updated kitchens
hardwood floors
crown molding
recessed lighting
fully tiled baths
glass shower enclosures
covered front porch
basement with laundry
walk-up attic
Building Details
Year Built
1890
Listing Agency:
Miranda Real Estate Group Inc
Listed By:
Moonrani G Gumani
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Aug 2
Changed: Aug 11
Last Checked: Aug 10 at 3:45AM
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 Miranda Real Estate Group Inc
Investment Insights
Based on property information with market context.
This 1890 three-family property contains 3,632 square feet arranged across 12 rooms, 6 bedrooms, and 3 full baths. Each unit features an updated kitchen with stone countertops, tile backsplash, and stainless appliances, complemented by hardwood flooring, crown molding, recessed lighting, and tiled bathrooms with glass shower enclosures. Utilities are individually separated with 3 electric meters and 3 gas meters; tenants are responsible for electricity, heat, and hot water. The property also includes natural gas heat, public water and sewer, vinyl siding, and a full unfinished basement with laundry. A walk-up attic, covered front porch, detached 1-car garage, and driveway parking for 3 add to the physical configuration.
Located at 1109 Glenwood Boulevard in Schenectady, the property sits near Upper Union Street, the GE Realty Plot, Union College, Ellis Hospital, and downtown. The level lot includes a deep yard and fronts a tree-lined boulevard.
Located at 1109 Glenwood Boulevard in Schenectady, the property sits near Upper Union Street, the GE Realty Plot, Union College, Ellis Hospital, and downtown. The level lot includes a deep yard and fronts a tree-lined boulevard.
Key Highlights
- 3,632 square feet with 12 rooms, 6 bedrooms, and 3 full baths
- Built in 1890 with updated kitchens, hardwood floors, and tiled baths
- 3 electric meters and 3 gas meters provide fully separated utilities
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
$37,100
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
8.53%
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%
$742,000
$742.0K
Cap Rate 7%
$530,000
$530.0K
Cap Rate 9%
$412,222
$412.2K
Market Conditions
NOI Build-Up for 3,632 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
$71.9K $19.80/SF
− Vacancy
−$4.5K −$1.23/SF
EGI
$67.5K $18.57/SF
− OpEx
−$30.4K −$8.36/SF
NOI
$37.1K $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%
$742,000
Cap Rate 7%
$530,000
Cap Rate 9%
$412,222
Alternative Uses
Best Use
Multifamily LT 5
$590.9K
$517.0K – $689.4K
NOI $41,362 @ 7.0% cap · market cap 9.51%
Second Best
Apartment 5plus
$530.0K
$463.8K – $618.3K
NOI $37,100 @ 7.0% cap · market cap 8.53%
Theoretical Best
Office A
$1.09M
$951.2K – $1.27M
NOI $76,098 @ 7.0% cap · market cap 17.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,075
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?
Triplex - Three separate utility systems support an updated multifamily property with renovated kitchens, hardwood floors, and a finished tenant-ready layout.
Where is this triplex located?
The property is located at 1109 Glenwood Boulevard Schenectady, NY.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: 3,632 square feet with 12 rooms, 6 bedrooms, and 3 full baths; Built in 1890 with updated kitchens, hardwood floors, and tiled baths; 3 electric meters and 3 gas meters provide fully separated utilities
