Turnkey Two-Building Apartment
For Sale
$1,600,000
1114 Union Street, Schenectady, NY 12308
Two fully occupied five-unit apartment buildings are offered together with off-street parking and recent apartment renovations.
Property Size9,905 SF
Price / SF$161.53
Days on Market159
Property Features for 1114 Union Street
General Information
Standard status
Active
Size
9,905 SF
Property subtype
Multi-family
Occupancy
100%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
10
Building Details
Year Built
1985
Tenancy
Multi
Listing Agency:
Realty One Group Key
Listed By:
Ryan Mortka · License #10401319216
(518) 587-3400
Source:
Signatureonerealtygroup
Added: May 15
Changed: Oct 19
Last Checked: Oct 19 at 8:59AM
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 Realty One Group Key
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Investment Insights
Based on property information with market context.
Offered as a turnkey package, this portfolio includes two fully occupied five-unit apartment buildings. The properties feature a diverse unit mix and have seen more than $220,000 in capital improvements since 2022, including renovated apartments, updated kitchens and baths, refinished hardwood and luxury vinyl flooring, and plumbing and mechanical upgrades, along with exterior painting. Tenants pay their own utilities, and both buildings provide off-street parking, with garages included at 1114 Union St.
The buildings are located near Union College, Ellis Hospital, downtown Schenectady, and nearby shopping and dining, with access to major highways. Financial information is available upon request.
The buildings are located near Union College, Ellis Hospital, downtown Schenectady, and nearby shopping and dining, with access to major highways. Financial information is available upon request.
Key Highlights
- 10‑unit apartment portfolio: two fully occupied five‑unit buildings offered together
- Year built: 1985
- Off‑street parking for both properties; garages at 1114 Union St.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$101,178
Cap Rate
6.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,023,560
$2.0M
Cap Rate 7%
$1,445,400
$1.4M
Cap Rate 9%
$1,124,200
$1.1M
Market Conditions
NOI Build-Up for 9,905 SF
Gross rent
$196.1K $19.80/SF
− Vacancy
−$12.2K −$1.23/SF
EGI
$184.0K $18.57/SF
− OpEx
−$82.8K −$8.36/SF
NOI
$101.2K $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 Rate 5%
$2,023,560
Cap Rate 7%
$1,445,400
Cap Rate 9%
$1,124,200
Alternative Uses
Best Use
Apartment 5plus
$1.45M
$1.26M – $1.69M
NOI $101,178 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.96M
$2.59M – $3.46M
NOI $207,530 @ 7.0% cap · market cap 12.97%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
10
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,133
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Two fully occupied five-unit apartment buildings are offered together with off-street parking and recent apartment renovations.
Where is this apartment building located?
The property is located at 1114 Union Street Schenectady, NY.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 10‑unit apartment portfolio: two fully occupied five‑unit buildings offered together; Year built: 1985; Off‑street parking for both properties; garages at 1114 Union St.
