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 Market66
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
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Jul 1
Changed: Sep 2
Last Checked: Sep 1 at 8:43PM
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
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 = 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
$101,178
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
6.32%
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%
$2,023,560
$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
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
$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 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%
$2,023,560
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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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.
