Multifamily Property in Scotia
For Sale
$8,500,000
49 Mohawk Avenue, Scotia, NY 12302
51-unit multifamily property in Glenville, New York.
Property Size61,120 SF
Price / SF$139.07
Days on Market149
Property Features for 49 Mohawk Avenue
General Information
Standard status
Active
Size
61,120 SF
Property subtype
Multifamily
Listing Agency:
CBRE | Albany
(518) 281-4497
Listed By:
Tom Savino · License #Associate Real Estate Broker
(518) 281-4497
Source:
Cbre
Added: Mar 25
Changed: Aug 8
Last Checked: Jul 16 at 3:02AM
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 CBRE | Albany
Investment Insights
Based on property information with market context.
Scotia Manor is a three-story multifamily property featuring 51 units located in Glenville, New York. Situated in the Village of Scotia, which is part of the Town of Glenville, the property is connected to the City of Schenectady via the Western Gateway Bridge over the Mohawk River. The Village of Scotia is known for its parks and waterfront, offering walkability and local amenities. Mohawk Avenue, the main street through the Village, has experienced a resurgence. The property consists of 36 two-bedroom, one-bath units and 15 one-bedroom, one-bath units. The property has consistently experienced high leasing demand and full occupancy. Located at the intersection of Mohawk Avenue and S. Ballston Ave, Scotia Manor provides convenient access to various Village amenities, restaurants, and services. Its proximity to Glenville and its businesses offers a source of potential residents. The property presents opportunities for NOI growth through operating adjustments, such as charging for parking, which aligns with practices at competing properties.
Key Highlights
- Full occupancy indicates high demand for rental units.
- Opportunity for NOI growth through modest operating adjustments (e.g., charging for parking).
- Below market rental rates by approximately 15%.
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
$624,330
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
7.35%
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%
$12,486,600
$12.5M
Cap Rate 7%
$8,919,000
$8.9M
Cap Rate 9%
$6,937,000
$6.9M
Market Conditions
NOI Build-Up for 61,120 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
$1.21M $19.80/SF
− Vacancy
−$75.0K −$1.23/SF
EGI
$1.14M $18.57/SF
− OpEx
−$510.8K −$8.36/SF
NOI
$624.3K $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%
$12,486,600
Cap Rate 7%
$8,919,000
Cap Rate 9%
$6,937,000
Alternative Uses
Best Use
Apartment 5plus
$8.92M
$7.80M – $10.41M
NOI $624,330 @ 7.0% cap · market cap 7.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$18.29M
$16.01M – $21.34M
NOI $1,280,586 @ 7.0% cap · market cap 15.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
Explore this area
Business Placement
Demographics for 12302, NY
27,618
Population
12,406
Households
2.2
Avg Household Size
45
Median Age
42%
College-Educated
95%
High-School Grad
43.3 sq mi
ZIP Area
638
Density / Sq Mi
$94,156
Median Household Income
$55,305
Median Earnings
$1,207
Median Rent
$240,700
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?
Apartment building - 51-unit multifamily property in Glenville, New York.
Where is this apartment building located?
The property is located at 49 Mohawk Avenue Scotia, NY.
What is the asking price?
The asking price for this property is $8,500,000.
What are key features of this property?
This property features: Full occupancy indicates high demand for rental units.; Opportunity for NOI growth through modest operating adjustments (e.g., charging for parking).; Below market rental rates by approximately 15%.
