Profitable Multifamily Investment
For Sale
$1,299,000
Pending
1300 S Schodack Road, Castleton, NY 12033
Ten units across three buildings on a one-acre parcel.
Property Size7,608 SF
Lot Size1.00 Acre
Days on Market156
Property Features for 1300 S Schodack Road
General Information
Standard status
Pending
Size
7,608 SF
Lot size
1.00 Acre
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$13,346
Building Details
Building Size
7,608 SF
Year Built
1840
Listing Agency:
Berkshire Hathaway HomeService
Listed By:
Karen Sheffer · License #40SH1148521
Source:
Stonehouseproperties
Added: Mar 25
Changed: Aug 23
Last Checked: Jul 24 at 6:52PM
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 Berkshire Hathaway HomeService
Investment Insights
Based on property information with market context.
This property features ten fully rented units across three buildings, generating a gross annual income of $150,000. Situated on a one-acre parcel, the property includes an original 1840 farmhouse, a side-by-side duplex, and a ranch-style building with four identical units. The farmhouse, comprising four units (three one-bedroom and one two-bedroom), has undergone significant renovations, including a new roof, siding, double-pane insulated windows, and refreshed interiors with paint, kitchens, baths, and vinyl flooring. The duplex features a new roof, double-pane windows, and rear decks, with each unit offering two bedrooms, a large living room, a good-sized kitchen, and ample closet space, along with updated paint, kitchens, baths, and new vinyl flooring. The ranch-style building contains four identical units, each with two bedrooms, large closets, sliding glass doors to the yard, and locked outside storage rooms; two of these units have been freshly painted with new flooring and kitchen and bath improvements. All ten units are equipped with two heat sources: natural gas hot air wall-mounted units and electric baseboards. Additional amenities include a coin-operated laundry room. The property provides ample off-street parking and green space, surrounded by farmland, and is located within 10 minutes of East Greenbush or Kinderhook and 15 minutes of Rensselaer and downtown Albany, within the Schodack school district. The property is intended for residential income purposes.
Key Highlights
- High Gross Annual Income: $150,000 from 10 fully rented units.
- Recent Major Improvements: New roofs, siding, windows, and interior renovations across all buildings.
- Separate Utilities: Each unit has separate electricity, gas, and hot water.
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
$92,347
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
7.11%
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%
$1,846,940
$1.8M
Cap Rate 7%
$1,319,243
$1.3M
Cap Rate 9%
$1,026,078
$1.0M
Market Conditions
NOI Build-Up for 7,608 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
$177.1K $23.28/SF
− Vacancy
−$9.2K −$1.21/SF
EGI
$167.9K $22.07/SF
− OpEx
−$75.6K −$9.93/SF
NOI
$92.3K $12.14/SF
Area
Rensselaer County, NY
Vacancy
5.20%
Lease Rate
$23.28 /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%
$1,846,940
Cap Rate 7%
$1,319,243
Cap Rate 9%
$1,026,078
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,347 @ 7.0% cap · market cap 7.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $133,131 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 12033, NY
8,076
Population
3,843
Households
2.1
Avg Household Size
46
Median Age
35%
College-Educated
93%
High-School Grad
28.5 sq mi
ZIP Area
283
Density / Sq Mi
$92,808
Median Household Income
$55,875
Median Earnings
$1,380
Median Rent
$267,500
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 - Ten units across three buildings on a one-acre parcel.
Where is this apartment building located?
The property is located at 1300 S Schodack Road Castleton, NY.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: High Gross Annual Income: $150,000 from 10 fully rented units.; Recent Major Improvements: New roofs, siding, windows, and interior renovations across all buildings.; Separate Utilities: Each unit has separate electricity, gas, and hot water.
