Updated Four-Unit
For Sale
$369,000
1595 Union Street, Schenectady, NY 12309
Four one-bedroom apartments with refreshed interiors, separate utility metering, and multiple on-site parking options.
Property Size1,804 SF
Lot Size0.12 Acres
Price / SF$204.55
Days on Market16
Property Features for 1595 Union Street
General Information
Standard status
Active
Size
1,804 SF
Total Parking Spaces
8
Lot size
0.12 Acres
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Cap Rate
13.9%
Amenities
laundry
Building Details
Year Built
1984
Buildings
1
Stories
2
Listing Agency:
Miranda Real Estate Group Inc
Listed By:
Moonrani G Gumani
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Aug 8
Changed: Aug 22
Last Checked: Aug 22 at 9:29AM
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 1,804-square-foot quadplex contains four independently arranged one-bedroom, one-bath apartments, with two residences on each level. Each unit includes a kitchen, living and dining area, full bathroom, refrigerator, and range. Interior improvements include new flooring, repainted surfaces, renovated kitchens, and updated bathrooms. The building was constructed in 1984 and has forced-air heat and an asphalt shingle roof.
Parking includes a driveway, a two-car garage, and additional spaces behind the building, for an estimated six to eight spaces overall. Four electric meters and four water meters provide separate utility accounting. The unfinished basement contains laundry facilities, while the 0.12-acre lot includes a chain-link fenced rear yard and storage shed.
The property is located on Union Street in Schenectady's Upper Union Street corridor, near area shops and restaurants, with access to I-890, Route 7, and the Thruway. The estimated cap rate is 13.9%.
Parking includes a driveway, a two-car garage, and additional spaces behind the building, for an estimated six to eight spaces overall. Four electric meters and four water meters provide separate utility accounting. The unfinished basement contains laundry facilities, while the 0.12-acre lot includes a chain-link fenced rear yard and storage shed.
The property is located on Union Street in Schenectady's Upper Union Street corridor, near area shops and restaurants, with access to I-890, Route 7, and the Thruway. The estimated cap rate is 13.9%.
Key Highlights
- Four 1‑bedroom, 1‑bath units with two apartments on each floor
- 1,804 SF building constructed in 1984
- Estimated 13.9% cap rate
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
$20,544
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
5.57%
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%
$410,880
$410.9K
Cap Rate 7%
$293,486
$293.5K
Cap Rate 9%
$228,267
$228.3K
Market Conditions
NOI Build-Up for 1,804 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
$31.4K $17.40/SF
− Vacancy
−$2.0K −$1.13/SF
EGI
$29.3K $16.27/SF
− OpEx
−$8.8K −$4.88/SF
NOI
$20.5K $11.39/SF
Area
Schenectady County, NY
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$410,880
Cap Rate 7%
$293,486
Cap Rate 9%
$228,267
Alternative Uses
Best Use
Multifamily LT 5
$293.5K
$256.8K – $342.4K
NOI $20,544 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$263.3K
$230.4K – $307.1K
NOI $18,428 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$540.0K
$472.5K – $630.0K
NOI $37,797 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
932
Businesses Nearby
Explore this area
Business Placement
Demographics for 12309, NY
31,273
Population
13,623
Households
2.3
Avg Household Size
43
Median Age
59%
College-Educated
97%
High-School Grad
17.6 sq mi
ZIP Area
1,777
Density / Sq Mi
$119,830
Median Household Income
$68,167
Median Earnings
$1,472
Median Rent
$301,100
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?
Quadplex - Four one-bedroom apartments with refreshed interiors, separate utility metering, and multiple on-site parking options.
Where is this quadplex located?
The property is located at 1595 Union Street Schenectady, NY.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bath units with two apartments on each floor; 1,804 SF building constructed in 1984; Estimated 13.9% cap rate
