Updated Four-Unit
New
For Sale
$369,000
1595 Union Street, Schenectady, NY 12309
MULTI_FAMILY - Schenectady, NY
Property Size1,804 SF
Lot Size0.12 Acres
Price / SF$204.55
Days on Market4
Property Features for 1595 Union Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 3, Bathroom 1, Bedroom 2, Bathroom 4, Bathroom 2, Bedroom 3, Bedroom 1
High school district
000000
Directions
From I 890, take Exit 6 for Brandywine Avenue. Head north on Brandywine Avenue to Union Street. Turn right onto Union Street and continue approximately one mile. 1595 Union Street will be on the right.
Standard status
Active
APN
421500 50.30-1-30
Size
1,804 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
7345
Utilities
Heating system
Forced Air, Oil
Water source
Public
Amenities
laundry
storage shed
fenced back yard
Building Details
Year built
1984
Number of units
4
Flooring type
Vinyl, Tile
Building materials
Aluminum
Roof type
Asphalt
Listing Agency:
Miranda Real Estate Group Inc
(518) 356-1701
Listed By:
Moonrani G Gumani · License #10401352209
(518) 356-1701
Added: Aug 14
Changed: Aug 16
Last Checked: Aug 17 at 6:06AM
MLS# 11937082
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,804-square-foot quadplex contains four one-bedroom, one-bath apartments, with two residences on each of the first and second floors. Every unit includes a kitchen, living area with combined dining space, full bathroom, refrigerator, and range. Interior improvements include fresh paint, new flooring, renovated kitchens, and updated bathrooms. The property was built in 1984 and uses forced-air oil heat beneath an asphalt shingle roof.
Set on a level 0.12-acre lot, the property includes a chain-link fenced rear yard, storage shed, unfinished basement laundry area, driveway, two-car garage, and additional rear parking. Four electric meters and four water meters separately serve the apartments. The property is near Upper Union Street shops and restaurants, with access to I-890, Route 7, and the Thruway.
Set on a level 0.12-acre lot, the property includes a chain-link fenced rear yard, storage shed, unfinished basement laundry area, driveway, two-car garage, and additional rear parking. Four electric meters and four water meters separately serve the apartments. The property is near Upper Union Street shops and restaurants, with access to I-890, Route 7, and the Thruway.
Key Highlights
- Four one‑bedroom, one‑bath units totaling 1,804 square feet
- Two apartments occupy each of the first and second floors
- Recent interior updates include paint, flooring, kitchens, and bathrooms
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 separately metered apartments with refreshed interiors, dedicated kitchens, and on-site parking in Schenectady.
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 one‑bedroom, one‑bath units totaling 1,804 square feet; Two apartments occupy each of the first and second floors; Recent interior updates include paint, flooring, kitchens, and bathrooms
