Updated Triplex Apartment
For Sale
$315,000
1606 Foster Avenue, Schenectady, NY 12308
Three apartments offer a varied bedroom mix, with tenants responsible for separate utilities.
Property Size2,160 SF
Price / SF$145.83
Days on Market49
Property Features for 1606 Foster Avenue
General Information
Standard status
Active
Size
2,160 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 1 x 2BR, 1 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,963
Building Details
Year Built
1900
Listing Agency:
Buy N Sell Realty Inc
(518) 322-9877
Listed By:
Subhash D Sukhram
(518) 322-9877
Source:
Capmarkrealty
Added: Jul 14
Changed: Aug 30
Last Checked: Aug 30 at 1:42PM
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 Buy N Sell Realty Inc
Investment Insights
Based on property information with market context.
This 2,160-square-foot triplex contains three apartments arranged across two floors. The first-floor residence has three bedrooms, while the second floor includes separate two-bedroom and one-bedroom apartments. Updates have been completed throughout the building during current ownership, and tenants pay separate utilities.
Built in 1900, the property is located at 1606 Foster Avenue in Schenectady, New York. Showings are available with easy access for viewing.
Built in 1900, the property is located at 1606 Foster Avenue in Schenectady, New York. Showings are available with easy access for viewing.
Key Highlights
- Triplex with three apartments
- 2,160 SF building constructed in 1900
- First‑floor apartment with 3 bedrooms
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
$24,599
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
7.81%
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%
$491,980
$492.0K
Cap Rate 7%
$351,414
$351.4K
Cap Rate 9%
$273,322
$273.3K
Market Conditions
NOI Build-Up for 2,160 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
$37.6K $17.40/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$35.1K $16.27/SF
− OpEx
−$10.5K −$4.88/SF
NOI
$24.6K $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%
$491,980
Cap Rate 7%
$351,414
Cap Rate 9%
$273,322
Alternative Uses
Best Use
Multifamily LT 5
$351.4K
$307.5K – $410.0K
NOI $24,599 @ 7.0% cap · market cap 7.81%
Second Best
Apartment 5plus
$315.2K
$275.8K – $367.7K
NOI $22,064 @ 7.0% cap · market cap 7.00%
Theoretical Best
Office A
$646.5K
$565.7K – $754.3K
NOI $45,256 @ 7.0% cap · market cap 14.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
890
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three apartments offer a varied bedroom mix, with tenants responsible for separate utilities.
Where is this triplex located?
The property is located at 1606 Foster Avenue Schenectady, NY.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Triplex with three apartments; 2,160 SF building constructed in 1900; First‑floor apartment with 3 bedrooms
