Seven-Bedroom
For Sale
$299,900
218 Cherry Street, Schenectady, NY 12306
MultiFamily, Schenectady, NY
Property Size2,600 SF
Lot Size0.12 Acres
Price / SF$115.35
Days on Market73
Property Features for 218 Cherry Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 7, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6
Parking
2
Parking features
Off Street, Driveway
Patio and Porch features
Deck, Porch
Interior features
Solid Surface Counters, Paddle Fan
Basement
Interior Entry, Full
High school
Schenectady
Elementary school district
Schenectady
Middle school district
Schenectady
High school district
Schenectady
Directions
Broadway to Campbell Ave to left on Cherry
Standard status
Active
APN
421500 48.51-4-5
Size
2,600 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
6026
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Amenities
covered front porches
rear deck
off-street parking
Building Details
Year built
1900
Number of units
2
Flooring type
Linoleum, Hardwood, Laminate
Building materials
Vinyl Siding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Dominick Ieraci · License #30IE0802009
(518) 339-0052
Added: Jul 21
Changed: Sep 12
Last Checked: Oct 1 at 8:06PM
MLS# 202622250
Copyright © 2026 Global MLS, Inc. 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 two-unit duplex contains approximately 2,600 square feet and was built in 1900. The first-floor residence has two bedrooms, while the larger second-floor unit provides five bedrooms, including two private bedrooms and a full bath in the finished third-floor area. Both flats include living and dining rooms, eat-in kitchens, walk-in pantry closets, and a mix of hardwood, laminate, and linoleum flooring. The units are currently tenant-occupied.
Exterior features include vinyl siding, some newer replacement windows, covered front porches serving both apartments, a rear deck, and off-street driveway parking. The property sits on a 0.12-acre lot with a large, level backyard. Public water and public sewer serve the building, with hot-water heating powered by natural gas.
Exterior features include vinyl siding, some newer replacement windows, covered front porches serving both apartments, a rear deck, and off-street driveway parking. The property sits on a 0.12-acre lot with a large, level backyard. Public water and public sewer serve the building, with hot-water heating powered by natural gas.
Key Highlights
- 2,600 square feet across two residential units
- 0.12‑acre lot with a large, level backyard
- Two‑bedroom first‑floor unit and five‑bedroom second‑floor unit
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
$26,559
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
8.86%
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%
$531,180
$531.2K
Cap Rate 7%
$379,414
$379.4K
Cap Rate 9%
$295,100
$295.1K
Market Conditions
NOI Build-Up for 2,600 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
$51.5K $19.80/SF
− Vacancy
−$3.2K −$1.23/SF
EGI
$48.3K $18.57/SF
− OpEx
−$21.7K −$8.36/SF
NOI
$26.6K $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%
$531,180
Cap Rate 7%
$379,414
Cap Rate 9%
$295,100
Alternative Uses
Best Use
Multifamily LT 5
$423.0K
$370.1K – $493.5K
NOI $29,610 @ 7.0% cap · market cap 9.87%
Second Best
Apartment 5plus
$379.4K
$332.0K – $442.7K
NOI $26,559 @ 7.0% cap · market cap 8.86%
Theoretical Best
Office A
$778.2K
$680.9K – $907.9K
NOI $54,475 @ 7.0% cap · market cap 18.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
304
Businesses Nearby
Explore this area
Business Placement
Demographics for 12306, NY
26,935
Population
12,481
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
94%
High-School Grad
43.9 sq mi
ZIP Area
614
Density / Sq Mi
$80,583
Median Household Income
$46,702
Median Earnings
$1,221
Median Rent
$212,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Tenant-occupied two-unit property with separate flats, covered porches, off-street parking, and a level backyard.
Where is this duplex located?
The property is located at 218 Cherry Street Schenectady, NY.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 2,600 square feet across two residential units; 0.12‑acre lot with a large, level backyard; Two‑bedroom first‑floor unit and five‑bedroom second‑floor unit
