Triplex with Two
For Sale
$500,000
Pending
2187 Central Ave, Schenectady, NY 12304
Three-unit property with varied layouts, outdoor space, basement area, and convenient access to transit and everyday services.
Property Size2,944 SF
Days on Market41
Property Features for 2187 Central Ave
General Information
Standard status
Pending
Size
2,944 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR, 1 x 1BR
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,935
Amenities
backyard
patio
Building Details
Buildings
1
Listing Agency:
KW Platform
(518) 542-6070
Listed By:
Rachel Kusaywa · License #10401243326
(518) 542-6070
Source:
Exprealty
Added: Jul 10
Changed: Aug 11
Last Checked: Aug 17 at 9:58PM
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 KW Platform
Investment Insights
Based on property information with market context.
This 2,944-square-foot triplex includes a primary residence with 3 bedrooms and 1.5 bathrooms, plus separate 2-bedroom and 1-bedroom apartments. An additional flexible bedroom can be incorporated into one of the units, subject to the desired layout. The garden-level basement is partially finished and may provide additional living area or support the creation of a fourth unit, subject to required approvals and permits.
Outdoor features include a private backyard and patio. Parking and storage are supported by an attached 1-car garage and a detached 1-car garage, with electricity and water connected to the detached structure. The property is located in the South Colonie School District and offers access to a major bus route, shopping, restaurants, and everyday amenities.
Outdoor features include a private backyard and patio. Parking and storage are supported by an attached 1-car garage and a detached 1-car garage, with electricity and water connected to the detached structure. The property is located in the South Colonie School District and offers access to a major bus route, shopping, restaurants, and everyday amenities.
Key Highlights
- 2,944‑square‑foot triplex with 3‑bedroom, 1.5‑bath primary unit
- Additional apartments include 2‑bedroom and 1‑bedroom layouts
- Partially finished garden‑level basement with possible fourth‑unit conversion, subject to approvals and permits
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
$33,527
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
6.71%
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%
$670,540
$670.5K
Cap Rate 7%
$478,957
$479.0K
Cap Rate 9%
$372,522
$372.5K
Market Conditions
NOI Build-Up for 2,944 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
$51.2K $17.40/SF
− Vacancy
−$3.3K −$1.13/SF
EGI
$47.9K $16.27/SF
− OpEx
−$14.4K −$4.88/SF
NOI
$33.5K $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%
$670,540
Cap Rate 7%
$478,957
Cap Rate 9%
$372,522
Alternative Uses
Best Use
Multifamily LT 5
$479.0K
$419.1K – $558.8K
NOI $33,527 @ 7.0% cap · market cap 6.71%
Second Best
Apartment 5plus
$429.6K
$375.9K – $501.2K
NOI $30,072 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$881.2K
$771.0K – $1.03M
NOI $61,683 @ 7.0% cap · market cap 12.34%
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
185
Businesses Nearby
Explore this area
Business Placement
Demographics for 12304, NY
21,513
Population
9,438
Households
2.3
Avg Household Size
40
Median Age
25%
College-Educated
88%
High-School Grad
6.7 sq mi
ZIP Area
3,211
Density / Sq Mi
$67,688
Median Household Income
$43,824
Median Earnings
$1,049
Median Rent
$171,500
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?
Triplex - Three-unit property with varied layouts, outdoor space, basement area, and convenient access to transit and everyday services.
Where is this triplex located?
The property is located at 2187 Central Ave Schenectady, NY.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 2,944‑square‑foot triplex with 3‑bedroom, 1.5‑bath primary unit; Additional apartments include 2‑bedroom and 1‑bedroom layouts; Partially finished garden‑level basement with possible fourth‑unit conversion, subject to approvals and permits
