Three-Family Residential Income
For Sale
$500,000
Pending
2187 Central Avenue, Schenectady, NY 12304
MULTI_FAMILY - Schenectady, NY
Property Size2,944 SF
Lot Size0.39 Acres
Days on Market50
Property Features for 2187 Central Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Multi Residence
Bedrooms
7
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bathroom 4, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 6, Bathroom 2, Bedroom 1, Bedroom 7, Bedroom 3
Parking
9
Parking features
Driveway, Garage
Patio and Porch features
Patio
Interior features
High Speed Internet, Ceramic Tile Bath, Chair Rail, Crown Molding
Exterior features
Garden
Fireplace
1
Basement
Finished, Unfinished, Interior Entry, Exterior Entry
Lot features
Private, Level, Landscaped, Road Frontage, Corner Lot, Garden
High school
Colonie Central HS
Elementary school district
South Colonie
Middle school district
South Colonie
High school district
South Colonie
Directions
On the Corner of Central Ave and Elmwood Ave, near the Colonie/Schenectady border.
Standard status
Pending
APN
012689 16.2-1-42
Size
2,944 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Annual Amount
5935
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Water source
Public
Building Details
Year built
1950
Number of units
3
Flooring type
Carpet, Hardwood, Tile
Building materials
Brick
Roof type
Asphalt
Additional Structures
Second Garage
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Rachel Kusaywa · License #10401243326
(518) 542-6070
Added: Jul 10
Changed: Jul 24
Last Checked: Aug 28 at 6:06AM
MLS# 202621537
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 three-family residential income property offers flexible living arrangements with a spacious owner unit plus two additional apartments. The owner unit includes 3 bedrooms and 1.5 bathrooms, along with a flex bedroom that could be incorporated into any unit for additional living or rental space. Two other apartments include a 2-bedroom unit and a 1-bedroom unit. The garden-level basement is partially finished and presents opportunity for expanded finished living space, and may allow for a future fourth unit subject to approvals and permits.
Outside, the home features a large, private backyard with a patio. Parking and storage are supported by an attached one-car garage and a detached one-car garage; the detached garage has electricity and water run to it. The property is in the South Colonie School District and is described as having low Colonie taxes, with easy access to a major bus route and nearby shopping, restaurants, and everyday amenities. Photos are limited for tenant privacy.
Outside, the home features a large, private backyard with a patio. Parking and storage are supported by an attached one-car garage and a detached one-car garage; the detached garage has electricity and water run to it. The property is in the South Colonie School District and is described as having low Colonie taxes, with easy access to a major bus route and nearby shopping, restaurants, and everyday amenities. Photos are limited for tenant privacy.
Key Highlights
- Rare three‑family home with a 3‑bedroom, 1.5‑bath owner’s unit plus a 2‑bedroom and 1‑bedroom apartment
- Includes an additional flex bedroom that could be incorporated into a unit for extra living or rental value
- Large, partially finished garden‑level basement offers potential for more finished living space or a future fourth unit (subject to approvals/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
Multi-tenant
Tenancy
Turnkey business
Opportunity
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-family home with an owner unit plus 2-bedroom and 1-bedroom apartments, including a partially finished garden-level basement.
Where is this triplex located?
The property is located at 2187 Central Avenue 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: Rare three‑family home with a 3‑bedroom, 1.5‑bath owner’s unit plus a 2‑bedroom and 1‑bedroom apartment; Includes an additional flex bedroom that could be incorporated into a unit for extra living or rental value; Large, partially finished garden‑level basement offers potential for more finished living space or a future fourth unit (subject to approvals/permits)
