Brick Triplex with Long-Term
For Sale
$269,000
229 Green Street, Schenectady, NY 12305
Traditional brick triplex in the Stockade, fully rented with two first-floor units and a third unit upstairs.
Property Size2,353 SF
Price / SF$114.32
Days on Market151
Property Features for 229 Green Street
General Information
Standard status
Active
Size
2,353 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
KW Platform
Listed By:
Kristian Khachadourian
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Apr 10
Changed: Sep 6
Last Checked: Sep 6 at 10:07AM
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 traditional brick triplex offers three separate residential units within one building. The layout includes two units on the first floor and a third unit on the second floor, with a configuration designed for straightforward, tenant-friendly living arrangements. The property is presented in a fully rented state, with long-term tenants currently in place.
Located in Schenectady’s Stockade neighborhood, the home is set among walkable surroundings and close to downtown conveniences. The public remarks also note proximity to local restaurants and Rivers Casino, supporting the area’s day-to-day appeal for residents.
For buyers seeking a residential income property with established occupancy, this triplex provides an income-producing setup through existing long-term tenants. Its brick construction and three-unit layout can appeal to investors looking to own a compact multifamily asset while keeping the building structure simple: two units at street level and one unit on the upper level. The combination of current occupancy and a clear unit distribution makes it a practical option for those evaluating a small-scale, locally based rental portfolio.
Located in Schenectady’s Stockade neighborhood, the home is set among walkable surroundings and close to downtown conveniences. The public remarks also note proximity to local restaurants and Rivers Casino, supporting the area’s day-to-day appeal for residents.
For buyers seeking a residential income property with established occupancy, this triplex provides an income-producing setup through existing long-term tenants. Its brick construction and three-unit layout can appeal to investors looking to own a compact multifamily asset while keeping the building structure simple: two units at street level and one unit on the upper level. The combination of current occupancy and a clear unit distribution makes it a practical option for those evaluating a small-scale, locally based rental portfolio.
Key Highlights
- Traditional brick triplex in Schenectady’s Stockade neighborhood
- Fully rented with long‑term tenants in place
- Unit layout: two units on the first floor and a third unit on the second floor
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
$24,035
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
8.93%
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%
$480,700
$480.7K
Cap Rate 7%
$343,357
$343.4K
Cap Rate 9%
$267,056
$267.1K
Market Conditions
NOI Build-Up for 2,353 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
$46.6K $19.80/SF
− Vacancy
−$2.9K −$1.23/SF
EGI
$43.7K $18.57/SF
− OpEx
−$19.7K −$8.36/SF
NOI
$24.0K $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%
$480,700
Cap Rate 7%
$343,357
Cap Rate 9%
$267,056
Alternative Uses
Best Use
Multifamily LT 5
$382.8K
$335.0K – $446.6K
NOI $26,797 @ 7.0% cap · market cap 9.96%
Second Best
Apartment 5plus
$343.4K
$300.4K – $400.6K
NOI $24,035 @ 7.0% cap · market cap 8.93%
Theoretical Best
Office A
$704.3K
$616.3K – $821.7K
NOI $49,300 @ 7.0% cap · market cap 18.33%
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
1,765
Businesses Nearby
Explore this area
Business Placement
Demographics for 12305, NY
6,085
Population
4,103
Households
1.5
Avg Household Size
37
Median Age
34%
College-Educated
88%
High-School Grad
1.5 sq mi
ZIP Area
4,057
Density / Sq Mi
$50,308
Median Household Income
$34,228
Median Earnings
$1,067
Median Rent
$162,500
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 - Traditional brick triplex in the Stockade, fully rented with two first-floor units and a third unit upstairs.
Where is this triplex located?
The property is located at 229 Green Street Schenectady, NY.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: Traditional brick triplex in Schenectady’s Stockade neighborhood; Fully rented with long‑term tenants in place; Unit layout: two units on the first floor and a third unit on the second floor
