Brick Three-Unit
For Sale
$272,000
229 Green Street, Schenectady, NY 12305
MULTI_FAMILY - Other - Schenectady, NY
Property Size2,353 SF
Lot Size0.09 Acres
Price / SF$115.60
Days on Market121
Property Features for 229 Green Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 4, Bedroom 3, Bathroom 2, Bedroom 2
Basement
Full, Unfinished
High school
Schenectady
Elementary school district
Schenectady
Middle school district
Schenectady
High school district
Schenectady
Directions
Head north on US-9 merge onto I-87 N take exit 24 toward NY-7 W follow NY-7 W State Street into downtown Schenectady turn right on Union Street then right onto N Ferry Street turn right onto Green Street -- destination will be on your right.
Standard status
Active
APN
421500 39.55-3-23
Size
2,353 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
6906
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Radiant, Hot Water(Heating)
Water source
Public
Building Details
Year built
1900
Number of units
3
Flooring type
Laminate, Tile, Hardwood
Building materials
Brick
Roof type
Rubber, Flat
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Kristian Khachadourian · License #10401303476
(518) 937-4124
Added: Apr 21
Changed: Aug 17
Last Checked: Aug 19 at 2:06PM
MLS# 202615473
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.
Built in 1900, this 2,353-square-foot brick triplex contains three apartments, with two residences on the first floor and one upstairs. The property is fully rented with long-term tenants in place. Interior finishes include tile, hardwood, and laminate flooring, while radiant hot-water heat is supplied by natural gas. Public water and public sewer serve the building, which sits on a 0.09-acre lot with a flat rubber roof.
The property is located in Schenectady’s Stockade neighborhood, within walking distance of downtown amenities, restaurants, and Rivers Casino. Its three-unit configuration, existing occupancy, brick construction, and established utility infrastructure provide a straightforward multifamily asset profile.
The property is located in Schenectady’s Stockade neighborhood, within walking distance of downtown amenities, restaurants, and Rivers Casino. Its three-unit configuration, existing occupancy, brick construction, and established utility infrastructure provide a straightforward multifamily asset profile.
Key Highlights
- Three‑unit layout with two first‑floor apartments and one second‑floor apartment
- 2,353 square feet on a 0.09‑acre lot
- Fully rented with long‑term tenants in place
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
8.84%
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 9.85%
Second Best
Apartment 5plus
$343.4K
$300.4K – $400.6K
NOI $24,035 @ 7.0% cap · market cap 8.84%
Theoretical Best
Office A
$704.3K
$616.3K – $821.7K
NOI $49,300 @ 7.0% cap · market cap 18.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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 - Fully occupied residential income property with three apartments and established tenancy in Schenectady’s Stockade neighborhood.
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 $272,000.
What are key features of this property?
This property features: Three‑unit layout with two first‑floor apartments and one second‑floor apartment; 2,353 square feet on a 0.09‑acre lot; Fully rented with long‑term tenants in place
