Two-Family Residential
For Sale
$265,000
232 3RD Street, Schenectady, NY 12302
Well-maintained two-family home with two-bedroom first floor and vacant one-bedroom second unit, plus porch and backyard.
Property Size1,504 SF
Price / SF$176.20
Days on Market70
Property Features for 232 3RD Street
General Information
Standard status
Active
Size
1,504 SF
Property subtype
Multi-family
Occupancy
50%
Additional Details
Multifamily Units
2
Building Details
Year Built
1903
Stories
2
Tenancy
Multi
Listing Agency:
KW Platform
Listed By:
Thaddeus Jones
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Jun 14
Changed: Aug 22
Last Checked: Aug 22 at 9:46AM
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 well-maintained two-family residential property is configured with separate first- and second-floor units. The first-floor apartment features two generously sized bedrooms, hardwood floors, a bright living room, a formal dining room, and a large eat-in kitchen designed for everyday comfort and gathering. Additional space includes a finished basement area and a bonus rear room, and the home offers a welcoming covered front porch.
Located in a convenient Scotia area, the property includes outdoor space with a manageable backyard that can support relaxed, low-maintenance use. The first-floor unit is currently occupied by long-term tenants, while the second-floor unit is vacant.
The existing layout and current occupancy status make the property practical for owner-occupants and investors seeking a two-unit setup with one unit already in place and the other available. The combination of multiple finished and flexible indoor areas on the first floor, along with a simpler second-floor plan, can support a range of living or rental strategies while maintaining a straightforward two-family configuration.
Located in a convenient Scotia area, the property includes outdoor space with a manageable backyard that can support relaxed, low-maintenance use. The first-floor unit is currently occupied by long-term tenants, while the second-floor unit is vacant.
The existing layout and current occupancy status make the property practical for owner-occupants and investors seeking a two-unit setup with one unit already in place and the other available. The combination of multiple finished and flexible indoor areas on the first floor, along with a simpler second-floor plan, can support a range of living or rental strategies while maintaining a straightforward two-family configuration.
Key Highlights
- Two‑family home built in 1903 with a two‑bedroom first‑floor unit and a one‑bedroom second‑floor unit
- First‑floor unit includes 2 bedrooms, hardwood floors, bright living room, formal dining room, and a large eat‑in kitchen
- Finished basement area plus a bonus rear room and a covered front porch
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
$17,128
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
6.46%
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%
$342,560
$342.6K
Cap Rate 7%
$244,686
$244.7K
Cap Rate 9%
$190,311
$190.3K
Market Conditions
NOI Build-Up for 1,504 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
$26.2K $17.40/SF
− Vacancy
−$1.7K −$1.13/SF
EGI
$24.5K $16.27/SF
− OpEx
−$7.3K −$4.88/SF
NOI
$17.1K $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%
$342,560
Cap Rate 7%
$244,686
Cap Rate 9%
$190,311
Alternative Uses
Best Use
Multifamily LT 5
$244.7K
$214.1K – $285.5K
NOI $17,128 @ 7.0% cap · market cap 6.46%
Second Best
Apartment 5plus
$219.5K
$192.0K – $256.1K
NOI $15,363 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$450.2K
$393.9K – $525.2K
NOI $31,512 @ 7.0% cap · market cap 11.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
483
Businesses Nearby
Explore this area
Business Placement
Demographics for 12302, NY
27,618
Population
12,406
Households
2.2
Avg Household Size
45
Median Age
42%
College-Educated
95%
High-School Grad
43.3 sq mi
ZIP Area
638
Density / Sq Mi
$94,156
Median Household Income
$55,305
Median Earnings
$1,207
Median Rent
$240,700
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?
Duplex - Well-maintained two-family home with two-bedroom first floor and vacant one-bedroom second unit, plus porch and backyard.
Where is this duplex located?
The property is located at 232 3RD Street Schenectady, NY.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Two‑family home built in 1903 with a two‑bedroom first‑floor unit and a one‑bedroom second‑floor unit; First‑floor unit includes 2 bedrooms, hardwood floors, bright living room, formal dining room, and a large eat‑in kitchen; Finished basement area plus a bonus rear room and a covered front porch
