Two-Family Residential
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.
Type:Multi-family
Property size:
1,504 SFPrice / SF:
$182/SF- Added:
- May 30, 2026
- Days on Market:
- 40
- Last Refresh:
- Jul 8 at 2:41 am
Property Features for 232 3RD Street
General Information
- Standard status
- Active
- Size
- 1,504 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1903
Listing office KW Platform
Listing date May 30, 2026
Source Signatureonerealtygroup
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
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
- Second‑floor unit features a spacious bedroom, comfortable living area, and kitchen with dining space; low‑maintenance flooring throughout
- First floor has long‑term tenants; second floor is vacant
- Manageable backyard for relaxing or entertaining
Overview
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.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.2k | $17.40 |
| − Vacancy | −$1.7k | −$1.13 |
| EGI | $24.5k | $16.27 |
| − OpEx | −$7.3k | −$4.88 |
| NOI | $17.1k | $11.39 |
1,504 SF · lease $17.40/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$244.7K
$214.1K – $285.5K
NOI $17,128 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$219.5K
$192.0K – $256.1K
NOI $15,363 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$450.2K
$393.9K – $525.2K
NOI $31,512 @ 7.0% cap · market cap 11.46%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Schenectady
- County
- Schenectady
- State
- New York
- Longitude
- -73.965881
- Latitude
- 42.8309073
Nearby Similar for Sale
FAQs
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 $275,000.
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
