Two-Family Residential Income
For Sale
$275,000
232 3rd Street, Schenectady, NY 12302
MULTI_FAMILY - Other - Schenectady, NY
Property Size1,504 SF
Lot Size0.08 Acres
Price / SF$182.85
Days on Market55
Property Features for 232 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking
4
Parking features
Off Street, Driveway, Garage
Basement
Interior Entry
High school
Scotia-Glenville
Elementary school district
Scotia Glenville
Middle school district
Scotia Glenville
High school district
Scotia Glenville
Directions
Take Sacandaga Rd to 3rd St
Standard status
Active
APN
422201 38.28-1-36.2
Size
1,504 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
6000
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard, Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1903
Number of units
2
Building materials
Vinyl Siding
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Thaddeus Jones · License #10301220962
(518) 681-1836
Added: Jun 16
Changed: Jul 24
Last Checked: Aug 9 at 10:06PM
MLS# 202620008
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 well-maintained two-family property offers two separate residential units with practical interior layouts. The first-floor apartment includes two bedrooms, hardwood floors, a bright living room, a formal dining room, and a large eat-in kitchen. Additional space is available with a finished basement area plus a bonus rear room, and the home also features a covered front porch. The second-floor unit provides one bedroom, a comfortable living area, and a kitchen with dining space, with low-maintenance flooring throughout.
Located at 232 3rd Street in Schenectady, NY, the property sits on a small lot and includes a manageable backyard for outdoor relaxation. The first floor is occupied by long-term tenants, while the second floor is currently vacant.
For buyers, this configuration can suit either an investor seeking an income-producing first unit or an owner-occupant looking to live in one unit while using the other for flexible occupancy. The separate unit layouts, covered porch, and added basement/bonus space on the first floor provide everyday livability for either tenant or household use.
Located at 232 3rd Street in Schenectady, NY, the property sits on a small lot and includes a manageable backyard for outdoor relaxation. The first floor is occupied by long-term tenants, while the second floor is currently vacant.
For buyers, this configuration can suit either an investor seeking an income-producing first unit or an owner-occupant looking to live in one unit while using the other for flexible occupancy. The separate unit layouts, covered porch, and added basement/bonus space on the first floor provide everyday livability for either tenant or household use.
Key Highlights
- Two‑family property with first‑floor unit currently occupied by long‑term tenants and second‑floor unit vacant
- First‑floor layout includes 2 bedrooms, bathroom, bright living room, formal dining room, and large eat‑in kitchen
- Second‑floor unit features a spacious bedroom, living area, and kitchen with dining space
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
6.23%
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 6.23%
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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 - Two-family home with a tenant-occupied first unit and a vacant second unit for flexible occupancy.
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 property with first‑floor unit currently occupied by long‑term tenants and second‑floor unit vacant; First‑floor layout includes 2 bedrooms, bathroom, bright living room, formal dining room, and large eat‑in kitchen; Second‑floor unit features a spacious bedroom, living area, and kitchen with dining space
