Downtown Retail
For Sale
Contact for pricing
240 State Street #3, Schenectady, NY 12305
Street-level space sits beneath 105 apartments in a mixed-use building completed in 2019.
Property Size141,145 SF
Price / SF$0.00
Days on Market594
Property Features for 240 State Street #3
General Information
Standard status
Active
Size
141,145 SF
Property subtype
Retail
Building Details
Year Built
2019
Listing Agency:
Coldwell Banker Commercial Prime Properties
(518) 785-9000
Listed By:
Christopher H Schmid · License #10401351162
(518) 506-4348
Source:
Simplywoodardrealestate
Added: Mar 19, 2025
Changed: Nov 1
Last Checked: Nov 1 at 3:31PM
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 Coldwell Banker Commercial Prime Properties
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Investment Insights
Based on property information with market context.
A 1,664-square-foot retail suite is available in a mixed-use building completed in 2019, with 105 apartments above. The space can be delivered as a vanilla box or built to suit, with flexible fit-up options for retail, restaurant, or service-related businesses. The property also has a mix of professional tenants.
The suite occupies a corner at State Street and Erie Boulevard in downtown Schenectady. State Street averages more than 10,500 vehicles per day. Union College, Theater Row, and Proctors Theatre are within walking distance, as are an aquarium and grocery store under development.
The suite occupies a corner at State Street and Erie Boulevard in downtown Schenectady. State Street averages more than 10,500 vehicles per day. Union College, Theater Row, and Proctors Theatre are within walking distance, as are an aquarium and grocery store under development.
Key Highlights
- 1,664 SF retail suite with vanilla‑box or build‑to‑suit delivery options
- Located below 105 apartments in a 2019 mixed‑use building
- Corner position at State Street and Erie Boulevard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,703,733
Suggested Prices Based on Cap Rates
Cap Rate 5%
$34,074,660
$34.1M
Cap Rate 7%
$24,339,043
$24.3M
Cap Rate 9%
$18,930,367
$18.9M
Market Conditions
NOI Build-Up for 141,145 SF
Gross rent
$2.54M $18.00/SF
− Vacancy
−$106.7K −$0.76/SF
EGI
$2.43M $17.24/SF
− OpEx
−$730.2K −$5.17/SF
NOI
$1.70M $12.07/SF
Area
Schenectady County, NY
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$34,074,660
Cap Rate 7%
$24,339,043
Cap Rate 9%
$18,930,367
Alternative Uses
Best Use
Retail
$24.34M
$21.30M – $28.40M
NOI $1,703,733 @ 7.0% cap · market cap 14,197,775.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$42.25M
$36.97M – $49.29M
NOI $2,957,270 @ 7.0% cap · market cap 24,643,916.67%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,014
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Retail space - Street-level space sits beneath 105 apartments in a mixed-use building completed in 2019.
Where is this retail space located?
The property is located at 240 State Street #3 Schenectady, NY.
What are key features of this property?
This property features: 1,664 SF retail suite with vanilla‑box or build‑to‑suit delivery options; Located below 105 apartments in a 2019 mixed‑use building; Corner position at State Street and Erie Boulevard
