Two-Family Duplex
For Sale
$269,000
244 Park Place, Schenectady, NY 12305
Two-unit residential property near Union College, Mohawk Harbor, and Downtown Schenectady.
Property Size2,084 SF
Price / SF$129.08
Days on Market37
Property Features for 244 Park Place
General Information
Standard status
Active
Size
2,084 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,962
Building Details
Year Built
1920
Listing Agency:
Howard Hanna Capital Inc
(518) 944-8228
Listed By:
Caitlin C Montalvo
(518) 944-8228
Source:
Capmarkrealty
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 25 at 3:39AM
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 Howard Hanna Capital Inc
Investment Insights
Based on property information with market context.
Located at 244 Park Place in Schenectady, this two-family residential property offers 2,084 square feet of building area. Constructed in 1920, the duplex provides a two-unit configuration suited to the property’s stated owner-occupant and investment applications.
The property is positioned near Union College, Mohawk Harbor, and Downtown Schenectady, with nearby access to restaurants, shopping, entertainment, and the area’s arts scene.
The property is positioned near Union College, Mohawk Harbor, and Downtown Schenectady, with nearby access to restaurants, shopping, entertainment, and the area’s arts scene.
Key Highlights
- Two‑family duplex configuration
- 2,084 square feet of building area
- Built in 1920
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
$23,733
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
8.82%
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%
$474,660
$474.7K
Cap Rate 7%
$339,043
$339.0K
Cap Rate 9%
$263,700
$263.7K
Market Conditions
NOI Build-Up for 2,084 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
$36.3K $17.40/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$33.9K $16.27/SF
− OpEx
−$10.2K −$4.88/SF
NOI
$23.7K $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%
$474,660
Cap Rate 7%
$339,043
Cap Rate 9%
$263,700
Alternative Uses
Best Use
Multifamily LT 5
$339.0K
$296.7K – $395.6K
NOI $23,733 @ 7.0% cap · market cap 8.82%
Second Best
Apartment 5plus
$304.1K
$266.1K – $354.8K
NOI $21,288 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$623.8K
$545.8K – $727.7K
NOI $43,664 @ 7.0% cap · market cap 16.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,347
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?
Duplex - Two-unit residential property near Union College, Mohawk Harbor, and Downtown Schenectady.
Where is this duplex located?
The property is located at 244 Park Place Schenectady, NY.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: Two‑family duplex configuration; 2,084 square feet of building area; Built in 1920
