Up-and-Down Duplex with
For Sale
$450,000
302-304 Michigan Avenue, Schenectady, NY 12303
Two residential units include basement laundry hookups, a paved driveway, and a fenced backyard.
Property Size2,915 SF
Price / SF$154.37
Days on Market111
Property Features for 302-304 Michigan Avenue
General Information
Standard status
Active
Size
2,915 SF
Total Parking Spaces
4
Property subtype
Multi Family / Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,354
Amenities
paved driveway
fenced backyard
laundry hookups
Shingle, Asphalt
Window Unit(s), Yes
Hot Water, Yes
Full
Circuit Breakers
Vinyl, Carpet, Linoleum
Block
Vinyl Siding
Vinyl, Back Yard, Fenced
In Basement
Shed(s)
Front Porch
Building Details
Year Built
1890
Listing Agency:
Miranda Real Estate Group Inc
(201) 238-4972
Listed By:
Moonrani G Gumani · License #10401352209
(201) 238-4972
Source:
Compass
Added: May 12
Changed: Aug 29
Last Checked: Aug 29 at 7:03PM
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 Miranda Real Estate Group Inc
Investment Insights
Based on property information with market context.
This two-family duplex contains 2,915 square feet of living area arranged as six bedrooms and two full baths across two units. The property includes a full basement with laundry hookups, hot water heat, circuit breakers, vinyl siding, and a front porch. Interior finishes include vinyl, carpet, and linoleum, with window unit cooling noted.
A two-car detached garage, paved driveway, fenced backyard, and shed provide additional functional space. The property is located at 302-304 Michigan Avenue in Schenectady, NY 12303. Built in 1890, the building offers a traditional residential configuration with separate unit spaces and basement utility area.
A two-car detached garage, paved driveway, fenced backyard, and shed provide additional functional space. The property is located at 302-304 Michigan Avenue in Schenectady, NY 12303. Built in 1890, the building offers a traditional residential configuration with separate unit spaces and basement utility area.
Key Highlights
- 2,915 square feet of living area
- Two‑unit duplex with six bedrooms and two full baths
- Two‑car detached garage with paved driveway
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
$33,197
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
7.38%
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%
$663,940
$663.9K
Cap Rate 7%
$474,243
$474.2K
Cap Rate 9%
$368,856
$368.9K
Market Conditions
NOI Build-Up for 2,915 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
$50.7K $17.40/SF
− Vacancy
−$3.3K −$1.13/SF
EGI
$47.4K $16.27/SF
− OpEx
−$14.2K −$4.88/SF
NOI
$33.2K $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%
$663,940
Cap Rate 7%
$474,243
Cap Rate 9%
$368,856
Alternative Uses
Best Use
Multifamily LT 5
$474.2K
$415.0K – $553.3K
NOI $33,197 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$425.4K
$372.2K – $496.3K
NOI $29,776 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$872.5K
$763.4K – $1.02M
NOI $61,075 @ 7.0% cap · market cap 13.57%
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
765
Businesses Nearby
Explore this area
Business Placement
Demographics for 12303, NY
30,893
Population
12,533
Households
2.5
Avg Household Size
41
Median Age
35%
College-Educated
90%
High-School Grad
15.6 sq mi
ZIP Area
1,980
Density / Sq Mi
$77,615
Median Household Income
$50,051
Median Earnings
$1,120
Median Rent
$227,500
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 residential units include basement laundry hookups, a paved driveway, and a fenced backyard.
Where is this duplex located?
The property is located at 302-304 Michigan Avenue Schenectady, NY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,915 square feet of living area; Two‑unit duplex with six bedrooms and two full baths; Two‑car detached garage with paved driveway
