Renovated Triplex with Separate
For Sale
$350,000
311 Craig St, Schenectady, NY 12307
Three updated apartments feature modern finishes, individual utility metering, and additional storage and outdoor space.
Property Size2,484 SF
Price / SF$140.90
Days on Market38
Property Features for 311 Craig St
General Information
Standard status
Active
Size
2,484 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
walk-up attic
front porch
fenced rear yard
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Berkshire Hathaway Home Services Blake
(518) 526-1800
Listed By:
Brian Walters · License #10491203035
(518) 526-1800
Source:
Albanyprimeproperties
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 30 at 4:18PM
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 Berkshire Hathaway Home Services Blake
Investment Insights
Based on property information with market context.
Built in 1900, this 2,484-square-foot triplex contains three apartments with six bedrooms and three full bathrooms. The configuration includes a larger first-floor residence and two upper-level units. Interior improvements include modern kitchens with stone countertops, tile backsplashes, stainless steel appliances, ceramic tile bathrooms, and new flooring. Energy-efficient HVAC serves the building, while a walk-up attic provides storage. A front porch and fenced rear yard add usable exterior space.
Separate electric and gas metering is provided for each apartment, with three electric meters and three gas meters serving the property. The building is located in Schenectady near schools, shopping, and major routes. The unit layout supports either tenant occupancy or an owner-occupant arrangement.
Separate electric and gas metering is provided for each apartment, with three electric meters and three gas meters serving the property. The building is located in Schenectady near schools, shopping, and major routes. The unit layout supports either tenant occupancy or an owner-occupant arrangement.
Key Highlights
- Three‑unit building totaling 2,484 square feet
- Six bedrooms and three full bathrooms across the property
- Three electric meters and three gas meters
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
$28,289
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
8.08%
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%
$565,780
$565.8K
Cap Rate 7%
$404,129
$404.1K
Cap Rate 9%
$314,322
$314.3K
Market Conditions
NOI Build-Up for 2,484 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
$43.2K $17.40/SF
− Vacancy
−$2.8K −$1.13/SF
EGI
$40.4K $16.27/SF
− OpEx
−$12.1K −$4.88/SF
NOI
$28.3K $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%
$565,780
Cap Rate 7%
$404,129
Cap Rate 9%
$314,322
Alternative Uses
Best Use
Multifamily LT 5
$404.1K
$353.6K – $471.5K
NOI $28,289 @ 7.0% cap · market cap 8.08%
Second Best
Apartment 5plus
$362.5K
$317.2K – $422.9K
NOI $25,374 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$743.5K
$650.6K – $867.4K
NOI $52,045 @ 7.0% cap · market cap 14.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,871
Businesses Nearby
Explore this area
Business Placement
Demographics for 12307, NY
7,567
Population
3,491
Households
2.2
Avg Household Size
32
Median Age
14%
College-Educated
74%
High-School Grad
0.7 sq mi
ZIP Area
10,810
Density / Sq Mi
$33,191
Median Household Income
$28,878
Median Earnings
$1,110
Median Rent
$95,900
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?
Triplex - Three updated apartments feature modern finishes, individual utility metering, and additional storage and outdoor space.
Where is this triplex located?
The property is located at 311 Craig St Schenectady, NY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Three‑unit building totaling 2,484 square feet; Six bedrooms and three full bathrooms across the property; Three electric meters and three gas meters
