Building Details

Building Size 61,120 SF

Listing Agency: Pyramidbrokerage

Listed By: Pyramid Brokerage Albany Show Phone

Source: Pyramidbrokerage

Added: Mar 25 Changed: Oct 5 Last Checked: Oct 16 at 5:39AM

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Investment Insights

Based on property information with market context.

Scotia Manor is a three-story multifamily property featuring 51 units located in Glenville, New York. Situated in the Village of Scotia, which is part of the Town of Glenville, the property is connected to the City of Schenectady via the Western Gateway Bridge over the Mohawk River. The Village of Scotia is known for its parks and waterfront, offering walkability and local amenities. Mohawk Avenue, the main street through the Village, has experienced a resurgence. The property consists of 36 two-bedroom, one-bath units and 15 one-bedroom, one-bath units. The property has consistently experienced high leasing demand and full occupancy. Located at the intersection of Mohawk Avenue and S. Ballston Ave, Scotia Manor provides convenient access to various Village amenities, restaurants, and services. Its proximity to Glenville and its businesses offers a source of potential residents. The property presents opportunities for NOI growth through operating adjustments, such as charging for parking, which aligns with practices at competing properties.

Key Highlights

• Full occupancy indicates high demand for rental units.
• Opportunity for NOI growth through modest operating adjustments (e.g., charging for parking).
• Below market rental rates by approximately 15%.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$624,330

Cap Rate

7.35%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$12,486,600 $12.5M

Cap Rate 7%

$8,919,000 $8.9M

Cap Rate 9%

$6,937,000 $6.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 61,120 SF

Gross rent

$1.21M $19.80/SF

− Vacancy

−$75.0K −$1.23/SF

EGI

$1.14M $18.57/SF

− OpEx

−$510.8K −$8.36/SF

NOI

$624.3K $10.21/SF

Area

Schenectady County, NY

Vacancy

6.20%

Lease Rate

$19.80 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$12,486,600

Cap Rate 7%

$8,919,000

Cap Rate 9%

$6,937,000

Alternative Uses

Best Use

Apartment 5plus

$8.92M

$7.80M – $10.41M (±1% cap)

NOI $624,330 @ 7.0% cap · market cap 7.35%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$18.29M

$16.01M – $21.34M (±1% cap)

NOI $1,280,586 @ 7.0% cap · market cap 15.07%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Scotia Manor Apartment Complex

Suggested Use

Top Pick Building Supply Real Estate Agency Parking Lot & Garage Auto Parts Store Bakery Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

369

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - 51-unit multifamily property in Glenville, New York.

Where is this apartment building located?

The property is located at 49 Mohawk Avenue Schenectady, NY.

What is the asking price?

The asking price for this property is $8,500,000.

What are key features of this property?

This property features: Full occupancy indicates high demand for rental units.; Opportunity for NOI growth through modest operating adjustments (e.g., charging for parking).; Below market rental rates by approximately 15%.