Triplex with
New
For Sale
$265,000
492 Olean St, Schenectady, NY 12306
Three distinct residences include a three-bedroom main level, two-bedroom upper flat and one-bedroom lower apartment.
Property Size1,684 SF
Price / SF$157.36
Days on Market4
Property Features for 492 Olean St
General Information
Standard status
Active
Size
1,684 SF
Property subtype
Multi-Family
Building Details
Year Built
1950
Listing Agency:
Monticello
Listed By:
Clancy Real Estate, Inc
(518) 861-7016
Source:
Clancyrealestate
Added: Sep 28
Changed: Oct 1
Last Checked: Oct 1 at 11:43AM
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 Monticello
Investment Insights
Based on property information with market context.
Built in 1950, this triplex contains three separate residences: a three-bedroom main-floor unit, a two-bedroom upper flat and a one-bedroom apartment on the lower level. Updates include windows, insulation, flooring, trim, doors, electrical outlets and lighting. The kitchens have newer cabinetry, appliances, countertops, backsplashes and deep sinks. The furnace has a replacement starter ignition and circulator pump. Air-conditioning units convey, along with electric fireplaces in Units 1 and 2.
The property is in Schenectady’s Mohonasen School District, within a B-2 zoning district and near shopping, dining and commuter routes. The exterior includes a fenced front yard, gazebo and propane fire pit. A two-car garage features a half bath, two sinks and overhead storage; parking for five is also available. Sale is as-is, with inspections for the buyer’s information only.
The property is in Schenectady’s Mohonasen School District, within a B-2 zoning district and near shopping, dining and commuter routes. The exterior includes a fenced front yard, gazebo and propane fire pit. A two-car garage features a half bath, two sinks and overhead storage; parking for five is also available. Sale is as-is, with inspections for the buyer’s information only.
Key Highlights
- Three residences: 3‑bedroom main floor, 2‑bedroom upper flat and 1‑bedroom lower‑level apartment
- Two‑car garage with half bath, two sinks and overhead storage
- Parking for 5 vehicles
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
$19,178
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
7.24%
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%
$383,560
$383.6K
Cap Rate 7%
$273,971
$274.0K
Cap Rate 9%
$213,089
$213.1K
Market Conditions
NOI Build-Up for 1,684 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
$29.3K $17.40/SF
− Vacancy
−$1.9K −$1.13/SF
EGI
$27.4K $16.27/SF
− OpEx
−$8.2K −$4.88/SF
NOI
$19.2K $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%
$383,560
Cap Rate 7%
$273,971
Cap Rate 9%
$213,089
Alternative Uses
Best Use
Multifamily LT 5
$274.0K
$239.7K – $319.6K
NOI $19,178 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$245.7K
$215.0K – $286.7K
NOI $17,202 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$504.0K
$441.0K – $588.1K
NOI $35,283 @ 7.0% cap · market cap 13.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
455
Businesses Nearby
Explore this area
Business Placement
Demographics for 12306, NY
26,935
Population
12,481
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
94%
High-School Grad
43.9 sq mi
ZIP Area
614
Density / Sq Mi
$80,583
Median Household Income
$46,702
Median Earnings
$1,221
Median Rent
$212,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three distinct residences include a three-bedroom main level, two-bedroom upper flat and one-bedroom lower apartment.
Where is this triplex located?
The property is located at 492 Olean St Schenectady, NY.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Three residences: 3‑bedroom main floor, 2‑bedroom upper flat and 1‑bedroom lower‑level apartment; Two‑car garage with half bath, two sinks and overhead storage; Parking for 5 vehicles
