Mixed-Use Corner Property with
For Sale
$399,900
601 Altamont Avenue, Schenectady, NY 12303
Two first-floor storefronts pair with a fully rented second-floor apartment in a corner-lot mixed-use building.
Property Size2,128 SF
Price / SF$187.92
Days on Market429
Property Features for 601 Altamont Avenue
General Information
Standard status
Active
Size
2,128 SF
Total Parking Spaces
3
Property subtype
Multi Family / Triplex
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,979
Amenities
Shingle, Asphalt
Window Unit(s), Yes
Radiant, Natural Gas, Yes
Full, Unfinished
Circuit Breakers
Vinyl, Carpet, Linoleum
ENERGY STAR Qualified Doors, Storm Door(s)
Paddle Fan
Block, Brick/Mortar, Combination
Yes
Block, Brick, Drywall, Vinyl Siding
Vinyl
In Basement
Garage(s)
Other
Smoke Detector(s), Carbon Monoxide Detector(s)
Rear Porch, Awning(s), Deck
Building Details
Year Built
1984
Stories
2
Listing Agency:
Miranda Real Estate Group Inc
Listed By:
Moonrani G Gumani · License #10401352209
(201) 238-4972
Source:
Compass
Added: Jul 6, 2025
Changed: Sep 3
Last Checked: Aug 14 at 8:06AM
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 well-maintained mixed-use property offers two commercial storefronts on the first floor and a fully rented residential apartment on the second floor. The layout supports flexible commercial use for a range of service or professional office concepts, while the upstairs unit provides residential rental income. The building also includes a one-car garage and a substantial backyard.
Located at 601 Altamont Avenue in Schenectady, the property sits on a prominent corner lot, offering practical street-facing presence and straightforward appeal for tenants seeking established storefront space within the Mount Pleasant area.
Located at 601 Altamont Avenue in Schenectady, the property sits on a prominent corner lot, offering practical street-facing presence and straightforward appeal for tenants seeking established storefront space within the Mount Pleasant area.
Key Highlights
- Mixed‑use corner‑lot building with two first‑floor commercial storefronts and a fully rented residential apartment on the second floor
- Two commercial storefronts on the first floor, suitable for uses such as a barbershop, beauty salon, or professional office
- One‑car garage plus a rear porch, awnings, and deck
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
$29,366
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
7.34%
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%
$587,320
$587.3K
Cap Rate 7%
$419,514
$419.5K
Cap Rate 9%
$326,289
$326.3K
Market Conditions
NOI Build-Up for 2,128 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
$51.1K $24.00/SF
− Vacancy
−$4.1K −$1.92/SF
EGI
$47.0K $22.08/SF
− OpEx
−$17.6K −$8.28/SF
NOI
$29.4K $13.80/SF
Area
Schenectady County, NY
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$587,320
Cap Rate 7%
$419,514
Cap Rate 9%
$326,289
Alternative Uses
Best Use
Mixed Use
$419.5K
$367.1K – $489.4K
NOI $29,366 @ 7.0% cap · market cap 7.34%
Second Best
Retail
$367.0K
$321.1K – $428.1K
NOI $25,687 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$636.9K
$557.3K – $743.1K
NOI $44,586 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
619
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two first-floor storefronts pair with a fully rented second-floor apartment in a corner-lot mixed-use building.
Where is this mixed-use property located?
The property is located at 601 Altamont Avenue Schenectady, NY.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Mixed‑use corner‑lot building with two first‑floor commercial storefronts and a fully rented residential apartment on the second floor; Two commercial storefronts on the first floor, suitable for uses such as a barbershop, beauty salon, or professional office; One‑car garage plus a rear porch, awnings, and deck
