Renovated Duplex With
For Sale
$239,900
Pending
609 Bluff Avenue, Schenectady, NY 12303
Vacant two-family residence with updated kitchens, bathrooms, outdoor space, and access to shopping, schools, parks, and downtown amenities.
Property Size1,556 SF
Lot Size0.15 Acres
Days on Market169
Property Features for 609 Bluff Avenue
General Information
Standard status
Pending
Size
1,556 SF
Total Parking Spaces
4
Lot size
0.15 Acres
Property subtype
Multi Family / Duplex
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$905
Amenities
Shingle, Asphalt
Forced Air, Natural Gas, Yes
Full
Vinyl
Yes
Vinyl Siding
Garden
Patio
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Scorzafava Real Estate Group LLC
(518) 847-7962
Listed By:
Scott Scorzafava · License #10491210709
(518) 847-7962
Source:
Compass
Added: Mar 17
Changed: Aug 31
Last Checked: Aug 31 at 12:28AM
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 Scorzafava Real Estate Group LLC
Investment Insights
Based on property information with market context.
This renovated duplex contains two residential units arranged as two bedrooms over two bedrooms, with updated kitchens and bathrooms throughout. The property is currently vacant and includes forced-air heating, natural gas service, vinyl siding, a patio, and garden space. Off-street parking adds practical convenience for occupants and guests.
The residence occupies a 35 x 183 lot on a dead-end street at 609 Bluff Avenue in Schenectady. Its setting provides city views and convenient access to shopping, restaurants, downtown, schools, parks, and bus service. The 1,556-square-foot property was built in 1900 and offers a two-family configuration suited to residential income ownership or owner occupancy.
The residence occupies a 35 x 183 lot on a dead-end street at 609 Bluff Avenue in Schenectady. Its setting provides city views and convenient access to shopping, restaurants, downtown, schools, parks, and bus service. The 1,556-square-foot property was built in 1900 and offers a two-family configuration suited to residential income ownership or owner occupancy.
Key Highlights
- Renovated two‑family duplex with two bedrooms over two bedrooms
- Updated kitchens and bathrooms in both residential units
- Entirely vacant for immediate occupancy or leasing
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
$17,720
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
7.39%
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%
$354,400
$354.4K
Cap Rate 7%
$253,143
$253.1K
Cap Rate 9%
$196,889
$196.9K
Market Conditions
NOI Build-Up for 1,556 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
$27.1K $17.40/SF
− Vacancy
−$1.8K −$1.13/SF
EGI
$25.3K $16.27/SF
− OpEx
−$7.6K −$4.88/SF
NOI
$17.7K $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%
$354,400
Cap Rate 7%
$253,143
Cap Rate 9%
$196,889
Alternative Uses
Best Use
Multifamily LT 5
$253.1K
$221.5K – $295.3K
NOI $17,720 @ 7.0% cap · market cap 7.39%
Second Best
Apartment 5plus
$227.1K
$198.7K – $264.9K
NOI $15,894 @ 7.0% cap · market cap 6.63%
Theoretical Best
Office A
$465.7K
$407.5K – $543.4K
NOI $32,601 @ 7.0% cap · market cap 13.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
488
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 - Vacant two-family residence with updated kitchens, bathrooms, outdoor space, and access to shopping, schools, parks, and downtown amenities.
Where is this duplex located?
The property is located at 609 Bluff Avenue Schenectady, NY.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Renovated two‑family duplex with two bedrooms over two bedrooms; Updated kitchens and bathrooms in both residential units; Entirely vacant for immediate occupancy or leasing
