Historic Four-Unit Residential
For Sale
Contact for pricing
7 Union St, Schenectady, NY 12305
Four-unit income property dating to 1850, located in the Historic Stockade District near shops, dining, and the Mohawk River.
Property Size4,883 SF
Price / SF$117.76
Days on Market122
Property Features for 7 Union St
General Information
Standard status
Active
Size
4,883 SF
Class
C
Property subtype
Multifamily
Investment Type
Owner/User
Additional Details
Multifamily Units
4
Building Details
Year Built
1850
Stories
3
Units
4
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Blake, REALTORS Albany
Listed By:
Karen Zalewski-Wildzunas · License #NY 10401299136
(518) 858-4719
Source:
Crexi
Added: May 7
Changed: Sep 4
Last Checked: Sep 4 at 12:08PM
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 HomeServices Blake, REALTORS Albany
Investment Insights
Based on property information with market context.
This historic four-unit residential building dates back to 1850 and features classic architectural character throughout. The property is designed as four separate units, each with its own period elements, offering a mix of individuality within one cohesive structure.
Located in the heart of the Historic Stockade District at 7 Union St, the property is described as being just steps from local shops and restaurants. It is also positioned near the Mohawk River, combining historic neighborhood appeal with convenient access to everyday destinations.
Offered for sale as a four-unit multifamily asset, the building presents an owner-occupant or investor option, depending on how you plan to use the residence and manage the income potential described for the property.
Located in the heart of the Historic Stockade District at 7 Union St, the property is described as being just steps from local shops and restaurants. It is also positioned near the Mohawk River, combining historic neighborhood appeal with convenient access to everyday destinations.
Offered for sale as a four-unit multifamily asset, the building presents an owner-occupant or investor option, depending on how you plan to use the residence and manage the income potential described for the property.
Key Highlights
- Four‑unit income property built in 1850
- Located in the Historic Stockade District in Schenectady
- Historic building with classic architectural details
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
$49,879
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
8.67%
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%
$997,580
$997.6K
Cap Rate 7%
$712,557
$712.6K
Cap Rate 9%
$554,211
$554.2K
Market Conditions
NOI Build-Up for 4,883 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
$96.7K $19.80/SF
− Vacancy
−$6.0K −$1.23/SF
EGI
$90.7K $18.57/SF
− OpEx
−$40.8K −$8.36/SF
NOI
$49.9K $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 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%
$997,580
Cap Rate 7%
$712,557
Cap Rate 9%
$554,211
Alternative Uses
Best Use
Multifamily LT 5
$794.4K
$695.1K – $926.8K
NOI $55,609 @ 7.0% cap · market cap 9.67%
Second Best
Apartment 5plus
$712.6K
$623.5K – $831.3K
NOI $49,879 @ 7.0% cap · market cap 8.67%
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,309 @ 7.0% cap · market cap 17.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,779
Businesses Nearby
Explore this area
Business Placement
Demographics for 12305, NY
6,085
Population
4,103
Households
1.5
Avg Household Size
37
Median Age
34%
College-Educated
88%
High-School Grad
1.5 sq mi
ZIP Area
4,057
Density / Sq Mi
$50,308
Median Household Income
$34,228
Median Earnings
$1,067
Median Rent
$162,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit income property dating to 1850, located in the Historic Stockade District near shops, dining, and the Mohawk River.
Where is this quadplex located?
The property is located at 7 Union St Schenectady, NY.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Four‑unit income property built in 1850; Located in the Historic Stockade District in Schenectady; Historic building with classic architectural details
