Mixed-Use Restaurant
For Sale
$405,000
703 Union Street, Schenectady, NY 12305
Commercial-zoned building combines a first-floor restaurant with an updated residential apartment above.
Property Size2,578 SF
Price / SF$157.10
Days on Market154
Property Features for 703 Union Street
General Information
Standard status
Active
Size
2,578 SF
Total Parking Spaces
6
Property subtype
Multi Family / Duplex
Zoning
Commercial
Restaurant
Commercial Hood
Yes
Equipment Included
Yes
Units
Unit Mix
1 x 3BR/1BA
Multifamily Units
1
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$5,467
Amenities
Central Air, Yes
Forced Air, Natural Gas, Yes
Full
200+ Amp Service
Hardwood, Laminate
Other, Accessible Approach with Ramp, Accessible Doors, Accessible Full Bath, Accessible Hallway(s), Customized Wheelchair Accessible
Other, Vinyl Siding
Yes
Other
Building Details
Year Built
1900
Buildings
1
Stories
2
Listing Agency:
Gucciardo Real Estate LLC
(518) 728-6305
Listed By:
Pavel Karakalchu · License #10401307281
(518) 728-6305
Source:
Compass
Added: Mar 31
Changed: Aug 30
Last Checked: Aug 31 at 2:00AM
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 Gucciardo Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1900, this 2,578-square-foot mixed-use property places a restaurant operation on the ground floor and a residential apartment on the second level. The sale includes the building and Termeh Persian Restaurant, along with kitchen appliances, a hood system, and ventilation described as up to code. The commercial space also benefits from handicap-accessible entry and off-street parking.
The apartment includes three bedrooms, one full bath, and a large family room with views toward Union Street. Central air, natural-gas forced air, hardwood and laminate flooring, vinyl siding, and 200+ amp service are among the property features. The building is located at 703 Union Street in Schenectady, near Union College and within an area described as experiencing continued development.
The apartment includes three bedrooms, one full bath, and a large family room with views toward Union Street. Central air, natural-gas forced air, hardwood and laminate flooring, vinyl siding, and 200+ amp service are among the property features. The building is located at 703 Union Street in Schenectady, near Union College and within an area described as experiencing continued development.
Key Highlights
- 2,578‑square‑foot mixed‑use building at 703 Union Street
- First‑floor Termeh Persian Restaurant included with the building
- Second‑floor apartment with 3 bedrooms, 1 full bath, and a large family room
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
$36,231
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
8.95%
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%
$724,620
$724.6K
Cap Rate 7%
$517,586
$517.6K
Cap Rate 9%
$402,567
$402.6K
Market Conditions
NOI Build-Up for 2,578 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
$50.4K $19.56/SF
− Vacancy
−$2.1K −$0.82/SF
EGI
$48.3K $18.74/SF
− OpEx
−$12.1K −$4.68/SF
NOI
$36.2K $14.05/SF
Area
Schenectady County, NY
Vacancy
4.20%
Lease Rate
$19.56 /SF/Yr
Expense Ratio
25.00%
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%
$724,620
Cap Rate 7%
$517,586
Cap Rate 9%
$402,567
Alternative Uses
Best Use
Specialty Retail
$517.6K
$452.9K – $603.9K
NOI $36,231 @ 7.0% cap · market cap 8.95%
Second Best
Mixed Use
$508.2K
$444.7K – $592.9K
NOI $35,576 @ 7.0% cap · market cap 8.78%
Theoretical Best
Office A
$771.6K
$675.2K – $900.2K
NOI $54,014 @ 7.0% cap · market cap 13.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Turnkey business
Opportunity
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
1,963
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial-zoned building combines a first-floor restaurant with an updated residential apartment above.
Where is this mixed-use property located?
The property is located at 703 Union Street Schenectady, NY.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: 2,578‑square‑foot mixed‑use building at 703 Union Street; First‑floor Termeh Persian Restaurant included with the building; Second‑floor apartment with 3 bedrooms, 1 full bath, and a large family room
