Five-Unit Multifamily
For Sale
$495,000
714 Union Street, Schenectady, NY 12305
Three-story five-unit building on municipal water and sewer with off-street parking via shared driveway.
Property Size2,932 SF
Lot Size0.50 Acres
Price / SF$168.83
Days on Market459
Property Features for 714 Union Street
General Information
Standard status
Active
Size
2,932 SF
Lot size
0.50 Acres
Property subtype
Multi-family
Additional Details
Utilities to Site
Yes
Multifamily Units
5
Building Details
Year Built
1984
Stories
3
Listing Agency:
Advanced Property Management
Listed By:
Matthew H Janke
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Jun 3, 2025
Changed: Sep 2
Last Checked: Sep 4 at 9:58AM
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 Advanced Property Management
Investment Insights
Based on property information with market context.
This five-unit multifamily building offers three stories of residential living space and was built in 1984. The property includes approximately 2,932 square feet of living area and sits on a 28-by-150-foot lot. Municipal water and sewer are available, and utilities are provided through public services. Off-street parking is available via a shared driveway, supporting day-to-day convenience for residents and visitors.
The building is situated along the Union Street corridor in Schenectady, a highly convenient area served by local shopping and dining. Access to a range of destinations is described as “easy reach,” including Union College, Ellis Hospital, Schenectady High School, Downtown Schenectady, and Mohawk Harbor. The property is also positioned near Yates Elementary and Oneida Middle School, with Schenectady High School noted within 2 miles or less.
Zoned for multi-family use, this asset is positioned for buyers seeking a small income-property format with municipal infrastructure and off-street parking. With its established build date and three-story configuration, it may fit investors or owner-operators looking for a straightforward multifamily ownership experience in a well-connected rental area.
The building is situated along the Union Street corridor in Schenectady, a highly convenient area served by local shopping and dining. Access to a range of destinations is described as “easy reach,” including Union College, Ellis Hospital, Schenectady High School, Downtown Schenectady, and Mohawk Harbor. The property is also positioned near Yates Elementary and Oneida Middle School, with Schenectady High School noted within 2 miles or less.
Zoned for multi-family use, this asset is positioned for buyers seeking a small income-property format with municipal infrastructure and off-street parking. With its established build date and three-story configuration, it may fit investors or owner-operators looking for a straightforward multifamily ownership experience in a well-connected rental area.
Key Highlights
- Five‑unit, three‑story multifamily building built in 1984 with approx. 2,932 SF of living space
- Zoned for multi‑family use
- 28‑by‑150‑foot lot with municipal water and sewer
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
$29,950
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
6.05%
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%
$599,000
$599.0K
Cap Rate 7%
$427,857
$427.9K
Cap Rate 9%
$332,778
$332.8K
Market Conditions
NOI Build-Up for 2,932 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
$58.1K $19.80/SF
− Vacancy
−$3.6K −$1.23/SF
EGI
$54.5K $18.57/SF
− OpEx
−$24.5K −$8.36/SF
NOI
$29.9K $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%
$599,000
Cap Rate 7%
$427,857
Cap Rate 9%
$332,778
Alternative Uses
Best Use
Apartment 5plus
$427.9K
$374.4K – $499.2K
NOI $29,950 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$877.6K
$767.9K – $1.02M
NOI $61,431 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-story five-unit building on municipal water and sewer with off-street parking via shared driveway.
Where is this apartment building located?
The property is located at 714 Union Street Schenectady, NY.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Five‑unit, three‑story multifamily building built in 1984 with approx. 2,932 SF of living space; Zoned for multi‑family use; 28‑by‑150‑foot lot with municipal water and sewer
