Brick Apartment Building with
For Sale
$720,000
838 1/2 Union Street, Schenectady, NY 12308
Fully occupied multifamily property with a varied apartment mix, central hot-water heat, and shared coin-operated laundry.
Property Size3,441 SF
Price / SF$209.24
Days on Market37
Property Features for 838 1/2 Union Street
General Information
Standard status
Active
Size
3,441 SF
Total Parking Spaces
7
Property subtype
Multi-Family
Zoning
Multi Residence
Occupancy
100%
Units
Unit Mix
6 x 1BR, 1 x studio
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$11,452
Amenities
coin-operated laundry
Building Details
Year Built
1984
Buildings
1
Stories
3
Construction
brick
Listing Agency:
BA Realty Group
(518) 952-1186
Listed By:
Vernon Bostick
(518) 952-1186
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 28 at 7:46AM
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 BA Realty Group
Investment Insights
Based on property information with market context.
This three-story brick apartment property contains seven residences: six one-bedroom apartments and one studio. The building totals approximately 3,441 square feet and was constructed in 1984, with a slate roof and central hot-water heating. Residents have access to a shared coin-operated laundry, while ownership provides heat, hot water, and trash service; tenants pay their own electric and gas. The property is fully occupied and classified Multi Residence for zoning purposes.
Access is provided through a shared driveway serving the building and an adjacent dental office parking lot, with a recorded easement in place. The property is located on Union Street in Schenectady, New York.
Access is provided through a shared driveway serving the building and an adjacent dental office parking lot, with a recorded easement in place. The property is located on Union Street in Schenectady, New York.
Key Highlights
- Seven‑unit apartment building with six 1‑bedroom units and one studio
- Approximately 3,441 square feet across three stories
- Built in 1984 with brick construction and a slate roof
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
$35,149
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
4.88%
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%
$702,980
$703.0K
Cap Rate 7%
$502,129
$502.1K
Cap Rate 9%
$390,544
$390.5K
Market Conditions
NOI Build-Up for 3,441 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
$68.1K $19.80/SF
− Vacancy
−$4.2K −$1.23/SF
EGI
$63.9K $18.57/SF
− OpEx
−$28.8K −$8.36/SF
NOI
$35.1K $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%
$702,980
Cap Rate 7%
$502,129
Cap Rate 9%
$390,544
Alternative Uses
Best Use
Apartment 5plus
$502.1K
$439.4K – $585.8K
NOI $35,149 @ 7.0% cap · market cap 4.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$901.2K – $1.20M
NOI $72,096 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,373
Businesses Nearby
Explore this area
Business Placement
Demographics for 12308, NY
15,285
Population
6,442
Households
2.4
Avg Household Size
31
Median Age
29%
College-Educated
89%
High-School Grad
2.3 sq mi
ZIP Area
6,646
Density / Sq Mi
$59,789
Median Household Income
$35,966
Median Earnings
$1,159
Median Rent
$180,100
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 - Fully occupied multifamily property with a varied apartment mix, central hot-water heat, and shared coin-operated laundry.
Where is this apartment building located?
The property is located at 838 1/2 Union Street Schenectady, NY.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: Seven‑unit apartment building with six 1‑bedroom units and one studio; Approximately 3,441 square feet across three stories; Built in 1984 with brick construction and a slate roof
