Two-Unit Duplex Near Union
For Sale
$279,900
Pending
918 Park Ave, Schenectady, NY 12308
Residential income property with two units, natural-gas hot water, and aluminum and vinyl siding.
Property Size1,968 SF
Days on Market210
Property Features for 918 Park Ave
General Information
Standard status
Pending
Size
1,968 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,490
Listing Agency:
J Paul Realty Group LLC
(518) 928-8556
Listed By:
Joseph Bonitatibus · License #10401350049
(518) 928-8556
Source:
Exprealty
Added: Feb 1
Changed: Aug 30
Last Checked: Jul 18 at 9:40AM
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 J Paul Realty Group LLC
Investment Insights
Based on property information with market context.
This 1921 duplex contains two residential units within approximately 1,968 square feet. The building features aluminum and vinyl siding, along with hot-water service powered by natural gas. Asphalt is also identified among the property features.
The property is located at 918 Park Avenue in Schenectady’s Union St neighborhood, two blocks from Union College. Its two-unit configuration supports continued residential income use in an established city setting.
The property is located at 918 Park Avenue in Schenectady’s Union St neighborhood, two blocks from Union College. Its two-unit configuration supports continued residential income use in an established city setting.
Key Highlights
- Two residential units in a duplex configuration
- Approximately 1,968 square feet of property size
- Built in 1921
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
$22,412
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
8.01%
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%
$448,240
$448.2K
Cap Rate 7%
$320,171
$320.2K
Cap Rate 9%
$249,022
$249.0K
Market Conditions
NOI Build-Up for 1,968 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
$34.2K $17.40/SF
− Vacancy
−$2.2K −$1.13/SF
EGI
$32.0K $16.27/SF
− OpEx
−$9.6K −$4.88/SF
NOI
$22.4K $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%
$448,240
Cap Rate 7%
$320,171
Cap Rate 9%
$249,022
Alternative Uses
Best Use
Multifamily LT 5
$320.2K
$280.2K – $373.5K
NOI $22,412 @ 7.0% cap · market cap 8.01%
Second Best
Apartment 5plus
$287.2K
$251.3K – $335.1K
NOI $20,103 @ 7.0% cap · market cap 7.18%
Theoretical Best
Office A
$589.1K
$515.4K – $687.2K
NOI $41,234 @ 7.0% cap · market cap 14.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,141
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?
Duplex - Residential income property with two units, natural-gas hot water, and aluminum and vinyl siding.
Where is this duplex located?
The property is located at 918 Park Ave Schenectady, NY.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Two residential units in a duplex configuration; Approximately 1,968 square feet of property size; Built in 1921
