Two-Unit Home with
New
For Sale
$224,900
941 Cleveland Ave, Schenectady, NY 12306
Two residential units offer separate utilities, off-street parking, and a privacy-fenced yard.
Property Size1,740 SF
Price / SF$129.25
Days on Market2
Property Features for 941 Cleveland Ave
General Information
Standard status
Active
Size
1,740 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
privacy fenced yard
Building Details
Year Built
1900
Listing Agency:
Howard Hanna Capital Inc
Listed By:
Michael Field
(518) 669-1804
Source:
Fieldrealty
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 22 at 2:33PM
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 Howard Hanna Capital Inc
Investment Insights
Based on property information with market context.
This 1,740-square-foot duplex, built in 1900, includes two residential units with separate utilities. The first-floor unit is available for occupancy, while the second-floor unit is tenant-occupied. The property also includes off-street parking, a privacy-fenced yard, and an oversized one-car garage with loft storage.
Located at 941 Cleveland Ave in Schenectady, the property offers a two-unit configuration with existing rental occupancy in one unit and additional garage and yard improvements. Its Bellevue area setting provides a residential context for an owner-occupant or investor seeking a property with both unit separation and supplemental outdoor and storage features.
Located at 941 Cleveland Ave in Schenectady, the property offers a two-unit configuration with existing rental occupancy in one unit and additional garage and yard improvements. Its Bellevue area setting provides a residential context for an owner-occupant or investor seeking a property with both unit separation and supplemental outdoor and storage features.
Key Highlights
- 1,740‑square‑foot duplex with two residential units
- Built in 1900
- First‑floor unit available; second‑floor unit tenant‑occupied
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
$19,816
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
8.81%
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%
$396,320
$396.3K
Cap Rate 7%
$283,086
$283.1K
Cap Rate 9%
$220,178
$220.2K
Market Conditions
NOI Build-Up for 1,740 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
$30.3K $17.40/SF
− Vacancy
−$2.0K −$1.13/SF
EGI
$28.3K $16.27/SF
− OpEx
−$8.5K −$4.88/SF
NOI
$19.8K $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%
$396,320
Cap Rate 7%
$283,086
Cap Rate 9%
$220,178
Alternative Uses
Best Use
Multifamily LT 5
$283.1K
$247.7K – $330.3K
NOI $19,816 @ 7.0% cap · market cap 8.81%
Second Best
Apartment 5plus
$253.9K
$222.2K – $296.2K
NOI $17,774 @ 7.0% cap · market cap 7.90%
Theoretical Best
Office A
$520.8K
$455.7K – $607.6K
NOI $36,456 @ 7.0% cap · market cap 16.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
511
Businesses Nearby
Explore this area
Business Placement
Demographics for 12306, NY
26,935
Population
12,481
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
94%
High-School Grad
43.9 sq mi
ZIP Area
614
Density / Sq Mi
$80,583
Median Household Income
$46,702
Median Earnings
$1,221
Median Rent
$212,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Duplex - Two residential units offer separate utilities, off-street parking, and a privacy-fenced yard.
Where is this duplex located?
The property is located at 941 Cleveland Ave Schenectady, NY.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: 1,740‑square‑foot duplex with two residential units; Built in 1900; First‑floor unit available; second‑floor unit tenant‑occupied
