Duplex with Oversized
New
For Sale
$224,900
941 Cleveland Avenue, Schenectady, NY 12306
MultiFamily, Schenectady, NY
Property Size1,740 SF
Lot Size0.14 Acres
Price / SF$129.25
Days on Market3
Property Features for 941 Cleveland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Laundry Room, Bathroom 2, Bedroom 1
Parking
4
Parking features
Driveway, Garage, Off Street
Window features
Double Pane Windows
Patio and Porch features
Porch, Patio
Interior features
High Speed Internet
Fencing
Privacy
Basement
Full, Interior Entry, Unfinished
Lot features
Level, Cleared
High school
Schenectady
Elementary school district
Schenectady
Middle school district
Schenectady
High school district
Schenectady
Directions
Curry Road in Rotterdam to Guilderland Ave to left on Cleveland Ave. House will be on the right.
Standard status
Active
APN
421500 48.75-1-72
Size
1,740 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
6033
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
off-street parking
privacy fenced yard
garage with loft
Building Details
Year built
1900
Number of units
2
Flooring type
Carpet, Linoleum
Building materials
Cedar, Wood Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Re Max Capital · RE/MAX International
(518) 724-6800
Listed By:
Faith H Adamec · License #10301218522
(518) 378-9149
Added: Sep 20
Changed: Sep 21
Last Checked: Sep 22 at 4:06AM
MLS# 202626561
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,740-square-foot duplex, built in 1900, contains two residential units with separate utilities. The first-floor apartment is vacant and ready for occupancy, while the second-floor unit is leased. The property also includes an oversized one-car garage with loft storage, driveway parking, a porch, patio, and privacy fencing. Cedar and wood siding, shingle roofing, forced-air natural gas heat, public water, and public sewer complete the improvements.
Located at 941 Cleveland Avenue in Schenectady, the property offers a residential income configuration with one unit available for use and one tenant in place. Interior features include carpet, linoleum, high-speed internet, two bedrooms, two bathrooms, and a laundry room.
Located at 941 Cleveland Avenue in Schenectady, the property offers a residential income configuration with one unit available for use and one tenant in place. Interior features include carpet, linoleum, high-speed internet, two bedrooms, two bathrooms, and a laundry room.
Key Highlights
- 1,740‑square‑foot duplex on a 0.14‑acre lot
- First‑floor unit vacant; second‑floor unit has a tenant in place
- Separate utilities for the two units
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
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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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with separate utilities, off-street parking, and a privacy-fenced yard.
Where is this duplex located?
The property is located at 941 Cleveland Avenue 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 on a 0.14‑acre lot; First‑floor unit vacant; second‑floor unit has a tenant in place; Separate utilities for the two units
