Two-Unit Duplex with Front
For Sale
$299,000
Pending
943 State St, Schenectady, NY 12307
Two separately metered apartments offer distinct kitchens, living areas, and tenant-paid utilities.
Property Size2,280 SF
Days on Market20
Property Features for 943 State St
General Information
Standard status
Pending
Size
2,280 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
3BR/1BA, 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$5,753
Amenities
full basement with laundry
front porch
Building Details
Year Built
1910
Buildings
1
Stories
2
Listing Agency:
Miranda Real Estate Group Inc
(201) 238-4972
Listed By:
Moonrani G Gumani · License #10401352209
(201) 238-4972
Source:
Exprealty
Added: Jul 31
Changed: Aug 15
Last Checked: Aug 19 at 10:14AM
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 Miranda Real Estate Group Inc
Investment Insights
Based on property information with market context.
This fully occupied duplex at 943 State St includes 2,280 square feet across two apartments. The first-floor residence contains 5 rooms, 3 bedrooms, and a full bathroom, while the upper apartment provides 4 rooms, 2 bedrooms, and a full bathroom. Each unit has its own kitchen with a range and refrigerator, along with a dedicated living area. Period details include hardwood flooring, natural woodwork, and large windows, complemented by a front porch and vinyl siding.
The property also features a full basement with laundry, forced-air natural gas heating, two electric meters, and two gas meters. Residents pay their own heat, electricity, cable, and internet expenses. The level lot is located near downtown Schenectady, area amenities, and major commuter routes.
The property also features a full basement with laundry, forced-air natural gas heating, two electric meters, and two gas meters. Residents pay their own heat, electricity, cable, and internet expenses. The level lot is located near downtown Schenectady, area amenities, and major commuter routes.
Key Highlights
- Fully rented duplex with two separate apartments
- 2,280 square feet with 3‑bedroom and 2‑bedroom unit mix
- First‑floor unit: 5 rooms, 3 bedrooms, and a full bath
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
$25,965
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
8.68%
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%
$519,300
$519.3K
Cap Rate 7%
$370,929
$370.9K
Cap Rate 9%
$288,500
$288.5K
Market Conditions
NOI Build-Up for 2,280 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
$39.7K $17.40/SF
− Vacancy
−$2.6K −$1.13/SF
EGI
$37.1K $16.27/SF
− OpEx
−$11.1K −$4.88/SF
NOI
$26.0K $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%
$519,300
Cap Rate 7%
$370,929
Cap Rate 9%
$288,500
Alternative Uses
Best Use
Multifamily LT 5
$370.9K
$324.6K – $432.8K
NOI $25,965 @ 7.0% cap · market cap 8.68%
Second Best
Apartment 5plus
$332.7K
$291.1K – $388.2K
NOI $23,290 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$682.4K
$597.1K – $796.2K
NOI $47,771 @ 7.0% cap · market cap 15.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,198
Businesses Nearby
Explore this area
Business Placement
Demographics for 12307, NY
7,567
Population
3,491
Households
2.2
Avg Household Size
32
Median Age
14%
College-Educated
74%
High-School Grad
0.7 sq mi
ZIP Area
10,810
Density / Sq Mi
$33,191
Median Household Income
$28,878
Median Earnings
$1,110
Median Rent
$95,900
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 - Two separately metered apartments offer distinct kitchens, living areas, and tenant-paid utilities.
Where is this duplex located?
The property is located at 943 State St Schenectady, NY.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Fully rented duplex with two separate apartments; 2,280 square feet with 3‑bedroom and 2‑bedroom unit mix; First‑floor unit: 5 rooms, 3 bedrooms, and a full bath
