Duplex with Separate Electric and Gas
For Sale
$299,000
943 State Street, Schenectady, NY 12307
MULTI_FAMILY - Schenectady, NY
Property Size2,280 SF
Lot Size0.11 Acres
Price / SF$131.14
Days on Market11
Property Features for 943 State Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 4, Bedroom 6
Patio and Porch features
Porch
High school district
000000
Directions
STATE ST TO JUST BEFORE HAWK
Standard status
Active
APN
421500 49.34-3-37
Size
2,280 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
5753
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
front porch
basement laundry
Building Details
Year built
1910
Number of units
2
Flooring type
Hardwood
Building materials
Vinyl Siding
Roof type
Asphalt
Listing Agency:
Miranda Real Estate Group Inc
(518) 356-1701
Listed By:
Moonrani G Gumani · License #10401352209
(518) 356-1701
Added: Aug 1
Changed: Aug 9
Last Checked: Aug 11 at 9:06AM
MLS# 11913956
Copyright © 2026 My State MLS. 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.
Fully rented duplex in Schenectady, featuring two separate units arranged up and down. The first-floor unit offers 5 rooms, including 3 bedrooms and 1 full bath. The second-floor unit offers 4 rooms, including 2 bedrooms and 1 full bath. Both units include a kitchen with a range and refrigerator and a living area, with hardwood floors and natural woodwork carrying the home’s 1910 character throughout. A welcoming front porch provides entry to the property.
Separate electric and gas meters (two of each) support tenant-responsible heat, electricity, cable, and internet, simplifying management. The property includes a full basement with laundry and forced air natural gas heat. Exterior improvements include vinyl siding and an asphalt roof. The property sits on a level lot with public water service, and totals 2,280 square feet on a 0.11-acre lot.
Separate electric and gas meters (two of each) support tenant-responsible heat, electricity, cable, and internet, simplifying management. The property includes a full basement with laundry and forced air natural gas heat. Exterior improvements include vinyl siding and an asphalt roof. The property sits on a level lot with public water service, and totals 2,280 square feet on a 0.11-acre lot.
Key Highlights
- Separate electric and gas meters (two of each) with tenant‑responsible heat, electricity, cable, and internet
- First‑floor unit: 5 rooms, 3 bedrooms, 1 full bath; kitchen with range and refrigerator
- Second‑floor unit: 4 rooms, 2 bedrooms, 1 full bath; kitchen with range and refrigerator
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 - Fully rented two-story duplex with separate electric and gas meters, offering first- and second-floor unit living space.
Where is this duplex located?
The property is located at 943 State Street 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: Separate electric and gas meters (two of each) with tenant‑responsible heat, electricity, cable, and internet; First‑floor unit: 5 rooms, 3 bedrooms, 1 full bath; kitchen with range and refrigerator; Second‑floor unit: 4 rooms, 2 bedrooms, 1 full bath; kitchen with range and refrigerator
