Four-Unit Apartment with
For Sale
$675,000
982 S Schodack Road, Castleton on Hudson, NY 12033
Four-unit apartment with barn in rural setting, ready for renovation.
Property Size4,224 SF
Lot Size1.00 Acre
Price / SF$159.80
Days on Market168
Property Features for 982 S Schodack Road
General Information
Standard status
Active
Size
4,224 SF
Total Parking Spaces
8
Lot size
1.00 Acre
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$7,823
Building Details
Year Built
1800
Listing Agency:
Berkshire Hathaway Home Services Blake
Listed By:
Karen R Westman
(518) 366-7788
Source:
Capmarkrealty
Added: Mar 26
Changed: Sep 8
Last Checked: Sep 8 at 3:36AM
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 Berkshire Hathaway Home Services Blake
Investment Insights
Based on property information with market context.
This four-unit apartment building, offered via online auction ending August 21st, features a barn and a potential 1-acre lot in a rural setting. The property is ready for renovation, having been recently gutted and cleared of debris. The garden-style apartment building contains two 2-bedroom/1 bath apartments, one 2-bedroom/2 bath apartment, and one 3-bedroom/1 bath apartment. Constructed circa 1780, the building has a total area of approximately 4,224 square feet. It features two entrances on the north side and two off the front porch. Just prior to COVID, the seller invested $50,000 in a new septic system and well. The property is zoned R-40, allowing for possible lot subdivision of the level one-acre portion to the north, which has road frontage. A large barn offers potential for work, storage, or entertainment space. Located in Rensselaer County, just over the border from Columbia County, the property is near Route 9 and I-90 (NYS Thruway Berkshire Connector), providing an easy commute to Albany. It is also near Schodack Island State Park and the Town of Schodack Music in the Parks. The full market assessed value for 2024 is $307,692. The property is located within the Schodack School District. Utilities include gas and electric.
Key Highlights
- Four‑unit apartment building with renovation potential in a rural setting
- New septic and well installed prior to COVID at a cost of $50,000 to the seller
- Potential for lot subdivision of a level one‑acre portion with road frontage (zoned R‑40)
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
$55,325
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
8.20%
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%
$1,106,500
$1.1M
Cap Rate 7%
$790,357
$790.4K
Cap Rate 9%
$614,722
$614.7K
Market Conditions
NOI Build-Up for 4,224 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
$83.6K $19.80/SF
− Vacancy
−$4.6K −$1.09/SF
EGI
$79.0K $18.71/SF
− OpEx
−$23.7K −$5.61/SF
NOI
$55.3K $13.10/SF
Area
Rensselaer County, NY
Vacancy
5.50%
Lease Rate
$19.80 /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%
$1,106,500
Cap Rate 7%
$790,357
Cap Rate 9%
$614,722
Alternative Uses
Best Use
Multifamily LT 5
$790.4K
$691.6K – $922.1K
NOI $55,325 @ 7.0% cap · market cap 8.20%
Second Best
Apartment 5plus
$732.5K
$640.9K – $854.5K
NOI $51,272 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$1.06M
$923.9K – $1.23M
NOI $73,915 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Explore this area
Business Placement
Demographics for 12033, NY
8,076
Population
3,843
Households
2.1
Avg Household Size
46
Median Age
35%
College-Educated
93%
High-School Grad
28.5 sq mi
ZIP Area
283
Density / Sq Mi
$92,808
Median Household Income
$55,875
Median Earnings
$1,380
Median Rent
$267,500
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?
Quadplex - Four-unit apartment with barn in rural setting, ready for renovation.
Where is this quadplex located?
The property is located at 982 S Schodack Road Castleton on Hudson, NY.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Four‑unit apartment building with renovation potential in a rural setting; New septic and well installed prior to COVID at a cost of $50,000 to the seller; Potential for lot subdivision of a level one‑acre portion with road frontage (zoned R‑40)
