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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1401 Union St Schenectady, NY 12308

    • Office buildings
    • 5,400 SF
    • 0.40 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Last Sale
    Sep 12, 2023
    $505,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2103419
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Hicks Steven D MD / Physician / Medical Clinic
    • Dr. Philip J. Marra, MD / Physician
    • Gia M. LaRuffa, PhD / Medical Clinic
    • Center For Sight / Physician
    • Dr. Eloise Potenza / Physician / Medical Clinic

    Property Details for 1401 Union St

    Year built
    1985
    Lot size
    0.40 lot acres
    Property size
    5,400 SF
    Zone code
    03 - MULTI-FAMILY
    Property type
    Office buildings
    APN
    421500 50.21-1-24
    APU
    4215005021124

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Schenectady
    County
    Schenectady
    State
    New York
    Longitude
    -73.9142
    Latitude
    42.8089
    CBSA code
    10580
    CBSA name
    ALBANY-SCHENECTADY-TROY, NY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $34,800
    $403,900
    $438,700
    -
    $44,051
    $511,265
    $555,316

    Comparable in this City

    • Value Estimation
      $29,820,000
      246,000 SF

      461 Nott St, Unit 467

      OFFICE BUILDING • 246,000 SF
      461 Nott St, Schenectady, NY 12308-1812
      View Details
    • Value Estimation by Request
      4,481 SF

      1201 Nott St Ste, Unit 102

      PROFESSIONAL BUILDING • 4,481 SF
      1201 Nott St Ste, Schenectady, NY 12308-2589
      View Details
    • Value Estimation by Request
      1,450 SF

      1201 Nott St, Unit 305

      PROFESSIONAL BUILDING • 1,450 SF
      1201 Nott St, Schenectady, NY 12308-2589
      View Details
    • Value Estimation by Request
      2,543 SF

      1201 Nott St Ste, Unit 105

      PROFESSIONAL BUILDING • 2,543 SF
      1201 Nott St Ste, Schenectady, NY 12308-2589
      View Details
    • Value Estimation by Request
      8,376 SF

      1407 Un St

      OFFICE BUILDING • 8,376 SF
      1407 Un St, Schenectady, NY 12308
      View Details
    • Value Estimation by Request
      5,618 SF

      300 Seneca St

      OFFICE BUILDING • 5,618 SF
      300 Seneca St, Schenectady, NY 12308-1136
      View Details

    Similar Nearby for Sale

    • $625,000
      11,450 SF

      Schenectady Office Building For Sale

      Office building with 11,450 square feet of space.
      1407 Union St, Schenectady, NY 12308
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    • $125,000
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      Schenectady Medical Office Condo

      1,047 SF Medical Office - $125K
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    • $869,000

      Mixed-Use Office/Warehouse Space Available

      Mixed-use office/warehouse suitable for various business uses, 70% warehouse.
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    • $450,000
      3,408 SF

      Mixed-Use Building in Union Street

      Three-story mixed-use building in the heart of the Union Street business district.
      1214 Union St, Schenectady, NY 12308
      View Details
    • $625,000
      0.40 Acres

      Prime Schenectady Office Building

      0.4-acre lot, $625,000
      1411 Union St, Schenectady, NY 12308
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    • $275,000
      4,481 SF

      Medical Office Condo Near Hospital

      Professional medical office condominium with exam rooms and garage spaces.
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    Similar Nearby for Lease

    • $10 SF/Yr
      900 SF

      Retail/Office Space in Developing Corridor

      New construction retail or office space in Schenectady for lease.
      823 Eastern Ave, Schenectady, NY 12308
      View Details
    • $10 SF/Yr
      900 SF

      Renaissance Square Retail/Office Space

      900 SF retail or office space in developing corridor.
      823 Eastern Ave, Schenectady, NY 12308
      View Details
    • $15 SF/Yr
      10,700 SF

      Schenectady Office/Medical Space Available

      5,350 sq. ft. office or medical space for rent.
      1401 Union St, Schenectady, NY 12308
      View Details
    • $3,500 /Mo
      6,273 SF

      Retail Spaces Available For Rent

      Two retail locations available for rent.
      1101 Parkwood Blvd, Schenectady, NY 12308
      View Details
    • Contact for pricing
      3,737 SF

      Retail Property with Drive-Thru

      Retail property featuring drive-thru, high visibility, and multiple access points.
      1344 Gerling St, Schenectady, NY 12308
      View Details
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    Schenectady, NY 12308
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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