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132 Broadway Lofts 132 Broadway 11 Unit Apartment Building $3,600,000 ($327,273/Unit) 7.40% Cap Rate Schenectady, NY 12305
Investment Highlights
- Fully Occupied
- Strong NOI
- Recently Renovated
Executive Summary
100% occupied 11 Unit Mixed-Use asset in the heart of Downtown Schenectady. +/- 26,718 sf, 4 story building featuring one (1) studio, five (5) one-bedroom units, five (5) three-bedroom units & one commercial space. Ground floor retail space is occupied by long term tenant with 5 years of term remaining. Property was completely renovated in 2021 featuring industrial, loft-style finishes. Priced at a 7.40% cap rate on in place income and includes a PILOT program in place through 2031. Located in Downtown Schenectady right off State Street; steps from numerous dining and entertainment options. Priced significantly below replacement cost.
Property Facts
| Price | $3,600,000 | Building Class | C |
| Price Per Unit | $327,273 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 26,718 SF |
| Cap Rate | 7.40% | Average Occupancy | 100% |
| No. Units | 11 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 1907/2021 |
| Property Subtype | Apartment | Parking Ratio | 0.22/1,000 SF |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Zoning | C-4 - Downtown Mixed-Use | ||
| Price | $3,600,000 |
| Price Per Unit | $327,273 |
| Sale Type | Investment |
| Cap Rate | 7.40% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 26,718 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built/Renovated | 1907/2021 |
| Parking Ratio | 0.22/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | C-4 - Downtown Mixed-Use |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 455 |
| 1+1 | 5 | - | 575 - 620 |
| 3+1 | 5 | - | 1,500 - 1,565 |
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Fairly walkable
40/100
Very drivable
80/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 039-072-0002-042-000-0000 | Improvements Assessment | $976,900 |
| Land Assessment | $41,600 | Total Assessment | $1,018,500 |
Property Taxes
Parcel Number
039-072-0002-042-000-0000
Land Assessment
$41,600
Improvements Assessment
$976,900
Total Assessment
$1,018,500
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