413 Saratoga RdSchenectady, NY 12302

Property Details for 413 Saratoga Rd

Year built

1920

Lot size

9.00 AC

Property size (Sq ft)

756 SF

Zone code

CON

Property type

Mobile home & RV parks

APN

422289 15.15-1-9

APU

422289151519

Description

Glenville Manor, a Class B mobile home park located at 413 Saratoga Rd, Schenectady, NY 12302, presents a compelling investment opportunity. This 8.85-acre property boasts 88 units, with all but four being tenant-owned (one stick-built home and three garage spaces). Currently, the park enjoys an 82.49% occupancy rate, generating a Net Operating Income (NOI) of $290,159, representing a 6.00% capitalization rate. Pro forma projections indicate a significant increase in NOI to $348,140, resulting in a 6.79% capitalization rate. The property features paved roads, city water, and septic systems. Tenants are responsible for garbage and electricity costs. Importantly, the park manager and a maintenance person are committed to remaining with the property, ensuring a smooth transition for new ownership. The park's location within the Albany-Schenectady-Troy metro area offers strong potential for future growth and increased rental income. Fourteen vacant lots provide additional development opportunities. The asking price for this exceptional investment is $4,840,000.

• CAP approach

  CAP return

  Valuation

  6%

  $232,875

  6.5%

  $214,961

  7%

  $199,607

• Comparable approach

  Method

  Valuation

  Relative Method

  $154,137

  Geo Method

  $153,107

• Alternative Use

  Use

  Valuation

  Residential

  $214,961

  Hospitality

  $196,903

  Educational

  $163,821

  Medical

  $169,455

  Retail

  $254,833

Location Insight

City

Glenville

County

Schenectady

State

New York

Latitude

42.8836

Longitude

-73.9299

CBSA code

10580

CBSA name

ALBANY-SCHENECTADY-TROY, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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