1338 Union StSchenectady, NY 12308

Property Details for 1338 Union St

Year built

1984

Lot size

0.46 AC

Property size (Sq ft)

5,043 SF

Zone code

03 - MULTI-FAMILY

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

421500 49.28-1-6

APU

421500492816

Description

This exceptional 5,043-square-foot executive office building, situated on a prominent corner lot in Schenectady, New York, presents a unique investment opportunity. Built in 1996 and meticulously maintained, this three-story building boasts magnificent historic architecture, reflecting its location on the historic "Doctor's Row." Currently occupied by a professional law firm, the property features eight private offices, a reception area, two conference rooms, and a kitchenette. The building also includes a full basement and offers the potential for expansion, with the possibility of adding additional office or residential space on the third floor. The 0.46-acre lot provides ample space, including an eight-vehicle on-site surface parking lot. Located steps from Union College and Central Park, this property benefits from high visibility and convenient access. The building is constructed of masonry with an asphalt shingle roof (installed in 1996). Zoned R-2 (two-family residential district), it offers flexibility for future use. The property enjoys municipal water and sewer services and features approximately 100 feet of frontage along Union Street. The asking price is $379,000, significantly below replacement cost, and the annual real estate tax is $11,536.14 ($2.29 per square foot). This is a rare opportunity to acquire a well-maintained, historically significant property in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,252,759

  6.5%

  $1,156,393

  7%

  $1,073,794

• Comparable approach

  Method

  Valuation

  Relative Method

  $663,347

  Geo Method

  $658,918

• Alternative Use

  Use

  Valuation

  Residential

  $1,433,928

  Hospitality

  $1,313,470

  Educational

  $1,092,792

  Medical

  $1,130,374

  Retail

  $1,699,898

Location Insight

City

Schenectady

County

Schenectady

State

New York

Latitude

42.8094

Longitude

-73.9183

CBSA code

10580

CBSA name

ALBANY-SCHENECTADY-TROY, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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