855 Crane St, Schenectady, NY 12303

6 Unit Mixed-Use Multifamily Building For Sale

Welcome to 855 Crane Street, a 36-foot wide, well-maintained asset offering a 11.7% cap rate proforma and located in a rapidly emerging neighborhood of Schenectady, New York. This 6 unit mixed-use multifamily has 2 vacancies with in-place rents far below market, thus making it ideal for immediate and long term revenue upside, and perfect for an investor or owner-user. It's comprised of 4 residential units and 2 commercial units, with a mix of 2 two-bedroom apartments and 2 one-bedroom apartments across approximately 5,880 gross square feet above grade. All units are separately metered, and two of the apartments were recently updated. The neighborhood has undergone a significant transformation marked by an uptick in recent property sales which includes several transactions on the same street as the subject property. This increase in property sales and corresponding increase in dollar volume suggests there's a healthy appetite for assets like 855 Crane Street in the Schenectady market. New development is scheduled for workforce housing to be built at 914, 918, 924, 932, 938, 944, 956 and 1002 Crane Street, with each lot currently under contract to be acquired by a Rochester-based developer for an estimated project cost of more than $15 million dollars. Only a few doors away, 855 Crane Street is prime positioned to benefit from this revitalization of the neighborhood. As upward pricing growth is expected to continue, an opportunistic investor will benefit by making improvements, raising rents and leasing the property to full occupancy. An owner-user will benefit by living in one of the apartments while operating a retail or service-related business from one of the ground floor commercial spaces. Neighborhood amenities include the Mont Pleasant Library, Ferrari's Ristorante, Combo's Fish Fry Catering, Family Dollar, and a diverse variety of small businesses, bars, cocktail lounges, and restaurants. Residents are served by the 810 and 353 bus stops with convenient routes to all parts of the city, including downtown Schenectady for easy connection to bus and rail lines into Albany and NYC. 855 Crane Street is also seconds away from Interstate-890, offering an ideal location for transportation to and from the asset. Featuring immediate and long term upside in rents with value-add potential, 855 Crane Street provides an investor or owner-user with a rare opportunity to acquire a well-maintained asset in a rapidly emerging location. For more information and to schedule a property tour, contact the exclusive sales agent.