The Numbers WORK on this great two story Office Building across from City Hall in the newly revitalized Downtown Schenectady. The numbers work if you lease out both floors to tenants. (The 1st Floor is currently leased to an excellent tenant). And the numbers work if you move into the 2nd floor, and continue to lease out the 1st floor.
The Potential Gross Income with just the 1st Floor leased out (currently leased for $2,500/month to a solid long-term tenant) is $30,000. The projected expenses per year are $22,209 - which include the taxes, insurance, maintenance, management fee, and an estimated reserves for replacement fund. (Tenants pay their own utilities.)
Essentially - the building pays for itself, while you use the 2nd floor office suite of 3,046 SF - "for free".
And the numbers work if you lease out both floors to tenants:
AVERAGE POTENTIAL RENTAL INCOME
At Full Occupancy Based on
- $2,500/month for 1st Floor
- $2,250/month for 2nd Floor (currently advertised lease price)
- = $57,000/Year
Taxes (Est. based on new assessment 2014) $ 9,940
Utilities (tenants pay) -0-
Maintenance, Repairs & Trash 2,236
Management @ 7% 3,471
Janitorial (tenants pay) -0-
Legal & Accounting 600
Estimated Reserves for Replacements 4,660
(HVAC units, HW heaters, roof, carpeting)
Total Projected Expenses -$22,209
Equals Net Operating Income $27,381
This is a well maintained, low maintance building in a great walking location. Just up the street from the Jay Street Pedestrian Mall; a no-cars-allowed street of niche shops and eateries with live musicians playing during the Spring and Summer months. It's also walking distance to Proctor's Theatre, the Post Office, the Library, and directly across the street from City Hall. And outside the City Hall, Franklin street hosts a weekly farmer's market during the summer.
As Downtown Schenectady continues to grow and flourish, you'll be hard pressed to find a better set of numbers than this building offers. The Numbers Work. Come take a walk through!
Specializing In Your Special Needs
Licensed NYS Realtor
Ron DiDonna Real Estate & Appraisal
763 Saratoga Road, Burnt Hills, NY 12027
Looking to Buy or Sell a Home in Saratoga, Albany or Schenectady County?