Jackson Albany Portfolio

Schenectady, New York, known as the “Electric City,” is a historic and revitalizing hub in the Capital Region of Upstate New York. Located along the Mohawk River, just 15 miles northwest of Albany, Schenectady blends rich colonial history with modern innovation. The city was originally settled in the 17th century and rose to prominence in the industrial age as the home of General Electric and the American Locomotive Company. Its Stockade Historic District showcases beautifully preserved 18th- and 19th-century homes and is one of the oldest residential neighborhoods in the United States. Today, Schenectady is a mid-sized city with a population of around 69,000, offering a diverse and close-knit community. The economy has shifted from heavy industry to a mix of education, healthcare, and tech-driven sectors. Union College, one of the oldest liberal arts colleges in the country, plays a major role in the city’s academic and cultural life. Schenectady also hosts the Museum of Innovation and Science (miSci), along with numerous local theaters, festivals, and community events. The city has seen significant downtown revitalization in recent years, including the development of the Rivers Casino & Resort, new housing, and a bustling riverfront district. Residents enjoy access to parks, walkable neighborhoods, and a cost of living that is lower than nearby metro areas. Schenectady offers a balance of historical charm, modern amenities, and a spirit of renewal that makes it a compelling place to live, work, and visit.Northeast Private Client Group is pleased to exclusively list 209-211 Jackson Avenue and 1864 Albany Street, an eleven-unit multifamily portfolio located in the heart of Schenectady, NY. The investment opportunity is offered at $900,000, translating to $81,818 per unit. The unit mix comprises one studio, nine one-bedroom units, and one two-bedroom unit, with current rents averaging $880 per month. Pro forma rents project substantial upside, with stabilized rents anticipated to reach $875 for studios, $1,050 for one bedrooms, and $1,300 for the two-bedroom unit. The asset currently generates a 6.50% cap rate, with the potential to reach as high as 8.88% on a pro forma basis. This offering presents an excellent opportunity to acquire a stabilized asset with meaningful upside through unit renovations and rental growth in a strengthening rental market. The properties are situated in a dense residential corridor of Schenectady, NY, just minutes from downtown and Union College. The area offers strong tenant demand driven by proximity to major employers, public transportation, and neighborhood amenities including Central Park, Mohawk Commons, and multiple retail centers. The neighborhood benefits from consistent rental occupancy, strong demand for affordable housing, and ongoing revitalization efforts throughout Schenectady’s urban core.