46 Columbia St · Albany, NY 12207

$525,000

1 bd · 2.5 ba · 3,500 sqft · MultiFamily · 135 Days on market

Built 1811 Good condition 1,306 sqft lot $150/sqft · 20% below area Est $654k · 20% under ↓ 24% since listing

---

Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +16.0/30.0
• ARV discount +15.0/15.0
• Appreciation +5.0/10.0
• DSCR +4.9/10.0
• 1% rule +4.4/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Schools +3.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Opportunity awaits in this attractive, solid brick mixed use building standing overtop Tricentennial Park in Downtown Albany. This 3-Story building was completely gutted and restored in 1999/2000 earning an award from the Historic Foundation. The interior space currently functions as a two-level commercial operation w/ a 'Mezzanine' between floors 1 + 2 & a modern 'Class-A' one bedroom apartment upstairs. Amenities include sound hardwoods + woodwork throughout, marble (non-working) fireplaces on every floor & a Schindler Hydraulic elevator accessible from all 3 levels. Each floor has a dedicated heating system & separate utilities. Call now to schedule a tour!

Key facts

• Gutted and restored
• Solid brick building
• Sound hardwoods

Tags

• SOLID BRICK BUILDING
• GUTTED AND RESTORED
• MEZZANINE BETWEEN FLOORS
• MODERN ONE BEDROOM APARTMENT
• SOUND HARDWOODS
• MARBLE FIREPLACES

What this means for you Summary

Snapshot

• This is a 1-bed/2.5-bath multifamily listed at $525k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $492k (6.3% below list).
• Recommended offer: $462k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 5.7% in Albany — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 79/100 on livability (#129 in NY, #2,083 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: employment C-, crime F.
• Albany City School District (urban): math 37% / reading 40% proficiency, ranked #543 of 590 in NY (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.8%/yr); 5 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $4,920/mo this rent would consume 100% of the median local household income ($59k/yr) (locally 182% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $19k of equity ($4k loan paydown + $16k appreciation (3.0% local appreciation)).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 5.8% rent growth), your $147k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($462k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1811 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $462,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1811 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 6.88%
• Cash-on-cash: 2.11%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

• ARV (median comp): $654,285
• List price: $525,000
• Delta: -19.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

3.0% appreciation · 5.83% rent growth · sell at horizon

5-year hold

• IRR: 11.0%
• Equity multiple: 1.64×
• Total profit: $94,197
• Equity at exit: $236,063

10-year hold

• IRR: 14.6%
• Equity multiple: 3.29×
• Total profit: $336,340
• Equity at exit: $363,801

Cash invested: $147,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 12207

• Rents YoY: 5.8%
• Active inventory: 5
• Price-to-rent: 26.7×

Monthly cashflow live

• Estimated rent: $4,920 high
• Mortgage (P&I): −$2,753
• Tax est. 1.5%: −$656 /mo · $7,875/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,033
• Net cashflow: $259

Break-even live

Break-even rent $4,593

Max offer price $525,000

Occupancy floor 90%

Sensitivity live

Price	-10% $621	-5% $440	+0% $259	+5% $77	+10% $-104
Rent	-10% $-130	-5% $64	+0% $259	+5% $453	+10% $647
Rate	-1.0pp $523	-0.5pp $392	base $259	+0.5pp $123	+1.0pp $-16

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$4,920
Total (3 units)			$4,920

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-01-13
   listed $525,000 Active 680-char remark

   Show marketing remark (680 chars)

   Opportunity awaits in this attractive, solid brick mixed use building standing overtop Tricentennial Park in Downtown Albany. This 3-Story building was completely gutted and restored in 1999/2000 earning an award from the Historic Foundation. The interior space currently functions as a two-level commercial operation w/ a 'Mezzanine' between floors 1 + 2 & a modern 'Class-A' one bedroom apartment upstairs. Amenities include sound hardwoods + woodwork throughout, marble (non-working) fireplaces on every floor & a Schindler Hydraulic elevator accessible from all 3 levels. Each floor has a dedicated heating system & separate utilities. Call now to schedule a tour!

2. 2026-01-02
   historical
3. 2025-08-22
   listed $587,500 Active
4. 2023-05-22
   historical
5. 2023-03-03
   price $649,900
6. 2023-01-22
   listed $695,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $59,040
• − Mortgage interest: −$29,408
• − Property taxes: −$7,875
• − Insurance: −$2,625
• − Repairs & maintenance: −$4,723
• − Management: −$4,723
• − Depreciation: −$15,273
• Taxable loss: −$5,587
• Est. tax savings @ 24.0%: +$1,341
• After-tax cash flow: $4,445/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This 3-story mixed-use building in Downtown Albany is in good condition with a cosmetic rehab. It offers a unique opportunity for a potential investor looking to capitalize on its prime location.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Clean windows — Improves natural light and aesthetic appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Clean windows — Improves natural light and aesthetic appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Albany City School District
• NCES district ID: 3602460
• Math proficiency: 37% ▲ 6.00%
• Reading proficiency: 40% ▲ 7.00%
• Median HH income: $40,568
• Composite: 32.34/100
• National rank: #5744
• State rank: #543 of 590 in NY

Livability — Albany

• Score: 79/100
• State rank: #129
• US rank: #2083

Category grades

Amenities A+ Commute A+ Cost of living C+ Crime F Employment C- Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albany, NY
• County: Albany County · 196,626 people
• City population: 116,921
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 1,988
• Household income: $58,998
• Rent vs Own: 96.0% rent · 4.0% own
• Severe rent burden: 182.0

Population outlook (Albany County) Hauer SSP2

• Today (2025): 320,794 people
• By 2030: 327,401 · +2.1%
• By 2040: 338,218 · +5.4%
• By 2050: 348,467 · +8.6%
• By 2075: 381,693 · +19.0%
• By 2100: 393,809 · +22.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 44% Black 43% Hispanic / Latino 7% Asian 3% Two or more races 3%
• Hispanic origin (detail): Mexican 2% Cuban 2% Dominican 2%
• Common ancestry: Romanian 4% Serbian 1% Lithuanian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 85% English-only · Spanish 10% Korean 2% French/Haitian/Cajun 2%

Political lean MEDSL · Albany

• 2024 margin: Strong D (+25.8) · D 62.9% · R 37.1%
• 2008→2024 swing: -3.6pp toward R · 2008: 29.4pp · 2024: 25.8pp
• All cycles: 2024: D+25.8 2020: D+31.4 2016: D+24.3 2012: D+31.0 2008: D+29.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: ▲ 5.83%
• Metro: Albany-Schenectady-Troy, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

-24.5% since first listed

6 events — show timeline

• 2026-01-13 Listed $525,000 Global MLS
• 2026-01-02 Listing Removed — Global MLS
• 2025-08-22 Listed $587,500 Global MLS
• 2023-05-22 Listing Removed — Global MLS
• 2023-03-03 Price Changed $649,900 Global MLS
• 2023-01-22 Listed $695,000 Global MLS