138 Lancaster St · Albany, NY 12210

$435,000

4 bd · 3.0 ba · 2,511 sqft · MultiFamily public records · 78 Days on market

Built 1861 2,178 sqft lot $173/sqft · 37% below area Est $686k · 37% under

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Why this score? — see what drove the B+ 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 +28.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +2.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Discover an exceptional opportunity in one of Albany's most sought-after neighborhoods! This well-maintained 4-unit multi-family property sits in the heart of the vibrant Center Square district steps from Washington Park, trendy restaurants, boutique shops, and the energy of downtown Albany. With its classic architecture, tree-lined streets, and walkable lifestyle, Center Square consistently attracts strong rental demand from professionals, students, and long-term tenants alike. Currently configured as four separate living spaces, the property is legally zoned for three units. The upstairs unit has been thoughtfully divided into two distinct apartments, delivering immediate owner occupancy or additional income potential. One of these upstairs spaces is non-conforming, but the City of Albany's recent declaration of a housing crisis and its streamlined ADU (Accessory Dwelling Unit) approval process open a possible path for the new owner to legalize the second upstairs unit and maximize returns. Whether you're expanding your portfolio or making Center Square your home while generating income, this property delivers location, income, and upside potential in one of Albany's most desirable historic districts.

Key facts

• 2,178 sq ft lot
• Built 1861
• Listed 78 days

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $435k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $360/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $435k).
• Recommended offer: $409k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 5.7% in Albany — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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 (+6.9%/yr); 70 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $5,813/mo this rent would consume 125% of the median local household income ($56k/yr) (locally 1211% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• 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 + 6.9% rent growth), your $122k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 26y 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.
• Current owner paid $367k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1861 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $408,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1861 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.34% ✓
• Cap rate: 10.26%
• Cash-on-cash: 14.17%
• DSCR: 1.63
• GRM: 6.2

CMA / ARV

• ARV (median comp): $685,752
• List price: $435,000
• Delta: -36.57%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
285.5 Hudson Ave	0.07mi	4/4.0	2,478 (-1%)	5mo	$430,000	$174	87
208 Elm St	0.28mi	4/3.0	2,508 (-0%)	3mo	$420,000	$167	84
184 Elm St	0.28mi	4/2.0	2,394 (-5%)	7mo	$375,000	$157	69
369 Madison Ave	0.18mi	3/2.0 (-1)	2,280 (-9%)	4mo	$230,000	$101	64
79 1st St	0.55mi	5/3.0 (+1)	2,516 (+0%)	8mo	$275,000	$109	63
211 Clinton Ave	0.47mi	5/3.0 (+1)	2,640 (+5%)	4mo	$250,000	$95	61
220 Elm St	0.27mi	4/3.0	2,776 (+11%)	12mo	$378,000	$136	60
26 Trinity Pl	0.63mi	5/2.0 (+1)	2,508 (-0%)	11mo	$230,000	$92	52
114 Lark St	0.44mi	5/3.0 (+1)	2,835 (+13%)	11mo	$260,000	$92	44
193 Livingston Ave	0.72mi	4/2.0	2,244 (-11%)	1mo	$194,000	$86	44
221 Livingston Ave	0.72mi	5/2.0 (+1)	2,665 (+6%)	6mo	$124,900	$47	42
270 Morton Ave	0.68mi	5/4.0 (+1)	2,714 (+8%)	9mo	$477,000	$176	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.86% rent growth · sell at horizon

5-year hold

• IRR: 8.9%
• Equity multiple: 1.37×
• Total profit: $44,767
• Equity at exit: $64,860

10-year hold

• IRR: 21.3%
• Equity multiple: 3.15×
• Total profit: $261,896
• Equity at exit: $37,611

Cash invested: $121,800 (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 12210

• Home prices YoY: -2.3%
• Rents YoY: 6.9%
• Active inventory: 70
• Price-to-rent: 24.9×

Monthly cashflow live

• Estimated rent: $5,813 high
• Mortgage (P&I): −$2,281
• Tax from tax record: −$691 /mo · $8,295/yr
• Insurance: −$181
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,221
• Net cashflow: $1,439

Break-even live

Break-even rent $3,992

Max offer price $435,000

Occupancy floor 70%

Sensitivity live

Price	-10% $1,685	-5% $1,562	+0% $1,439	+5% $1,315	+10% $1,192
Rent	-10% $979	-5% $1,209	+0% $1,439	+5% $1,668	+10% $1,898
Rate	-1.0pp $1,658	-0.5pp $1,549	base $1,439	+0.5pp $1,326	+1.0pp $1,211

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,812
Total (4 units)			$5,813

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: $108,750
• Closing costs: $13,050
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	44d	1	0.54mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	44d	1	1.02mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	44d	1	1.06mi

Listing history 38 events

1. 2026-06-18
   days on market $435,000 Active 78 DOM
2. 2026-06-17
   days on market $435,000 Active 77 DOM
3. 2026-06-16
   days on market $435,000 Active 76 DOM
4. 2026-06-15
   days on market $435,000 Active 75 DOM
5. 2026-06-14
   days on market $435,000 Active 73 DOM
6. 2026-06-10
   days on market $435,000 Active 70 DOM
7. 2026-06-08
   days on market $435,000 Active 68 DOM
8. 2026-06-07
   days on market $435,000 Active 67 DOM
9. 2026-06-03
   days on market $435,000 Active 63 DOM
10. 2026-06-02
    days on market $435,000 Active 62 DOM
11. 2026-06-01
    days on market $435,000 Active 61 DOM
12. 2026-05-31
    days on market $435,000 Active 60 DOM
13. 2026-05-31
    days on market $435,000 Active 59 DOM
14. 2026-05-18
    price $435,000 1232-char remark

    Show marketing remark (1232 chars)

    Discover an exceptional opportunity in one of Albany's most sought-after neighborhoods! This well-maintained 4-unit multi-family property sits in the heart of the vibrant Center Square district steps from Washington Park, trendy restaurants, boutique shops, and the energy of downtown Albany. With its classic architecture, tree-lined streets, and walkable lifestyle, Center Square consistently attracts strong rental demand from professionals, students, and long-term tenants alike. Currently configured as four separate living spaces, the property is legally zoned for three units. The upstairs unit has been thoughtfully divided into two distinct apartments, delivering immediate owner occupancy or additional income potential. One of these upstairs spaces is non-conforming, but the City of Albany's recent declaration of a housing crisis and its streamlined ADU (Accessory Dwelling Unit) approval process open a possible path for the new owner to legalize the second upstairs unit and maximize returns. Whether you're expanding your portfolio or making Center Square your home while generating income, this property delivers location, income, and upside potential in one of Albany's most desirable historic districts.

15. 2026-04-27
    historical $1,050
16. 2026-04-01
    listed $450,000 Active 1232-char remark

    Show marketing remark (1232 chars)

    Discover an exceptional opportunity in one of Albany's most sought-after neighborhoods! This well-maintained 4-unit multi-family property sits in the heart of the vibrant Center Square district steps from Washington Park, trendy restaurants, boutique shops, and the energy of downtown Albany. With its classic architecture, tree-lined streets, and walkable lifestyle, Center Square consistently attracts strong rental demand from professionals, students, and long-term tenants alike. Currently configured as four separate living spaces, the property is legally zoned for three units. The upstairs unit has been thoughtfully divided into two distinct apartments, delivering immediate owner occupancy or additional income potential. One of these upstairs spaces is non-conforming, but the City of Albany's recent declaration of a housing crisis and its streamlined ADU (Accessory Dwelling Unit) approval process open a possible path for the new owner to legalize the second upstairs unit and maximize returns. Whether you're expanding your portfolio or making Center Square your home while generating income, this property delivers location, income, and upside potential in one of Albany's most desirable historic districts.

17. 2026-03-26
    listed $1,050
18. 2025-09-18
    historical $1,150
19. 2025-08-29
    listed $1,150
20. 2024-11-13
    historical $1,100
21. 2024-10-13
    price $1,100
22. 2024-08-31
    price $1,150
23. 2024-08-05
    listed $1,300
24. 2024-07-17
    soldstatus $367,000
25. 2024-06-24
    soldstatus $367,000 Closed 625-char remark

    Show marketing remark (625 chars)

    Excellent opportunity to own a beautiful turn key multi unit in the heart of center square. Three units ready for it's next long term or short-term tenants that will provide great monthly cash flow. Amazing Air-BNB potential that is walking distance to many of the cities amenities, attractions and large places of employment. (State Buildings, Downtown UALBANY Campus, Albany Medical, Albany Law and Albany Pharmacy) Lovely private court yard in rear. A quick bike ride to downtown Albany for environmentally conscious commuter. This property would be a great addition to an existing portfolio or the first time investor.

26. 2024-05-30
    historical 625-char remark

    Show marketing remark (625 chars)

    Excellent opportunity to own a beautiful turn key multi unit in the heart of center square. Three units ready for it's next long term or short-term tenants that will provide great monthly cash flow. Amazing Air-BNB potential that is walking distance to many of the cities amenities, attractions and large places of employment. (State Buildings, Downtown UALBANY Campus, Albany Medical, Albany Law and Albany Pharmacy) Lovely private court yard in rear. A quick bike ride to downtown Albany for environmentally conscious commuter. This property would be a great addition to an existing portfolio or the first time investor.

27. 2024-05-30
    listed $369,900 625-char remark

    Show marketing remark (625 chars)

    Excellent opportunity to own a beautiful turn key multi unit in the heart of center square. Three units ready for it's next long term or short-term tenants that will provide great monthly cash flow. Amazing Air-BNB potential that is walking distance to many of the cities amenities, attractions and large places of employment. (State Buildings, Downtown UALBANY Campus, Albany Medical, Albany Law and Albany Pharmacy) Lovely private court yard in rear. A quick bike ride to downtown Albany for environmentally conscious commuter. This property would be a great addition to an existing portfolio or the first time investor.

28. 2024-04-06
    historical Contingent
29. 2024-04-06
    historical
30. 2024-03-23
    listed $359,900 Active
31. 2004-02-13
    soldstatus $202,500
32. 2004-01-16
    soldstatus $199,000
33. 2003-11-26
    listed $199,000
34. 2003-11-26
    historical
35. 2001-03-19
    soldstatus $120,000
36. 2001-03-16
    soldstatus $120,000
37. 2000-10-30
    historical
38. 2000-08-14
    listed $149,900

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $8,295 · $691/mo
• Projected year-2 tax: $8,295 · $691/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $69,756
• − Mortgage interest: −$24,367
• − Property taxes: −$8,295
• − Insurance: −$2,175
• − Repairs & maintenance: −$5,580
• − Management: −$5,580
• − Depreciation: −$12,655
• Taxable income: $11,104
• Est. tax owed @ 24.0%: −$2,665
• After-tax cash flow: $14,598/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.

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): 10,297
• Household income: $55,843
• Rent vs Own: 75.3% rent · 24.7% own
• Severe rent burden: 1211.0

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 0.63)
• Race & ethnicity: White 44% Black 41% Two or more races 7% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 4% Lithuanian 2% Serbian 2%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 3% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -5.92%
• Current HPI: 252.3084
• Rent YoY: ▲ 6.86%
• 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

+190.2% since first listed

25 events — show timeline

• 2026-05-18 Price Changed $435,000 Global MLS
• 2026-04-27 Rental Removed $1,050 Avail
• 2026-04-01 Listed $450,000 Global MLS
• 2026-03-26 Listed for Rent $1,050 Avail
• 2025-09-18 Rental Removed $1,150 Avail
• 2025-08-29 Listed for Rent $1,150 Avail
• 2024-11-13 Rental Removed $1,100 Avail
• 2024-10-13 Price Changed $1,100 Avail
• 2024-08-31 Price Changed $1,150 Avail
• 2024-08-05 Listed for Rent $1,300 Avail
• 2024-07-17 Sold (Public Records) $367,000 Public Records
• 2024-06-24 Sold (MLS) $367,000 Global MLS
• 2024-05-30 Listed $369,900 Global MLS
• 2024-05-30 Listing Removed — Global MLS
• 2024-04-06 Contingent — Global MLS
• 2024-04-06 Listing Removed — Global MLS
• 2024-03-23 Listed $359,900 Global MLS
• 2004-02-13 Sold (Public Records) $202,500 Public Records
• 2004-01-16 Sold (MLS) $199,000 Global MLS
• 2003-11-26 Listing Removed — Global MLS
• 2003-11-26 Listed $199,000 Global MLS
• 2001-03-19 Sold (Public Records) $120,000 Public Records
• 2001-03-16 Sold (MLS) $120,000 Global MLS
• 2000-10-30 Listing Removed — Global MLS
• 2000-08-14 Listed $149,900 Global MLS

Property tax history

-1.1%/yr

Latest (2025): $8,295 · -0.7% YoY. Source: county tax records.