97 Henry Johnson Blvd · Albany, NY 12210

$299,000

6 bd · 2.0 ba · 3,666 sqft · MultiFamily · 68 Days on market

Built 1904 Fair condition 2,178 sqft lot $82/sqft · 20% below area Est $372k · 20% under ↓ 8% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.2/5.0
• Appreciation +2.0/10.0

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

Exceptional opportunity to own a versatile mixed-use property in a high-visibility Albany location. This property features two spacious 3-bedroom apartments, a commercial storefront previously operated as the well-known ''Silver Slipper'' bar, and three garage bays offering additional income potential. The residential units provide strong rental appeal with generous layouts, while the commercial space offers flexibility for a variety of business uses including bar, restaurant, retail, or office. Ideal for investors or owner-occupants seeking a live/work opportunity with multiple income streams.

Key facts

• Mixed-use property
• Strong rental appeal
• 2,178 sq ft lot

Tags

• MIXED-USE PROPERTY
• HIGH-VISIBILITY LOCATION
• COMMERCIAL STOREFRONT
• ADDITIONAL INCOME POTENTIAL
• STRONG RENTAL APPEAL
• FLEXIBILITY FOR BUSINESS USES

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $299k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• Recommended offer: $281k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.5% 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; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $4,271/mo this rent would consume 92% 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 $2k of loan paydown is wiped out by about $9k 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 $84k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($281k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $281,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.43% ✓
• Cap rate: 11.54%
• Cash-on-cash: 18.74%
• DSCR: 1.83
• GRM: 5.8

CMA / ARV

• ARV (median comp): $372,189
• List price: $299,000
• Delta: -19.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116 Lark St	0.14mi	6/3.0	3,960 (+8%)	8mo	$250,000	$63	70
1 Sherman St	0.21mi	6/3.0	3,654 (-0%)	23mo	$245,000	$67	66
487 Washington Ave	0.61mi	6/4.0	3,564 (-3%)	7mo	$360,000	$101	53
36 Spring St	0.32mi	6/6.0	3,852 (+5%)	10mo	$535,000	$139	52
34 Judson St	0.35mi	6/3.0	3,180 (-13%)	8mo	$75,000	$24	51
359 Hamilton St	0.57mi	6/4.0	3,960 (+8%)	17mo	$470,000	$119	38
31 Dana Ave	0.64mi	6/3.0	3,216 (-12%)	20mo	$305,000	$95	29

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: 14.8%
• Equity multiple: 1.62×
• Total profit: $52,137
• Equity at exit: $44,582

10-year hold

• IRR: 26.3%
• Equity multiple: 3.74×
• Total profit: $229,478
• Equity at exit: $25,852

Cash invested: $83,720 (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: 11.7×

Monthly cashflow live

• Estimated rent: $4,271 high
• Mortgage (P&I): −$1,568
• Tax est. 1.5%: −$374 /mo · $4,485/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$897
• Net cashflow: $1,308

Break-even live

Break-even rent $2,616

Max offer price $299,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,514	-5% $1,411	+0% $1,308	+5% $1,204	+10% $1,101
Rent	-10% $970	-5% $1,139	+0% $1,308	+5% $1,476	+10% $1,645
Rate	-1.0pp $1,458	-0.5pp $1,384	base $1,308	+0.5pp $1,230	+1.0pp $1,151

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,270
Total (2 units)			$4,271

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $299,000 Active 68 DOM
2. 2026-06-17
   days on market $299,000 Active 67 DOM
3. 2026-06-16
   days on market $299,000 Active 66 DOM
4. 2026-06-15
   days on market $299,000 Active 65 DOM
5. 2026-06-14
   days on market $299,000 Active 63 DOM
6. 2026-06-10
   pricedays on market $299,000 Active 60 DOM
7. 2026-06-08
   days on market $320,000 Active 58 DOM
8. 2026-06-07
   statusdays on market $320,000 Active 57 DOM
9. 2026-06-02
   status $320,000 Pending 54 DOM
10. 2026-06-01
    days on market $320,000 Active 54 DOM
11. 2026-05-31
    days on market $320,000 Active 53 DOM
12. 2026-05-31
    days on market $320,000 Active 52 DOM
13. 2026-04-21
    price $385,000 601-char remark

    Show marketing remark (601 chars)

    Exceptional opportunity to own a versatile mixed-use property in a high-visibility Albany location. This property features two spacious 3-bedroom apartments, a commercial storefront previously operated as the well-known ''Silver Slipper'' bar, and three garage bays offering additional income potential. The residential units provide strong rental appeal with generous layouts, while the commercial space offers flexibility for a variety of business uses including bar, restaurant, retail, or office. Ideal for investors or owner-occupants seeking a live/work opportunity with multiple income streams.

14. 2026-04-07
    listed $419,999 Active 601-char remark

    Show marketing remark (601 chars)

    Exceptional opportunity to own a versatile mixed-use property in a high-visibility Albany location. This property features two spacious 3-bedroom apartments, a commercial storefront previously operated as the well-known ''Silver Slipper'' bar, and three garage bays offering additional income potential. The residential units provide strong rental appeal with generous layouts, while the commercial space offers flexibility for a variety of business uses including bar, restaurant, retail, or office. Ideal for investors or owner-occupants seeking a live/work opportunity with multiple income streams.

ⓘ 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: $51,252
• − Mortgage interest: −$16,749
• − Property taxes: −$4,485
• − Insurance: −$1,495
• − Repairs & maintenance: −$4,100
• − Management: −$4,100
• − Depreciation: −$8,698
• Taxable income: $11,625
• Est. tax owed @ 24.0%: −$2,790
• After-tax cash flow: $12,903/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 · 14 photos

Fair 45/100 Extensive rehab

This property requires extensive renovations, including kitchen and bathroom updates, flooring replacement, and paint and wall repairs. The commercial storefront has potential for a high-visibility location, but the residential units need significant work to increase their value.

Repairs flagged

• Major Kitchen countertops and cabinets — The kitchen appears outdated and in poor condition.
• Major Bathroom fixtures — The bathrooms show signs of wear and tear, with outdated fixtures.
• Major Flooring — The flooring in the living areas appears to be old and possibly damaged.
• Major Paint and walls — The interior walls and paint show signs of wear and discoloration.
• Major Windows — Some windows may need replacement.

Value-add opportunities

• Resale Kitchen renovation — A modern kitchen will attract more buyers and increase the property's resale value.
• Resale Bathroom renovation — Upgraded bathrooms will appeal to potential buyers and increase the property's resale value.
• Resale Flooring replacement — New flooring will improve the property's appearance and increase its resale value.
• Resale Paint and wall repair — Fresh paint and repairs will make the interior look more appealing and increase the property's resale value.
• Resale Window replacement — New windows will improve the property's curb appeal and increase its resale value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertops and cabinets · The kitchen appears outdated and in poor condition.	Major	$15,000–50,000
Bathroom fixtures · The bathrooms show signs of wear and tear, with outdated fixtures.	Major	$15,000–50,000
Flooring · The flooring in the living areas appears to be old and possibly damaged.	Major	$15,000–50,000
Paint and walls · The interior walls and paint show signs of wear and discoloration.	Major	$15,000–50,000
Windows · Some windows may need replacement.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Resale Kitchen renovation — A modern kitchen will attract more buyers and increase the property's resale value. ↑
• Resale Bathroom renovation — Upgraded bathrooms will appeal to potential buyers and increase the property's resale value. ↑
• Resale Flooring replacement — New flooring will improve the property's appearance and increase its resale value. ↑
• Resale Paint and wall repair — Fresh paint and repairs will make the interior look more appealing and increase the property's resale value. ↑
• Resale Window replacement — New windows will improve the property's curb appeal and increase its resale value. ↑

ⓘ 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): 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

-8.3% since first listed

2 events — show timeline

• 2026-04-21 Price Changed $385,000 Global MLS
• 2026-04-07 Listed $419,999 Global MLS