397 Washington Ave · Albany, NY 12206

$289,000

3 bd · 3.0 ba · 1,836 sqft · MultiFamily public records · 107 Days on market

Built 1820 871 sqft lot $157/sqft · 7% above area Est $269k · 7% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +4.2/15.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Maintained triplex conveniently located from state & legislative gov't institutes, Albany Medical Center & St. Peter's hospitals, Washington Park, SUNY campus, popular eateries, galleries, coffee shops, nightlife & many more favored city attractions. Original details still adorned throughout such as high ceilings, oversized windows, decorative wood moldings, exposed brick, etc. Spacious units. Outdoor space perfect for entertaining during the warmer season.

Key facts

• Exposed brick
• Outdoor space
• High ceilings

Tags

• OUTDOOR SPACE
• HIGH CEILINGS
• OVERSIZED WINDOWS
• DECORATIVE WOOD MOLDINGS
• EXPOSED BRICK

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/3.0-bath units multifamily listed at $289k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $462/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $289k).
• Recommended offer: $263k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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 (+5.4%/yr); 89 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $4,501/mo this rent would consume 130% of the median local household income ($42k/yr) (locally 2035% 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 + 5.4% rent growth), your $81k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1820 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $262,990 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% 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 1820 — 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: 1.56% ✓
• Cap rate: 12.05%
• Cash-on-cash: 20.56%
• DSCR: 1.91
• GRM: 5.4

CMA / ARV

• ARV (median comp): $269,121
• List price: $289,000
• Delta: 7.39%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
60 Bradford St	0.03mi	3/2.0	1,600 (-13%)	4mo	$170,000	$106	70
97 West St	0.28mi	4/2.0 (+1)	1,760 (-4%)	6mo	$187,000	$106	66
156 Quail St	0.30mi	4/2.0 (+1)	1,876 (+2%)	13mo	$165,000	$88	63
246 1st St	0.46mi	4/2.0 (+1)	1,860 (+1%)	9mo	$185,000	$99	60
478 3rd St	0.56mi	4/2.0 (+1)	1,852 (+1%)	8mo	$119,000	$64	57
376 1st St	0.31mi	4/2.0 (+1)	1,680 (-8%)	10mo	$100,000	$60	54
202 Jefferson St	0.69mi	3/2.0	1,776 (-3%)	6mo	$325,000	$183	53
179 Lancaster St	0.59mi	3/3.0	2,016 (+10%)	5mo	$200,000	$99	52
378 Hamilton St	0.64mi	4/3.0 (+1)	1,700 (-7%)	6mo	$285,000	$168	48
685 Clinton Ave	0.50mi	4/2.0 (+1)	2,032 (+11%)	6mo	$190,000	$94	45
596 Livingston Ave	0.70mi	4/2.0 (+1)	1,584 (-14%)	3mo	$148,000	$93	33
523 Central Ave	0.75mi	4/4.0 (+1)	2,016 (+10%)	11mo	$289,000	$143	31

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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: 15.7%
• Equity multiple: 1.65×
• Total profit: $52,648
• Equity at exit: $43,091

10-year hold

• IRR: 26.1%
• Equity multiple: 3.57×
• Total profit: $207,602
• Equity at exit: $24,987

Cash invested: $80,920 (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 12206

• Home prices YoY: -9.9%
• Rents YoY: 5.4%
• Active inventory: 89
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $4,501 high
• Mortgage (P&I): −$1,516
• Tax from tax record: −$533 /mo · $6,398/yr
• Insurance: −$120
• HOA: −$0
• Vacancy / Maint / Mgmt: −$945
• Net cashflow: $1,387

Break-even live

Break-even rent $2,746

Max offer price $289,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	3	$4,500
Total (3 units)			$4,501

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: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	14d	1	0.22mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	14d	1	0.30mi
240 Washington Ave Albany, NY	2.0	2.0	1560	$2,450	$1.57	43d	1	0.36mi
58 Elberon Pl Apt 2 Albany, NY	4.0	1.0	1250	$2,200	$1.76	43d	1	0.39mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	43d	1	0.39mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	43d	1	0.49mi
227 Jay St Albany, NY	2.0	2.0	1710	$2,150	$1.26	43d	1	0.52mi
569 Washington Ave Unit 1st Floor Albany, NY	4.0	1.0	1275	$2,000	$1.57	43d	1	0.52mi
88 Willett St Albany, NY	3.0	1.0	825	$2,080	$2.52	14d	10	0.52mi
41 Dove St Albany, NY	2.0	2.5	2400	$2,350	$0.98	14d	1	0.60mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	23d	1	0.61mi
154 Lancaster St Unit 1 Albany, NY	2.0	1.5	1500	$2,200	$1.47	23d	1	0.64mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	23d	1	0.77mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	23d	1	0.78mi
363 Ontario St Albany, NY	1.0–2.0	1.0–2.5	1610	$3,485	$2.16	14d	1	0.83mi
21 Woodlawn Ave Unit 3rd floor Albany, NY	3.0	1.0	1300	$1,500	$1.15	23d	1	0.88mi
21 Woodlawn Ave Unit 3RDFL Albany, NY	3.0	1.0	1300	$1,500	$1.15	43d	1	0.88mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	43d	1	0.90mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,850	$1.46	14d	1	0.92mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	43d	1	0.94mi
15 Ten Broeck St Albany, NY	2.0	1.5	1900	$1,750	$0.92	21d	1	1.04mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	43d	1	1.09mi
48 N Pearl St Albany, NY	2.0	1.0–2.5	1251	$3,500	$2.80	14d	17	1.12mi
104 S Main Ave Unit 1 Albany, NY	3.0	1.0	1300	$2,600	$2.00	43d	1	1.18mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	23d	1	1.22mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	43d	1	1.29mi
78 S Pine Ave Unit 2 Albany, NY	3.0	1.5	1541	$2,350	$1.52	14d	1	1.36mi
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	43d	1	1.41mi
30 Cardinal Ave Albany, NY	4.0	1.0	1529	$2,800	$1.83	44d	1	1.48mi

Listing history 31 events

1. 2026-06-18
   price $289,000 Active 107 DOM
2. 2026-06-18
   days on market $299,000 Active 107 DOM
3. 2026-06-17
   days on market $299,000 Active 106 DOM
4. 2026-06-16
   days on market $299,000 Active 105 DOM
5. 2026-06-15
   days on market $299,000 Active 104 DOM
6. 2026-06-14
   days on market $299,000 Active 102 DOM
7. 2026-06-10
   days on market $299,000 Active 99 DOM
8. 2026-06-08
   days on market $299,000 Active 97 DOM
9. 2026-06-07
   days on market $299,000 Active 96 DOM
10. 2026-06-03
    days on market $299,000 Active 92 DOM
11. 2026-06-02
    days on market $299,000 Active 91 DOM
12. 2026-06-01
    days on market $299,000 Active 90 DOM
13. 2026-05-31
    days on market $299,000 Active 89 DOM
14. 2026-05-31
    days on market $299,000 Active 88 DOM
15. 2026-03-17
    price $299,000 473-char remark

    Show marketing remark (473 chars)

    Maintained triplex conveniently located from state & legislative gov't institutes, Albany Medical Center & St. Peter's hospitals, Washington Park, SUNY campus, popular eateries, galleries, coffee shops, nightlife & many more favored city attractions. Original details still adorned throughout such as high ceilings, oversized windows, decorative wood moldings, exposed brick, etc. Spacious units. Outdoor space perfect for entertaining during the warmer season.

16. 2026-03-03
    listed $309,000 Active 473-char remark

    Show marketing remark (473 chars)

    Maintained triplex conveniently located from state & legislative gov't institutes, Albany Medical Center & St. Peter's hospitals, Washington Park, SUNY campus, popular eateries, galleries, coffee shops, nightlife & many more favored city attractions. Original details still adorned throughout such as high ceilings, oversized windows, decorative wood moldings, exposed brick, etc. Spacious units. Outdoor space perfect for entertaining during the warmer season.

17. 2023-03-31
    soldstatus $279,000
18. 2023-01-28
    status Pending 643-char remark

    Show marketing remark (643 chars)

    Brick Triplex in a great location! Across the street from SUNY downtown campus, on bus line, walk to Washington Park. Some exposed brick walls! New Roof, new front porch, basement unit had new flooring installed prior to current tenant. Fully occupied, however the tenant in the middle unit will be vacating in February. That tenant has been there for years, and can certainly get higher rent on the turnover. All excellent tenants!! Basement unit is a studio apartment, but very spacious and plenty of room for a sleeping and living area. Units 2 & 3 are both 1 bedroom. 24 Hour Notice for showings, and there is limited availability.

19. 2023-01-13
    listed $259,000 Active 643-char remark

    Show marketing remark (643 chars)

    Brick Triplex in a great location! Across the street from SUNY downtown campus, on bus line, walk to Washington Park. Some exposed brick walls! New Roof, new front porch, basement unit had new flooring installed prior to current tenant. Fully occupied, however the tenant in the middle unit will be vacating in February. That tenant has been there for years, and can certainly get higher rent on the turnover. All excellent tenants!! Basement unit is a studio apartment, but very spacious and plenty of room for a sleeping and living area. Units 2 & 3 are both 1 bedroom. 24 Hour Notice for showings, and there is limited availability.

20. 2020-11-10
    soldstatus $203,500
21. 2020-10-27
    soldstatus $203,500 Closed (Final Sale)
22. 2020-09-01
    status Pend (Under Cntr)
23. 2020-08-19
    listed $199,900 New
24. 2017-12-12
    soldstatus $137,500
25. 2017-10-04
    soldstatus $137,500 Closed (Final Sale)
26. 2017-09-06
    status Pend (Under Cntr)
27. 2017-08-18
    listed $145,000 New
28. 2017-08-14
    historical
29. 2017-07-29
    price $150,000
30. 2017-06-19
    listed $154,900 New
31. 2017-01-09
    soldstatus $57,500

ⓘ 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: $6,398 · $533/mo
• Projected year-2 tax: $6,398 · $533/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: $54,012
• − Mortgage interest: −$16,188
• − Property taxes: −$6,398
• − Insurance: −$1,445
• − Repairs & maintenance: −$4,321
• − Management: −$4,321
• − Depreciation: −$8,407
• Taxable income: $12,932
• Est. tax owed @ 24.0%: −$3,104
• After-tax cash flow: $13,537/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): 14,572
• Household income: $41,548
• Rent vs Own: 73.4% rent · 26.6% own
• Severe rent burden: 2035.0

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: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: Black 38% White 27% Hispanic / Latino 15% Two or more races 12% Asian 10%
• Hispanic origin (detail): Puerto Rican 10% Dominican 1%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 1%
• Foreign-born: 22% · Canada, China
• Languages at home: 75% English-only · Spanish 10% Other Indo-European 5% Chinese 3%

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: ▼ -30.24%
• Current HPI: 275.8109
• Rent YoY: ▲ 5.37%
• 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

+420.0% since first listed

17 events — show timeline

• 2026-03-17 Price Changed $299,000 Global MLS
• 2026-03-03 Listed $309,000 Global MLS
• 2023-03-31 Sold (Public Records) $279,000 Public Records
• 2023-01-28 Pending — Global MLS
• 2023-01-13 Listed $259,000 Global MLS
• 2020-11-10 Sold (Public Records) $203,500 Public Records
• 2020-10-27 Sold (MLS) $203,500 Global MLS
• 2020-09-01 Pending — Global MLS
• 2020-08-19 Listed $199,900 Global MLS
• 2017-12-12 Sold (Public Records) $137,500 Public Records
• 2017-10-04 Sold (MLS) $137,500 Global MLS
• 2017-09-06 Pending — Global MLS
• 2017-08-18 Listed $145,000 Global MLS
• 2017-08-14 Listing Removed — Global MLS
• 2017-07-29 Price Changed $150,000 Global MLS
• 2017-06-19 Listed $154,900 Global MLS
• 2017-01-09 Sold (Public Records) $57,500 Public Records

Property tax history

+6.3%/yr

Latest (2025): $6,398 · -0.7% YoY. Source: county tax records.