79 Columbia St · Albany, NY 12210

$549,900

20 bd · 16.0 ba · 3,204 sqft · MultiFamily · 49 Days on market

Built 1850 Good condition 1,742 sqft lot $172/sqft · 7% below area Est $590k · 7% 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 +24.5/30.0
• ARV discount +10.5/15.0
• DSCR +7.9/10.0
• 1% rule +6.3/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Schools +3.2/10.0
• 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

Don't miss out on this beautifully renovated four-unit investment property located in downtown Albany's Capitol District. 3/4 units left vacant so new owner can place tenants and/ or occupy. Ideal for investors or owner-occupants seeking strong upside the property features classic architectural character including high ceilings, original details, and abundant natural light throughout. The buildings four units are comprised of 1 2 bedroom/ 1 bathroom & 3 1 bedroom/ 1 bathroom full floor flats providing a solid foundation for long-term rental strategy. Situated in a convenient downtown location, the property is within close proximity to N. Pearl Street's restaurants, shops & cafes, transportation, and neighborhood amenities, making it attractive for tenants and future appreciation/ resale value. Strong income-producing potential with the ability to increase rents and value through renovations and improved management. Seller is also open to subject to/ seller financing. Please, call listing agent for details.

Key facts

• Original details
• High ceilings
• 1,742 sq ft lot

Tags

• HIGH CEILINGS
• ORIGINAL DETAILS
• ABUNDANT NATURAL LIGHT
• CONVENIENT DOWNTOWN LOCATION

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 3×1bd/1ba units multifamily listed at $550k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $282/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $550k).
• Recommended offer: $533k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 $6,238/mo this rent would consume 134% 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 $4k of loan paydown is wiped out by about $16k 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 $154k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($533k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 1850 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $533,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% 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 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.13% ✓
• Cap rate: 8.75%
• Cash-on-cash: 8.79%
• DSCR: 1.39
• GRM: 7.3

CMA / ARV

• ARV (median comp): $589,544
• List price: $549,900
• Delta: -6.72%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 1.3%
• Equity multiple: 1.05×
• Total profit: $7,982
• Equity at exit: $81,992

10-year hold

• IRR: 14.5%
• Equity multiple: 2.37×
• Total profit: $211,650
• Equity at exit: $47,545

Cash invested: $153,972 (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: 27.6×

Monthly cashflow live

• Estimated rent: $6,238 high
• Mortgage (P&I): −$2,884
• Tax est. 1.5%: −$687 /mo · $8,248/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,310
• Net cashflow: $1,128

Break-even live

Break-even rent $4,810

Max offer price $549,900

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,661
▸ 3× units	1	1	$4,578
Total (4 units)			$6,238

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: $137,475
• Closing costs: $16,497
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-13
   status Pending 1032-char remark

   Show marketing remark (1032 chars)

   Don't miss out on this beautifully renovated four-unit investment property located in downtown Albany's Capitol District. 3/4 units left vacant so new owner can place tenants and/ or occupy. Ideal for investors or owner-occupants seeking strong upside the property features classic architectural character including high ceilings, original details, and abundant natural light throughout. The buildings four units are comprised of 1 2 bedroom/ 1 bathroom & 3 1 bedroom/ 1 bathroom full floor flats providing a solid foundation for long-term rental strategy. Situated in a convenient downtown location, the property is within close proximity to N. Pearl Street's restaurants, shops & cafes, transportation, and neighborhood amenities, making it attractive for tenants and future appreciation/ resale value. Strong income-producing potential with the ability to increase rents and value through renovations and improved management. Seller is also open to subject to/ seller financing. Please, call listing agent for details.

2. 2026-03-25
   listed $549,900 Active 1032-char remark

   Show marketing remark (1032 chars)

   Don't miss out on this beautifully renovated four-unit investment property located in downtown Albany's Capitol District. 3/4 units left vacant so new owner can place tenants and/ or occupy. Ideal for investors or owner-occupants seeking strong upside the property features classic architectural character including high ceilings, original details, and abundant natural light throughout. The buildings four units are comprised of 1 2 bedroom/ 1 bathroom & 3 1 bedroom/ 1 bathroom full floor flats providing a solid foundation for long-term rental strategy. Situated in a convenient downtown location, the property is within close proximity to N. Pearl Street's restaurants, shops & cafes, transportation, and neighborhood amenities, making it attractive for tenants and future appreciation/ resale value. Strong income-producing potential with the ability to increase rents and value through renovations and improved management. Seller is also open to subject to/ seller financing. Please, call listing agent for details.

3. 2022-10-03
   status Pending 383-char remark

   Show marketing remark (383 chars)

   Welcome to this fully rented 4 family in downtown Albany. GREAT location!!! Solid brick building that has everything done 2 years ago, kitchens, baths, heating system, plumping. All separated utilities but landlord pays eletriicity and heat. Radiant floors (unit 1,2,3). Rental income yearly, $50,880. Easy access to I-90/787. Walking distance to restaurants, coffee shops, parsk...

4. 2022-08-08
   historical Contingent 383-char remark

   Show marketing remark (383 chars)

   Welcome to this fully rented 4 family in downtown Albany. GREAT location!!! Solid brick building that has everything done 2 years ago, kitchens, baths, heating system, plumping. All separated utilities but landlord pays eletriicity and heat. Radiant floors (unit 1,2,3). Rental income yearly, $50,880. Easy access to I-90/787. Walking distance to restaurants, coffee shops, parsk...

5. 2022-07-15
   listed $425,000 Active 383-char remark

   Show marketing remark (383 chars)

   Welcome to this fully rented 4 family in downtown Albany. GREAT location!!! Solid brick building that has everything done 2 years ago, kitchens, baths, heating system, plumping. All separated utilities but landlord pays eletriicity and heat. Radiant floors (unit 1,2,3). Rental income yearly, $50,880. Easy access to I-90/787. Walking distance to restaurants, coffee shops, parsk...

ⓘ 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: $74,856
• − Mortgage interest: −$30,803
• − Property taxes: −$8,248
• − Insurance: −$2,750
• − Repairs & maintenance: −$5,988
• − Management: −$5,988
• − Depreciation: −$15,997
• Taxable income: $5,081
• Est. tax owed @ 24.0%: −$1,219
• After-tax cash flow: $12,314/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 four-unit investment property in downtown Albany is in good condition with modern amenities and classic architectural details. It's ready for new tenants or owner-occupants and offers a strong rental income potential.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and property value
• Both Replace window screens — Improves energy efficiency and aesthetics
• Rental Install smart thermostats — Attracts tech-savvy tenants and reduces utility costs

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and property value ↑
• Both Replace window screens — Improves energy efficiency and aesthetics ↑
• Rental Install smart thermostats — Attracts tech-savvy tenants and reduces utility costs ↑

ⓘ 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

+29.4% since first listed

5 events — show timeline

• 2026-05-13 Pending — Global MLS
• 2026-03-25 Listed $549,900 Global MLS
• 2022-10-03 Pending — Global MLS
• 2022-08-08 Contingent — Global MLS
• 2022-07-15 Listed $425,000 Global MLS