79 Alexander St · Albany, NY 12202

$224,999

24 bd · 16.0 ba · 2,574 sqft · MultiFamily public records · 106 Days on market

Built 1910 2,047 sqft lot $87/sqft · 36% below area Est $356k · 37% under

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Why this score? — see what drove the A 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Attention investors! VACANT! [CASH DEAL] Opportunity awaits at 79 Alexander Street in Albany. This quadruplex (4 units) offers four residential units on one lot, making it a strong addition to any rental portfolio. The property features a functional layout with income potential and provides the perfect canvas for light updates to maximize value and returns. Conveniently located near downtown Albany, public transportation, shopping, and major highways. Ideal for investors seeking upside in a growing market. Property sold as-is.

Key facts

• Income potential
• Near downtown albany
• Light updates

Tags

• FOUR RESIDENTIAL UNITS
• INCOME POTENTIAL
• LIGHT UPDATES
• CONVENIENTLY LOCATED
• NEAR DOWNTOWN ALBANY
• PUBLIC TRANSPORTATION

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive. Per door: $943/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $225k).
• Recommended offer: $205k (9.0% below list) — sets the bar for market timing.
• Cap rate 26.4% 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 (+8.7%/yr); 58 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $7,009/mo this rent would consume 159% of the median local household income ($53k/yr) (locally 935% 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 $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $63k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $100k; list at $225k implies a 125% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $204,749 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 3.12% ✓
• Cap rate: 26.42%
• Cash-on-cash: 71.88%
• DSCR: 4.20
• GRM: 2.7

CMA / ARV

• ARV (median comp): $356,470
• List price: $224,999
• Delta: -36.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 87.2%
• Equity multiple: 7.35×
• Total profit: $400,153
• Equity at exit: $202,697

10-year hold

• IRR: 83.5%
• Equity multiple: 18.17×
• Total profit: $1,081,614
• Equity at exit: $437,124

Cash invested: $63,000 (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 12202

• Home prices YoY: 14.3%
• Rents YoY: 8.7%
• Active inventory: 58
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $7,009 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$490 /mo · $5,879/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,472
• Net cashflow: $3,774

Break-even live

Break-even rent $2,232

Max offer price $224,999

Occupancy floor 41%

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$7,008
Total (4 units)			$7,009

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-19
   status Pending 532-char remark

   Show marketing remark (532 chars)

   Attention investors! VACANT! [CASH DEAL] Opportunity awaits at 79 Alexander Street in Albany. This quadruplex (4 units) offers four residential units on one lot, making it a strong addition to any rental portfolio. The property features a functional layout with income potential and provides the perfect canvas for light updates to maximize value and returns. Conveniently located near downtown Albany, public transportation, shopping, and major highways. Ideal for investors seeking upside in a growing market. Property sold as-is.

2. 2026-03-23
   price $224,999 532-char remark

   Show marketing remark (532 chars)

   Attention investors! VACANT! [CASH DEAL] Opportunity awaits at 79 Alexander Street in Albany. This quadruplex (4 units) offers four residential units on one lot, making it a strong addition to any rental portfolio. The property features a functional layout with income potential and provides the perfect canvas for light updates to maximize value and returns. Conveniently located near downtown Albany, public transportation, shopping, and major highways. Ideal for investors seeking upside in a growing market. Property sold as-is.

3. 2026-02-24
   price $249,999 532-char remark

   Show marketing remark (532 chars)

   Attention investors! VACANT! [CASH DEAL] Opportunity awaits at 79 Alexander Street in Albany. This quadruplex (4 units) offers four residential units on one lot, making it a strong addition to any rental portfolio. The property features a functional layout with income potential and provides the perfect canvas for light updates to maximize value and returns. Conveniently located near downtown Albany, public transportation, shopping, and major highways. Ideal for investors seeking upside in a growing market. Property sold as-is.

4. 2026-02-02
   listed $299,999 Active 532-char remark

   Show marketing remark (532 chars)

   Attention investors! VACANT! [CASH DEAL] Opportunity awaits at 79 Alexander Street in Albany. This quadruplex (4 units) offers four residential units on one lot, making it a strong addition to any rental portfolio. The property features a functional layout with income potential and provides the perfect canvas for light updates to maximize value and returns. Conveniently located near downtown Albany, public transportation, shopping, and major highways. Ideal for investors seeking upside in a growing market. Property sold as-is.

5. 2024-01-17
   soldstatus $100,000
6. 2006-01-06
   soldstatus $80,000

ⓘ 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: $5,879 · $490/mo
• Projected year-2 tax: $5,879 · $490/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 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°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: $84,108
• − Mortgage interest: −$12,603
• − Property taxes: −$5,879
• − Insurance: −$1,125
• − Repairs & maintenance: −$6,729
• − Management: −$6,729
• − Depreciation: −$6,545
• Taxable income: $44,498
• Est. tax owed @ 24.0%: −$10,679
• After-tax cash flow: $34,603/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): 10,166
• Household income: $52,868
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 935.0

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 0.73)
• Race & ethnicity: Black 40% White 28% Hispanic / Latino 15% Two or more races 14% Asian 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 5%
• Common ancestry: Iranian 2% Romanian 1% Serbian 1%
• Foreign-born: 14% · Canada, Philippines, China
• Languages at home: 80% English-only · Spanish 10% Other Asian/Pacific 4% Arabic 1%

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: ▲ 38.05%
• Current HPI: 303.8939
• Rent YoY: ▲ 8.70%
• 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

+181.2% since first listed

6 events — show timeline

• 2026-05-19 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-23 Price Changed $224,999 OneKey® MLS as Distributed by MLS Grid
• 2026-02-24 Price Changed $249,999 OneKey® MLS as Distributed by MLS Grid
• 2026-02-02 Listed $299,999 OneKey® MLS as Distributed by MLS Grid
• 2024-01-17 Sold (Public Records) $100,000 Public Records
• 2006-01-06 Sold (Public Records) $80,000 Public Records

Property tax history

+6.7%/yr

Latest (2025): $5,879 · +2.8% YoY. Source: county tax records.