204 Lancaster St · Albany, NY 12201

$575,000

2 bd · 3.5 ba · 4,123 sqft · MultiFamily · 202 Days on market

Built 1930 Good condition 1,742 sqft lot $139/sqft · 31% below area Est $839k · 31% under

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Why this score? — see what drove the C 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 +15.5/30.0
• ARV discount +15.0/15.0
• Appreciation +5.0/10.0
• DSCR +4.8/10.0
• Schools +4.5/10.0
• 1% rule +4.2/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0

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

Mixed-Use Opportunity in Historic Albany! Welcome to 204 Lancaster Street, a well-located mixed-use building offering flexibility and versatility. This historic property features a ground-floor retail space with strong street presence, currently operated as a tailor shop, and suitable for a wide variety of commercial uses. Above the storefront are two residential apartments. Situated in a vibrant Albany neighborhood with steady foot and vehicle traffic, this property is ideal for investors or owner-occupants seeking a combination of commercial and residential use. The property has seen significant recent capital improvements totaling over $25,000, including a new commercial central air conditioning system, a new rubber roof, and a brand new hot water tank -- providing buyers with peace of mind and minimal near-term capital expenditure requirements. A unique opportunity to own a versatile, well-maintained building in one of Albany's established corridors. Tailor inventory can be purchased separately or included with the sale of the property.

Key facts

• Historic property
• Versatile building
• 1,742 sq ft lot

Tags

• MIXED-USE OPPORTUNITY
• HISTORIC PROPERTY
• GROUND-FLOOR RETAIL SPACE
• STRONG STREET PRESENCE
• VERSATILE BUILDING

What this means for you Summary

Snapshot

• This is a 2-bed/3.5-bath multifamily listed at $575k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $228 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $532k (7.5% below list).
• Recommended offer: $506k (12.0% below list) — sets the bar for market timing.

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: 3 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% of comp listings sitting > 30 days — soft ceiling on asking rent; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($4k loan paydown + $17k appreciation (3.0% local appreciation)).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $161k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 202 days — a 12% lower offer ($506k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $506,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 202 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.92% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.70%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

• ARV (median comp): $839,171
• List price: $575,000
• Delta: -28.62%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
68 Central Ave	0.29mi	3/2.5 (+1)	3,840 (-7%)	3mo	$310,000	$81	63
316 Hudson Ave	0.12mi	2/4.0	3,200 (-22%)	29mo	$388,800	$122	47
407 Hamilton St	0.11mi	3/3.5 (+1)	3,200 (-22%)	36mo	$485,000	$152	45
348 Madison Ave	0.29mi	3/3.0 (+1)	3,320 (-20%)	23mo	$305,000	$92	36
111 Grand St	0.79mi	3/3.0 (+1)	3,168 (-23%)	18mo	$275,000	$87	18
15 Delaware St	0.99mi	3/3.0 (+1)	3,180 (-23%)	21mo	$390,000	$123	15

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.1%
• Equity multiple: 1.52×
• Total profit: $83,839
• Equity at exit: $258,545

10-year hold

• IRR: 11.6%
• Equity multiple: 2.73×
• Total profit: $278,348
• Equity at exit: $398,449

Cash invested: $161,000 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 3 under contract
• Months of supply: 12.0 mo (8%/mo absorbed)
• Median asking: $474,950 ($123/sqft)
• Median days on market: 98 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +65.3% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 12201

• Active inventory: 3
• Price-to-rent: 27.0×

Monthly cashflow live

• Estimated rent: $5,318 high
• Mortgage (P&I): −$3,015
• Tax est. 1.5%: −$719 /mo · $8,625/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,117
• Net cashflow: $228

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$5,319
Total (3 units)			$5,318

Break-even live

Break-even rent $5,030

Max offer price $575,000

Occupancy floor 91%

Sensitivity live

Price	-10% $625	-5% $426	+0% $228	+5% $29	+10% $-170
Rent	-10% $-193	-5% $17	+0% $228	+5% $438	+10% $648
Rate	-1.0pp $517	-0.5pp $374	base $228	+0.5pp $79	+1.0pp $-73

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: $143,750
• Closing costs: $17,250
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
221 Lancaster St Albany, NY	2.0	1.0	—	$1,200	—	62d	1	0.03mi
236 Lark St Unit 2R Albany, NY	—	1.0	—	$1,050	—	119d	1	0.05mi
227 Jay St Albany, NY	2.0	2.0	1710	$2,150	$1.26	139d	1	0.06mi
176 Chestnut St Unit 2 Albany, NY	2.0	1.0	—	$1,350	—	119d	1	0.07mi
176 Chestnut St Unit 6 Albany, NY	2.0	1.0	—	$1,500	—	116d	1	0.07mi
176 Chestnut St Unit 12 Albany, NY	1.0	1.0	—	$1,200	—	6d	1	0.07mi
352 State St Albany, NY	2.0	2.0	1143	$2,195	$1.92	62d	1	0.09mi
75 Willett St Albany, NY	1.0–3.0	1.0–2.0	967	$1,600	$1.65	0d	6	0.09mi
155 Chestnut St Albany, NY	2.0	1.0	968	$1,400	$1.45	6d	1	0.10mi
155 Chestnut St Albany, NY	2.0	1.0	850	$2,000	$2.35	109d	1	0.10mi
346 State St Apt 3A Albany, NY	2.0	1.0	1150	$1,300	$1.13	5d	1	0.10mi
199 Jay St Albany, NY	2.0	1.0	1500	$1,800	$1.20	6d	1	0.11mi
326 State St Albany, NY	1.0	1.0	1000	$1,600	$1.60	139d	1	0.13mi
324 Hudson Ave Albany, NY	1.0	1.0	650	$1,600	$2.46	62d	1	0.14mi
397 State St Albany, NY	2.0	1.0	900	$1,600	$1.78	5d	1	0.14mi
318 State St Unit 5 Albany, NY	1.0	1.0	750	$1,495	$1.99	62d	1	0.14mi
318 State St Unit 8 Albany, NY	1.0	1.0	750	$1,495	$1.99	119d	1	0.14mi
318 State St Unit 1 Albany, NY	1.0	1.0	750	$1,395	$1.86	139d	1	0.14mi
88 Willett St Albany, NY	1.0–3.0	1.0	900	$1,230	$1.37	6d	6	0.14mi
175 Jay St Albany, NY	—	1.0	437	$1,175	$2.69	139d	1	0.15mi
292 Lark St Albany, NY	2.0	1.0	1100	$1,500	$1.36	139d	1	0.16mi
292 Lark St Unit 2 Albany, NY	2.0	1.0	—	$1,600	—	139d	1	0.16mi
308 Hudson Ave Unit 1 Albany, NY	1.0	1.0	—	$1,400	—	6d	1	0.16mi
100 Willett St Unit 2R Albany, NY	1.0	1.0	600	$1,395	$2.33	139d	1	0.16mi
192 Lark St Unit 6 Albany, NY	1.0	1.0	—	$1,100	—	116d	1	0.17mi
204 Washington Ave Albany, NY	1.0	1.0	—	$1,050	—	139d	1	0.17mi
204 Washington Ave Albany, NY	2.0	1.0	—	$1,700	—	6d	1	0.17mi
204 Washington Ave Albany, NY	—	1.0	—	$900	—	62d	1	0.17mi
313 State St Albany, NY	1.0	1.0	340	$1,350	$3.97	6d	1	0.17mi
240 Washington Ave Albany, NY	2.0	2.0	1560	$2,450	$1.57	139d	1	0.17mi
41 Dove St Albany, NY	1.0	1.0	750	$1,100	$1.47	62d	1	0.18mi
293 Hudson Ave Unit G Albany, NY	1.0	1.0	—	$1,100	—	62d	1	0.18mi
293 Hudson Ave Apt 1 Albany, NY	1.0	1.0	—	$1,200	—	6d	1	0.18mi
366 Hamilton St #2 Albany, NY	1.0	1.0	1400	$1,695	$1.21	62d	1	0.19mi
303 State St Albany, NY	2.0	1.0	—	$1,800	—	139d	1	0.20mi
154 Lancaster St Unit 1 Albany, NY	2.0	1.5	1500	$2,200	$1.47	119d	1	0.20mi
409 Madison Ave Albany, NY	2.0	2.0	1050	$2,200	$2.10	6d	1	0.20mi
409 Madison Ave Albany, NY	2.0	2.0	1050	$1,994	$1.90	62d	1	0.20mi
262 Washington Ave Unit 3A Albany, NY	—	1.0	—	$1,100	—	139d	1	0.20mi
148 Lancaster St Apt 2 Albany, NY	2.0	1.0	800	$1,850	$2.31	6d	1	0.20mi

Listing history 50 events

1. 2026-09-23
   days on market $575,000 Active 202 DOM
2. 2026-09-22
   days on market $575,000 Active 201 DOM
3. 2026-09-21
   pricedays on market $575,000 Active 200 DOM
4. 2026-09-20
   days on market $599,000 Active 199 DOM
5. 2026-09-19
   days on market $599,000 Active 198 DOM
6. 2026-09-18
   days on market $599,000 Active 197 DOM
7. 2026-09-17
   days on market $599,000 Active 196 DOM
8. 2026-09-16
   days on market $599,000 Active 195 DOM
9. 2026-09-15
   days on market $599,000 Active 194 DOM
10. 2026-09-14
    days on market $599,000 Active 193 DOM
11. 2026-09-13
    days on market $599,000 Active 192 DOM
12. 2026-09-12
    days on market $599,000 Active 191 DOM
13. 2026-09-11
    days on market $599,000 Active 190 DOM
14. 2026-09-05
    days on market $599,000 Active 184 DOM
15. 2026-09-04
    days on market $599,000 Active 183 DOM
16. 2026-09-03
    days on market $599,000 Active 182 DOM
17. 2026-08-31
    days on market $599,000 Active 179 DOM
18. 2026-08-30
    days on market $599,000 Active 178 DOM
19. 2026-08-29
    days on market $599,000 Active 177 DOM
20. 2026-08-28
    days on market $599,000 Active 176 DOM
21. 2026-08-27
    days on market $599,000 Active 175 DOM
22. 2026-08-26
    days on market $599,000 Active 174 DOM
23. 2026-08-25
    days on market $599,000 Active 173 DOM
24. 2026-08-24
    days on market $599,000 Active 172 DOM
25. 2026-08-23
    days on market $599,000 Active 171 DOM
26. 2026-08-22
    days on market $599,000 Active 170 DOM
27. 2026-08-21
    days on market $599,000 Active 169 DOM
28. 2026-08-20
    days on market $599,000 Active 168 DOM
29. 2026-08-19
    days on market $599,000 Active 167 DOM
30. 2026-08-18
    days on market $599,000 Active 166 DOM
31. 2026-08-17
    days on market $599,000 Active 165 DOM
32. 2026-08-16
    days on market $599,000 Active 164 DOM
33. 2026-08-15
    days on market $599,000 Active 163 DOM
34. 2026-08-15
    days on market $599,000 Active 162 DOM
35. 2026-08-13
    days on market $599,000 Active 161 DOM
36. 2026-08-12
    days on market $599,000 Active 160 DOM
37. 2026-08-11
    days on market $599,000 Active 159 DOM
38. 2026-08-10
    days on market $599,000 Active 158 DOM
39. 2026-08-09
    days on market $599,000 Active 157 DOM
40. 2026-08-08
    days on market $599,000 Active 156 DOM
41. 2026-08-07
    days on market $599,000 Active 155 DOM
42. 2026-08-06
    days on market $599,000 Active 154 DOM
43. 2026-08-05
    days on market $599,000 Active 153 DOM
44. 2026-08-04
    days on market $599,000 Active 152 DOM
45. 2026-08-03
    days on market $599,000 Active 151 DOM
46. 2026-07-31
    days on market $599,000 Active 148 DOM
47. 2026-07-29
    days on market $599,000 Active 146 DOM
48. 2026-07-27
    days on market $599,000 Active 144 DOM
49. 2026-07-25
    days on market $599,000 Active 142 DOM
50. 2026-07-24
    days on market $599,000 Active 141 DOM

ⓘ 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: $63,816
• − Mortgage interest: −$32,209
• − Property taxes: −$8,625
• − Insurance: −$2,875
• − Repairs & maintenance: −$5,105
• − Management: −$5,105
• − Depreciation: −$16,727
• Taxable loss: −$6,831
• Est. tax savings @ 24.0%: +$1,639
• After-tax cash flow: $4,370/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

Good 80/100 Cosmetic rehab Est. rehab $20,615–$61,845 screening

This historic mixed-use building in Albany is in good condition with recent capital improvements. It has a strong street presence and is ideal for investors seeking a combination of commercial and residential use.

Value-add opportunities

• Resale Paint the exterior walls — Painting the exterior walls will enhance the building's curb appeal and make it more attractive to potential buyers. ↑
• Rental Replace the carpet in the hallway — Replacing the carpet in the hallway will make the space more comfortable and appealing for tenants. ↑
• Both Clean the HVAC system — A clean HVAC system will improve air quality and energy efficiency, benefiting both buyers and tenants. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 45/100

Zoned Schools

Elementary Giffen Memorial Elementary School F NY #1,992/2,108 Nat'l #33,738/41,679 High Albany High School B+ NY #710/1,100 Nat'l #2,083/17,239

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

B Composite livability gradescore 79/100

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

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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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

1 event — show timeline

• 2026-03-03 Listed $649,000 Global MLS