204 Lancaster St · Albany, NY 12201

$649,000

2 bd · 3.5 ba · 4,123 sqft · MultiFamily · 105 Days on market

Built 1930 Good condition 1,742 sqft lot $157/sqft · 27% below area Est $890k · 27% 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).

• ARV discount +15.0/15.0
• Cash flow +12.4/30.0
• Appreciation +5.0/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• DSCR +3.7/10.0
• 1% rule +3.5/10.0
• Schools +3.2/10.0
• 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 $649k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-108 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $633k (2.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $554k (14.6% below list).
• Recommended offer: $554k (14.6% below list) — sets the bar for 1% rule.

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: 2 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($4k loan paydown + $19k appreciation (3.0% local appreciation)).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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 105 days — a 9% lower offer ($591k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $554,100 (14.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Built in 1930 — 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: 0.85% ✗
• Cap rate: 6.09%
• Cash-on-cash: -0.71%
• DSCR: 0.97
• GRM: 9.8

CMA / ARV

• ARV (median comp): $889,563
• List price: $649,000
• Delta: -27.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 6.8%
• Equity multiple: 1.39×
• Total profit: $71,406
• Equity at exit: $291,819

10-year hold

• IRR: 9.7%
• Equity multiple: 2.45×
• Total profit: $264,026
• Equity at exit: $449,727

Cash invested: $181,720 (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 12201

• Active inventory: 2
• Price-to-rent: 29.3×

Monthly cashflow live

• Estimated rent: $5,541 high
• Mortgage (P&I): −$3,403
• Tax est. 1.5%: −$811 /mo · $9,735/yr
• Insurance: −$270
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,164
• Net cashflow: $-108

Break-even live

Break-even rent $5,677

Max offer price $633,415

Occupancy floor 97%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$5,541
Total (3 units)			$5,541

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: $162,250
• Closing costs: $19,470
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $649,000 Active 105 DOM
2. 2026-06-17
   days on market $649,000 Active 104 DOM
3. 2026-06-16
   days on market $649,000 Active 103 DOM
4. 2026-06-15
   days on market $649,000 Active 102 DOM
5. 2026-06-14
   days on market $649,000 Active 100 DOM
6. 2026-06-10
   days on market $649,000 Active 97 DOM
7. 2026-06-08
   days on market $649,000 Active 95 DOM
8. 2026-06-07
   days on market $649,000 Active 94 DOM
9. 2026-06-03
   days on market $649,000 Active 90 DOM
10. 2026-06-02
    days on market $649,000 Active 89 DOM
11. 2026-06-01
    days on market $649,000 Active 88 DOM
12. 2026-05-31
    days on market $649,000 Active 87 DOM
13. 2026-05-31
    days on market $649,000 Active 86 DOM
14. 2026-03-03
    listed $649,000 Active 1059-char remark

    Show marketing remark (1059 chars)

    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.

ⓘ 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: $66,492
• − Mortgage interest: −$36,354
• − Property taxes: −$9,735
• − Insurance: −$3,245
• − Repairs & maintenance: −$5,319
• − Management: −$5,319
• − Depreciation: −$18,880
• Taxable loss: −$12,361
• Est. tax savings @ 24.0%: +$2,967
• After-tax cash flow: $1,674/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

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.

Renovation cost estimate screening

Value-add ROI direction

• 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. ↑

ⓘ 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

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

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