151 Jefferson St · Albany, NY 12210

$389,800

4 bd · 3.0 ba · 2,416 sqft · MultiFamily public records · 12 Days on market

Built 1842 2,178 sqft lot $161/sqft · 21% below area Est $508k · 23% 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 +25.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +7.2/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +2.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Historic and truly unique property located between Lark Street's Business/Restaurant District and Albany's Downtown including the Empire State Plaza, Museum, Capitol Building, and State Street Offices! 151 Jefferson St. offers 3 units - 2 (1) bed and 1 (2) bed apartments - that have been restored from its original mid-19th century construction by highly regarded and award-winning owners. The entire property encompasses what was formerly 2 buildings (sometimes referred to as 151 and 151 B), with Units A and B residing on the first floor while Unit C occupies the entirety of the 2nd floor. Unit A is 1 bed/1bath and features a striking fireplace and mantel that serve as the centerpiece of the

Key facts

• Historic property
• Natural light
• Unique property

Tags

• HISTORIC PROPERTY
• UNIQUE PROPERTY
• NATURAL LIGHT
• REFRESHED GARDEN AREA

Property features AI

Finance

• Financial info: 3 total units; Tenants pay electricity and gas; Owner pays water and sewer

Exterior

• Parking: Off-street parking (11 spaces)
• Utilities: Public water; Public sewer; Circuit breaker electrical service; Cable available
• Home design: Triplex; Wood siding construction
• Construction: Rubber roof
• Exterior features: Deck; Garden

Interior

• Bedrooms: Unit 1: 1 bedroom (level: not specified); Unit 2: 1 bedroom (level: not specified); Unit 3: 2 bedrooms (level: not specified)
• Bathrooms: 3 full bathrooms total; Two full bathrooms on the 1st level and one full bathroom on the 2nd level
• Heating & cooling: Baseboard heating; Electric heating; Space heater(s); Natural gas heating
• Interior features: Built-in features; Unfinished basement; Has fireplace (1 total)
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $390k.

Deal economics

• At list price, monthly cash flow is $874 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $390k).
• Cap rate 9.0% 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.
• Zoned schools: Albany High School (math 74% / reading 67%, grade B+, #710 of 1,100 statewide, top 65%, 2,676 students, 69% FRL) — zoned schools at 69% FRL track the district average.
• Zoned-school proficiency averages 70% at this address vs 38% district-wide (+32 pts) — the actual schools serving this property are materially stronger than the Albany City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.9%/yr); 70 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% of comp listings sitting > 30 days — soft ceiling on asking rent; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $4,769/mo this rent would consume 102% 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 $3k of loan paydown is wiped out by about $12k 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 $109k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1842 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $389,800

Questions for the listing agent

1. Built in 1842 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.22% ✓
• Cap rate: 8.98%
• Cash-on-cash: 9.61%
• DSCR: 1.43
• GRM: 6.8

CMA / ARV

• ARV (median comp): $508,188
• List price: $389,800
• Delta: -23.30%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 Elm St	0.06mi	4/3.0	2,508 (+4%)	3mo	$420,000	$167	88
184 Elm St	0.09mi	4/2.0	2,394 (-1%)	7mo	$375,000	$157	84
285.5 Hudson Ave	0.16mi	4/4.0	2,478 (+3%)	5mo	$430,000	$174	80
369 Madison Ave	0.06mi	3/2.0 (-1)	2,280 (-6%)	4mo	$230,000	$101	76
8 Avondale Ter	0.54mi	4/2.0	2,296 (-5%)	2mo	$189,000	$82	61
242 Elm St	0.09mi	3/2.5 (-1)	2,112 (-13%)	11mo	$304,000	$144	58
26 Trinity Pl	0.58mi	5/2.0 (+1)	2,508 (+4%)	11mo	$230,000	$92	48
211 Clinton Ave	0.69mi	5/3.0 (+1)	2,640 (+9%)	4mo	$250,000	$95	44
270 Morton Ave	0.46mi	5/4.0 (+1)	2,714 (+12%)	9mo	$477,000	$176	42
64 Clinton St	0.75mi	5/3.0 (+1)	2,640 (+9%)	6mo	$140,000	$53	40
24 Delaware St	0.71mi	5/2.5 (+1)	2,112 (-13%)	2mo	$240,000	$114	38
12 Grandview Ter	0.74mi	5/2.0 (+1)	2,244 (-7%)	10mo	$249,900	$111	36

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 · 6.86% rent growth · sell at horizon

5-year hold

• IRR: 2.7%
• Equity multiple: 1.11×
• Total profit: $11,912
• Equity at exit: $58,120

10-year hold

• IRR: 15.9%
• Equity multiple: 2.54×
• Total profit: $168,304
• Equity at exit: $33,703

Cash invested: $109,144 (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: 21.8×

Monthly cashflow live

• Estimated rent: $4,769 high
• Mortgage (P&I): −$2,044
• Tax from tax record: −$687 /mo · $8,248/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,001
• Net cashflow: $874

Break-even live

Break-even rent $3,663

Max offer price $389,800

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,488
▸ 2× units	2	1	$3,282
Total (3 units)			$4,769

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: $97,450
• Closing costs: $11,694
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	43d	1	0.14mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	43d	1	0.52mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	43d	1	0.78mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	43d	1	1.01mi
15 Stanwix St Albany, NY	4.0	1.5	1660	$2,500	$1.51	14d	1	1.08mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	43d	1	1.12mi

Listing history 2 events

1. 2026-05-05
   status Pending 1658-char remark
2. 2026-04-23
   listed $389,800 Active 1658-char remark

ⓘ 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: $8,248 · $687/mo
• Projected year-2 tax: $8,248 · $687/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 · 16 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: $57,228
• − Mortgage interest: −$21,835
• − Property taxes: −$8,248
• − Insurance: −$1,949
• − Repairs & maintenance: −$4,578
• − Management: −$4,578
• − Depreciation: −$11,340
• Taxable income: $4,700
• Est. tax owed @ 24.0%: −$1,128
• After-tax cash flow: $9,356/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): 10,297
• 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

2 events — show timeline

• 2026-05-05 Pending — Global MLS
• 2026-04-23 Listed $389,800 Global MLS

Property tax history

+5.4%/yr

Latest (2025): $8,248 · +3.4% YoY. Source: county tax records.