328 Milton Ave · Ballston Spa, NY 12020

$715,000

63 bd · 49.0 ba · 6,281 sqft · MultiFamily public records · 33 Days on market

Built 1890 8,712 sqft lot $114/sqft · 40% below area Est $851k · 16% 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 +14.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

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

Rare 7-Unit investment gem in the heart of Ballston Spa. Discover a turnkey addition to your portfolio with this exceptional 7-unit multi-family property, perfectly positioned in the vibrant and historic village of Ballston Spa. Located within easy walking distance to local boutiques, popular eateries, and village festivals. The building features a high-demand unit mix consisting of five spacious 1-bedroom apartments and two 2-bedroom units, producing a strong immediate cash flow with a monthly gross income of $8,630. Rest easy knowing the heavy lifting has been completed through substantial renovations over the last several years. Major infrastructure upgrades include a full electrical system overhaul, extensive plumbing updates, a new Navien high-efficiency boiler, and a power-vented hot water heater. The building's efficiency has been further enhanced with comprehensive insulation, air sealing, and a flat roof replacement. Beyond the mechanicals, the property shines with renovated apartments, a coin-op laundry room, and upgraded front porch. The exterior boasts excellent curb appeal with updated walkways, a charming patio, and off-street parking. A garage on-site provides additional flexibility for one-car parking or potential additional income for tenant storge. A complete list of renovations and financial documents are available for review. Please note that showing times are restricted to respect tenant privacy. Don't miss this rare opportunity to own a high-performing asset in one of Saratoga County's most desirable rental markets. Parking lot for 4 cars to the right of property, 2 more cars to the left. Priced to sell, serious investors only.

Key facts

• 8,712 sq ft lot
• Garage
• Built 1890

What this means for you Summary

Snapshot

• This is a 5×1bd/1ba + 2×2bd/1ba units multifamily listed at $715k.

Deal economics

• At list price, monthly cash flow is $5k ($59k/yr) — positive. Per door: $701/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $715k).
• Recommended offer: $694k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.5% vs local median 3.3% in Ballston Spa — 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 80/100 on livability (#104 in NY, #1,680 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: cost of living C-, commute F.
• Ballston Spa Central School District (suburban): math 54% / reading 55% proficiency, ranked #289 of 590 in NY (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+11.3%/yr); 223 active listings in the ZIP; solid renter incomes; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).
• At $12,412/mo this rent would consume 139% of the median local household income ($107k/yr) (locally 607% 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 $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Saratoga County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $200k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($694k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y 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.
• Current owner paid $245k; list at $715k implies a 192% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $693,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 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 1890 — 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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.74% ✓
• Cap rate: 14.53%
• Cash-on-cash: 29.40%
• DSCR: 2.31
• GRM: 4.8

CMA / ARV

• ARV (median comp): $850,514
• List price: $715,000
• Delta: -15.93%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 29.4%
• Equity multiple: 2.31×
• Total profit: $262,314
• Equity at exit: $106,609

10-year hold

• IRR: 39.5%
• Equity multiple: 5.64×
• Total profit: $929,913
• Equity at exit: $61,820

Cash invested: $200,200 (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 12020

• Home prices YoY: -14.8%
• Rents YoY: 11.3%
• Active inventory: 223
• Price-to-rent: 34.6×

Monthly cashflow live

• Estimated rent: $12,412 medium
• Mortgage (P&I): −$3,750
• Tax from tax record: −$853 /mo · $10,233/yr
• Insurance: −$298
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,607
• Net cashflow: $4,905

Break-even live

Break-even rent $6,203

Max offer price $715,000

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$8,605
▸ 2× units	2	1	$3,808
Total (7 units)			$12,412

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: $178,750
• Closing costs: $21,450
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-18
   days on market $715,000 Active 33 DOM
2. 2026-06-17
   days on market $715,000 Active 32 DOM
3. 2026-06-16
   days on market $715,000 Active 31 DOM
4. 2026-06-15
   days on market $715,000 Active 30 DOM
5. 2026-06-14
   days on market $715,000 Active 28 DOM
6. 2026-06-13
   days on market $715,000 Active 27 DOM
7. 2026-06-10
   days on market $715,000 Active 25 DOM
8. 2026-06-09
   days on market $715,000 Active 24 DOM
9. 2026-06-08
   days on market $715,000 Active 23 DOM
10. 2026-06-07
    days on market $715,000 Active 22 DOM
11. 2026-06-03
    days on market $715,000 Active 18 DOM
12. 2026-06-02
    days on market $715,000 Active 17 DOM
13. 2026-06-01
    days on market $715,000 Active 16 DOM
14. 2026-05-31
    days on market $715,000 Active 15 DOM
15. 2026-05-31
    days on market $715,000 Active 14 DOM
16. 2026-05-20
    status Pending 1680-char remark

    Show marketing remark (1680 chars)

    Rare 7-Unit investment gem in the heart of Ballston Spa. Discover a turnkey addition to your portfolio with this exceptional 7-unit multi-family property, perfectly positioned in the vibrant and historic village of Ballston Spa. Located within easy walking distance to local boutiques, popular eateries, and village festivals. The building features a high-demand unit mix consisting of five spacious 1-bedroom apartments and two 2-bedroom units, producing a strong immediate cash flow with a monthly gross income of $8,630. Rest easy knowing the heavy lifting has been completed through substantial renovations over the last several years. Major infrastructure upgrades include a full electrical system overhaul, extensive plumbing updates, a new Navien high-efficiency boiler, and a power-vented hot water heater. The building's efficiency has been further enhanced with comprehensive insulation, air sealing, and a flat roof replacement. Beyond the mechanicals, the property shines with renovated apartments, a coin-op laundry room, and upgraded front porch. The exterior boasts excellent curb appeal with updated walkways, a charming patio, and off-street parking. A garage on-site provides additional flexibility for one-car parking or potential additional income for tenant storge. A complete list of renovations and financial documents are available for review. Please note that showing times are restricted to respect tenant privacy. Don't miss this rare opportunity to own a high-performing asset in one of Saratoga County's most desirable rental markets. Parking lot for 4 cars to the right of property, 2 more cars to the left. Priced to sell, serious investors only.

17. 2026-05-06
    listed $715,000 Active 1680-char remark

    Show marketing remark (1680 chars)

    Rare 7-Unit investment gem in the heart of Ballston Spa. Discover a turnkey addition to your portfolio with this exceptional 7-unit multi-family property, perfectly positioned in the vibrant and historic village of Ballston Spa. Located within easy walking distance to local boutiques, popular eateries, and village festivals. The building features a high-demand unit mix consisting of five spacious 1-bedroom apartments and two 2-bedroom units, producing a strong immediate cash flow with a monthly gross income of $8,630. Rest easy knowing the heavy lifting has been completed through substantial renovations over the last several years. Major infrastructure upgrades include a full electrical system overhaul, extensive plumbing updates, a new Navien high-efficiency boiler, and a power-vented hot water heater. The building's efficiency has been further enhanced with comprehensive insulation, air sealing, and a flat roof replacement. Beyond the mechanicals, the property shines with renovated apartments, a coin-op laundry room, and upgraded front porch. The exterior boasts excellent curb appeal with updated walkways, a charming patio, and off-street parking. A garage on-site provides additional flexibility for one-car parking or potential additional income for tenant storge. A complete list of renovations and financial documents are available for review. Please note that showing times are restricted to respect tenant privacy. Don't miss this rare opportunity to own a high-performing asset in one of Saratoga County's most desirable rental markets. Parking lot for 4 cars to the right of property, 2 more cars to the left. Priced to sell, serious investors only.

18. 2025-11-15
    historical
19. 2025-08-01
    price $750,000
20. 2025-04-18
    status Active
21. 2025-04-16
    historical
22. 2025-04-15
    listed $799,000 Active
23. 2022-10-26
    historical
24. 2022-08-19
    price $590,000
25. 2022-06-08
    listed $629,900 Active
26. 2008-11-14
    soldstatus $245,000
27. 2008-10-22
    soldstatus $245,000
28. 2008-07-10
    historical
29. 2008-06-10
    listed $259,900
30. 2008-04-01
    historical
31. 2007-10-24
    listed $274,900

ⓘ 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: $10,233 · $853/mo
• Projected year-2 tax: $11,158 · $930/mo
• Expected delta: +$925/yr (+$77/mo · 9.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $148,944
• − Mortgage interest: −$40,051
• − Property taxes: −$10,233
• − Insurance: −$3,575
• − Repairs & maintenance: −$11,916
• − Management: −$11,916
• − Depreciation: −$20,800
• Taxable income: $50,454
• Est. tax owed @ 24.0%: −$12,109
• After-tax cash flow: $46,754/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: Ballston Spa Central School District
• NCES district ID: 3603930
• Math proficiency: 54% ▼ -13.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $66,705
• Composite: 48.12/100
• National rank: #2184
• State rank: #289 of 590 in NY

Livability — Ballston Spa

• Score: 80/100
• State rank: #104
• US rank: #1680

Category grades

Amenities A Commute F Cost of living C- Crime C Employment A+ Housing A+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ballston Spa, NY
• County: Saratoga County · 166,192 people
• City population: 34,937
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 34,937
• Household income: $107,112
• Rent vs Own: 29.8% rent · 70.2% own
• Severe rent burden: 607.0

Population outlook (Saratoga County) Hauer SSP2

• Today (2025): 238,889 people
• By 2030: 243,681 · +2.0%
• By 2040: 249,118 · +4.3%
• By 2050: 248,638 · +4.1%
• By 2075: 241,675 · +1.2%
• By 2100: 213,150 · -10.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 4% Asian 2% Black 2%
• Common ancestry: Romanian 6% Lithuanian 6% Iranian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Chinese 1% Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Saratoga

• 2024 margin: Toss-up / Even · D 50.9% · R 49.1%
• 2008→2024 swing: -1.6pp toward R · 2008: 3.4pp · 2024: 1.8pp
• All cycles: 2024: D+1.8 2020: D+5.4 2016: R+4.4 2012: D+2.1 2008: D+3.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -60.23%
• Current HPI: 346.5996
• Rent YoY: ▲ 11.26%
• 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

+160.1% since first listed

16 events — show timeline

• 2026-05-20 Pending — Global MLS
• 2026-05-06 Listed $715,000 Global MLS
• 2025-11-15 Listing Removed — Global MLS
• 2025-08-01 Price Changed $750,000 Global MLS
• 2025-04-18 Relisted — Global MLS
• 2025-04-16 Listing Removed — Global MLS
• 2025-04-15 Listed $799,000 Global MLS
• 2022-10-26 Listing Removed — Global MLS
• 2022-08-19 Price Changed $590,000 Global MLS
• 2022-06-08 Listed $629,900 Global MLS
• 2008-11-14 Sold (Public Records) $245,000 Public Records
• 2008-10-22 Sold (MLS) $245,000 Global MLS
• 2008-07-10 Listing Removed — Global MLS
• 2008-06-10 Listed $259,900 Global MLS
• 2008-04-01 Listing Removed — Global MLS
• 2007-10-24 Listed $274,900 Global MLS

Property tax history

+2.9%/yr

Latest (2025): $10,233 · +17.4% YoY. Source: county tax records.