272 Morton Ave · Albany, NY 12209

$499,000

28 bd · 16.0 ba · 3,630 sqft · MultiFamily public records · 55 Days on market

Built 1920 3,920 sqft lot $137/sqft · 9% below area Est $546k · 9% 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 +30.0/30.0
• ARV discount +11.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• 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: 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

Well maintained 4-Unit Investment Property! Located on Morton Avenue, this solid 4-unit building offers a fantastic opportunity for investors seeking strong rental potential paired with valuable property upgrades. Recent improvements include 3 high-efficiency natural gas condensing boilers, 2 coin-operated washers + dryers for tenant convenience, a newer roof, gutters, sidewalk + hot water tanks. Inside the units have been updated: 3 units offer updated kitchens w/ granite. The property also features a 3-car detached garage, offering additional storage or rental income potential. Across from Lincoln Park.

Key facts

• Newer roof
• 4 unit building
• Updated kitchens

Tags

• 4 UNIT BUILDING
• NEWER ROOF
• UPDATED KITCHENS
• 3 CAR DETACHED GARAGE
• ACROSS FROM LINCOLN PARK

Property features AI

Finance

• Financial info: Multi-family property with 4 units; Tenants pay hot water, heat, electricity, and gas; Owner pays water, sewer, trash collection, and snow removal

Exterior

• Parking: Detached garage; 3 garage spaces (3 parking spaces total)
• Utilities: Public water; Public sewer; 100 amp electric service with circuit breakers
• Home design: Quadruplex; Level lot
• Construction: Aluminum siding; Concrete perimeter foundation; Asphalt roof; Built/renovated living area approximately 3,630
• Exterior features: Rear porch; Front porch; Wood fencing; Garage structures on property

Interior

• Kitchen: Each unit includes a kitchen (units 1–4)
• Bedrooms: Unit 1: 1 bedroom (1st floor); Unit 2: 1 bedroom (1st floor); Unit 3: 3 bedrooms (2nd floor); Unit 4: 2 bedrooms (3rd floor)
• Flooring: Vinyl; Ceramic tile; Hardwood; Linoleum
• Bathrooms: 4 full bathrooms total; Full baths located on 1st, 2nd and 3rd floors
• Heating & cooling: Has heating; Baseboard heating; Hot water heating; Natural gas heating
• Interior features: Solid surface counters; High-speed internet; Ceramic tile baths; Crown molding
• Laundry & utility: Common area laundry; In-basement laundry room

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $499k.

Deal economics

• At list price, monthly cash flow is $2k ($30k/yr) — positive. Per door: $620/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $499k).
• Recommended offer: $484k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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: 47 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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 + 3.0% rent growth), your $140k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($484k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $76k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $150k; list at $499k implies a 233% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $484,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 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 1920 — 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. 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: 1.54% ✓
• Cap rate: 12.26%
• Cash-on-cash: 21.32%
• DSCR: 1.95
• GRM: 5.4

CMA / ARV

• ARV (median comp): $546,105
• List price: $499,000
• Delta: -8.63%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 13.9%
• Equity multiple: 1.55×
• Total profit: $77,414
• Equity at exit: $74,403

10-year hold

• IRR: 22.7%
• Equity multiple: 2.94×
• Total profit: $271,755
• Equity at exit: $43,144

Cash invested: $139,720 (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 12209

• Home prices YoY: -7.3%
• Active inventory: 47
• Price-to-rent: 21.7×

Monthly cashflow live

• Estimated rent: $7,671 medium
• Mortgage (P&I): −$2,617
• Tax from tax record: −$753 /mo · $9,041/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,611
• Net cashflow: $2,482

Break-even live

Break-even rent $4,529

Max offer price $499,000

Occupancy floor 63%

Sensitivity live

Price	-10% $2,764	-5% $2,623	+0% $2,482	+5% $2,341	+10% $2,199
Rent	-10% $1,876	-5% $2,179	+0% $2,482	+5% $2,785	+10% $3,088
Rate	-1.0pp $2,733	-0.5pp $2,609	base $2,482	+0.5pp $2,353	+1.0pp $2,221

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

Units	Beds	Baths	Est. rent
▸ 4× units	7	4	$7,672
Total (4 units)			$7,671

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-23
   days on market $499,000 Active 55 DOM
2. 2026-06-21
   days on market $499,000 Active 54 DOM
3. 2026-06-18
   days on market $499,000 Active 51 DOM
4. 2026-06-17
   days on market $499,000 Active 50 DOM
5. 2026-06-16
   days on market $499,000 Active 49 DOM
6. 2026-06-15
   days on market $499,000 Active 48 DOM
7. 2026-06-14
   days on market $499,000 Active 46 DOM
8. 2026-06-10
   days on market $499,000 Active 43 DOM
9. 2026-06-08
   days on market $499,000 Active 41 DOM
10. 2026-06-07
    pricedays on market $499,000 Active 40 DOM
11. 2026-06-03
    days on market $575,000 Active 36 DOM
12. 2026-06-02
    days on market $575,000 Active 35 DOM
13. 2026-06-01
    days on market $575,000 Active 34 DOM
14. 2026-05-31
    days on market $575,000 Active 33 DOM
15. 2026-05-31
    days on market $575,000 Active 32 DOM
16. 2026-04-28
    listed $575,000 Active 617-char remark
17. 2025-09-11
    historical
18. 2025-05-14
    listed $575,000 Active
19. 2020-09-15
    soldstatus $150,000
20. 2008-05-22
    soldstatus $164,300

ⓘ 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: $9,041 · $753/mo
• Projected year-2 tax: $9,041 · $753/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 ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% 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: $92,052
• − Mortgage interest: −$27,952
• − Property taxes: −$9,041
• − Insurance: −$2,495
• − Repairs & maintenance: −$7,364
• − Management: −$7,364
• − Depreciation: −$14,516
• Taxable income: $23,320
• Est. tax owed @ 24.0%: −$5,597
• After-tax cash flow: $24,187/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
• City population: 116,921
• Population (ZIP): 10,754

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 0.69)
• Race & ethnicity: White 46% Black 23% Hispanic / Latino 19% Asian 8% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 4% Lithuanian 3% Serbian 1%
• Foreign-born: 18% · Canada, Philippines, South Korea
• Languages at home: 77% English-only · Spanish 13% Other Asian/Pacific 3% Tagalog/Filipino 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: ▼ -24.91%
• Current HPI: 318.0191
• 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

+203.7% since first listed

6 events — show timeline

• 2026-06-03 Price Changed $499,000 Global MLS
• 2026-04-28 Listed $575,000 Global MLS
• 2025-09-11 Listing Removed — Global MLS
• 2025-05-14 Listed $575,000 Global MLS
• 2020-09-15 Sold (Public Records) $150,000 Public Records
• 2008-05-22 Sold (Public Records) $164,300 Public Records

Property tax history

+3.1%/yr

Latest (2025): $9,041 · +8.9% YoY. Source: county tax records.