257 Western Ave · Albany, NY 12203

$424,900

6 bd · 3.0 ba · 2,550 sqft · MultiFamily public records · 7 Days on market

Built 1890 2,178 sqft lot $167/sqft · 11% below area Est $477k · 11% 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 +12.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Great investment opportunity for someone interested in earning a little sweat equity! This multi-family is in need of some TLC to bring it back to its former glory, but the potential is endless! Great location! Right across the street from Washington Tavern, in between the colleges of Albany. Basement & 1st floor units are occupied, 3rd floor unit is vacant/under renovation. Good Condition

Key facts

• 2,178 sq ft lot
• Built 1890
• Listed 7 days

Property features AI

Finance

• Financial info: Property configured as a 3-unit building; Tenants are responsible for hot water, heat, internet, cable TV and electricity; owner covers water and sewer

Exterior

• Utilities: Public water; Public sewer
• Home design: Triplex; Rubber roof; Brick construction; Below-grade finished area present (finished basement apartment)
• Construction: Brick construction; Rubber roof; Finished walk-out basement apartment
• Exterior features: Deck; Level lot

Interior

• Kitchen: Unit 1: kitchen in basement; Unit 2: kitchen on 1st floor; Unit 3: kitchen on 2nd floor
• Bedrooms: Unit 1: 1 bedroom (in basement); Unit 2: 1 bedroom (on 1st floor); Unit 3: 3 bedrooms (1 on 2nd floor, 2 on 3rd floor)
• Flooring: Ceramic tile; Hardwood; Laminate
• Bathrooms: 3 full bathrooms total; One full bathroom in basement; One full bathroom on 1st floor; One full bathroom on 2nd floor
• Heating & cooling: Baseboard heating; Natural gas heating
• Interior features: Paddle fan; High-speed internet available; Built-in features; Ceramic tile baths; Crown molding
• Laundry & utility: Laundry in basement; Tenants pay hot water, heat, internet, cable TV, and electricity; Owner pays water and sewer

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $425k).
• Cap rate 15.5% 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 (+1.9%/yr); 124 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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 $13k 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 + 1.9% rent growth), your $119k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 21y 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 $148k; list at $425k implies a 186% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $424,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.80% ✓
• Cap rate: 15.54%
• Cash-on-cash: 33.02%
• DSCR: 2.47
• GRM: 4.6

CMA / ARV

• ARV (median comp): $476,727
• List price: $424,900
• Delta: -10.87%
• 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
189-B Quail St	0.08mi	6/2.0	2,512 (-2%)	3mo	$185,000	$74	88
459 Hudson Ave	0.09mi	6/2.0	2,584 (+1%)	3mo	$235,000	$91	87
558 Washington Ave	0.15mi	7/3.0 (+1)	2,562 (+0%)	3mo	$325,000	$127	85
466 Hudson Ave	0.11mi	6/2.0	2,712 (+6%)	3mo	$235,000	$87	78
24 Kent St	0.29mi	6/2.0	2,364 (-7%)	4mo	$210,000	$89	67
534 1st St	0.50mi	6/2.0	2,464 (-3%)	0mo	$175,000	$71	66
380-382 Morris St	0.36mi	6/2.0	2,344 (-8%)	3mo	$300,000	$128	63
113 S Lake Ave	0.40mi	5/4.5 (-1)	2,608 (+2%)	4mo	$525,000	$201	63
391 Washington Ave	0.46mi	7/4.0 (+1)	2,217 (-13%)	5mo	$350,000	$158	44
538 Myrtle Ave	0.43mi	5/5.0 (-1)	2,216 (-13%)	2mo	$410,000	$185	44
902 Park Ave	0.75mi	6/3.0	2,898 (+14%)	4mo	$383,000	$132	39
59 N Allen St	0.69mi	7/2.0 (+1)	2,260 (-11%)	5mo	$315,000	$139	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 · 1.85% rent growth · sell at horizon

5-year hold

• IRR: 26.2%
• Equity multiple: 2.07×
• Total profit: $127,406
• Equity at exit: $63,354

10-year hold

• IRR: 33.2%
• Equity multiple: 3.86×
• Total profit: $339,962
• Equity at exit: $36,738

Cash invested: $118,972 (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 12203

• Home prices YoY: -31.0%
• Rents YoY: 1.9%
• Active inventory: 124
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $7,652 medium
• Mortgage (P&I): −$2,228
• Tax from tax record: −$366 /mo · $4,394/yr
• Insurance: −$177
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,607
• Net cashflow: $3,218

Break-even live

Break-even rent $3,578

Max offer price $424,900

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$7,653
Total (3 units)			$7,652

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: $106,225
• Closing costs: $12,747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
69 Winthrop Ave Albany, NY	6.0	2.0	2800	$2,795	$1.00	23d	1	0.97mi

Listing history 23 events

1. 2026-05-13
   status Pending 940-char remark
2. 2026-05-12
   historical Contingent 940-char remark
3. 2026-05-06
   listed $424,900 Active 940-char remark
4. 2022-06-10
   soldstatus $148,500
5. 2022-03-01
   status Pending 396-char remark

   Show marketing remark (396 chars)

   Great investment opportunity for someone interested in earning a little sweat equity! This multi-family is in need of some TLC to bring it back to its former glory, but the potential is endless! Great location! Right across the street from Washington Tavern, in between the colleges of Albany. Basement & 1st floor units are occupied, 3rd floor unit is vacant/under renovation. Good Condition

6. 2022-02-17
   price $137,300 396-char remark

   Show marketing remark (396 chars)

   Great investment opportunity for someone interested in earning a little sweat equity! This multi-family is in need of some TLC to bring it back to its former glory, but the potential is endless! Great location! Right across the street from Washington Tavern, in between the colleges of Albany. Basement & 1st floor units are occupied, 3rd floor unit is vacant/under renovation. Good Condition

7. 2021-11-04
   status Back On Market 396-char remark

   Show marketing remark (396 chars)

   Great investment opportunity for someone interested in earning a little sweat equity! This multi-family is in need of some TLC to bring it back to its former glory, but the potential is endless! Great location! Right across the street from Washington Tavern, in between the colleges of Albany. Basement & 1st floor units are occupied, 3rd floor unit is vacant/under renovation. Good Condition

8. 2021-10-22
   status Pend (Under Cntr) 396-char remark

   Show marketing remark (396 chars)

   Great investment opportunity for someone interested in earning a little sweat equity! This multi-family is in need of some TLC to bring it back to its former glory, but the potential is endless! Great location! Right across the street from Washington Tavern, in between the colleges of Albany. Basement & 1st floor units are occupied, 3rd floor unit is vacant/under renovation. Good Condition

9. 2021-10-04
   status Back On Market 396-char remark

   Show marketing remark (396 chars)

   Great investment opportunity for someone interested in earning a little sweat equity! This multi-family is in need of some TLC to bring it back to its former glory, but the potential is endless! Great location! Right across the street from Washington Tavern, in between the colleges of Albany. Basement & 1st floor units are occupied, 3rd floor unit is vacant/under renovation. Good Condition

10. 2021-09-14
    status Pend (Under Cntr) 396-char remark

    Show marketing remark (396 chars)

    Great investment opportunity for someone interested in earning a little sweat equity! This multi-family is in need of some TLC to bring it back to its former glory, but the potential is endless! Great location! Right across the street from Washington Tavern, in between the colleges of Albany. Basement & 1st floor units are occupied, 3rd floor unit is vacant/under renovation. Good Condition

11. 2021-08-28
    price $180,000 396-char remark

    Show marketing remark (396 chars)

    Great investment opportunity for someone interested in earning a little sweat equity! This multi-family is in need of some TLC to bring it back to its former glory, but the potential is endless! Great location! Right across the street from Washington Tavern, in between the colleges of Albany. Basement & 1st floor units are occupied, 3rd floor unit is vacant/under renovation. Good Condition

12. 2021-08-27
    status Price Change 396-char remark

    Show marketing remark (396 chars)

    Great investment opportunity for someone interested in earning a little sweat equity! This multi-family is in need of some TLC to bring it back to its former glory, but the potential is endless! Great location! Right across the street from Washington Tavern, in between the colleges of Albany. Basement & 1st floor units are occupied, 3rd floor unit is vacant/under renovation. Good Condition

13. 2021-07-08
    status Pend (Under Cntr) 396-char remark

    Show marketing remark (396 chars)

    Great investment opportunity for someone interested in earning a little sweat equity! This multi-family is in need of some TLC to bring it back to its former glory, but the potential is endless! Great location! Right across the street from Washington Tavern, in between the colleges of Albany. Basement & 1st floor units are occupied, 3rd floor unit is vacant/under renovation. Good Condition

14. 2021-05-21
    listed $200,000 New 396-char remark

    Show marketing remark (396 chars)

    Great investment opportunity for someone interested in earning a little sweat equity! This multi-family is in need of some TLC to bring it back to its former glory, but the potential is endless! Great location! Right across the street from Washington Tavern, in between the colleges of Albany. Basement & 1st floor units are occupied, 3rd floor unit is vacant/under renovation. Good Condition

15. 2016-05-18
    historical
16. 2016-03-08
    listed $209,900 New
17. 2014-05-12
    historical
18. 2013-10-15
    listed $199,900
19. 2005-10-13
    soldstatus $215,000
20. 2005-10-11
    soldstatus $215,000
21. 2005-08-11
    historical
22. 2005-07-18
    listed $224,900
23. 2004-03-05
    soldstatus $107,100

ⓘ 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: $4,394 · $366/mo
• Projected year-2 tax: $5,787 · $482/mo
• Expected delta: +$1,393/yr (+$116/mo · 31.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% 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: $91,824
• − Mortgage interest: −$23,801
• − Property taxes: −$4,394
• − Insurance: −$2,791
• − Repairs & maintenance: −$7,346
• − Management: −$7,346
• − Depreciation: −$12,361
• Taxable income: $33,786
• Est. tax owed @ 24.0%: −$8,109
• After-tax cash flow: $30,509/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): 30,771
• Household income: $83,147
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 1704.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Black 10% Asian 8% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 82% English-only · Other Indo-European 6% Spanish 3% Russian/Polish/Slavic 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: ▼ -133.05%
• Current HPI: 296.0467
• Rent YoY: ▲ 1.85%
• 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

+296.7% since first listed

23 events — show timeline

• 2026-05-13 Pending — Global MLS
• 2026-05-12 Contingent — Global MLS
• 2026-05-06 Listed $424,900 Global MLS
• 2022-06-10 Sold (Public Records) $148,500 Public Records
• 2022-03-01 Pending — Global MLS
• 2022-02-17 Price Changed $137,300 Global MLS
• 2021-11-04 Relisted — Global MLS
• 2021-10-22 Pending — Global MLS
• 2021-10-04 Relisted — Global MLS
• 2021-09-14 Pending — Global MLS
• 2021-08-28 Price Changed $180,000 Global MLS
• 2021-08-27 Relisted — Global MLS
• 2021-07-08 Pending — Global MLS
• 2021-05-21 Listed $200,000 Global MLS
• 2016-05-18 Listing Removed — Global MLS
• 2016-03-08 Listed $209,900 Global MLS
• 2014-05-12 Listing Removed — Global MLS
• 2013-10-15 Listed $199,900 Global MLS
• 2005-10-13 Sold (MLS) $215,000 Global MLS
• 2005-10-11 Sold (Public Records) $215,000 Public Records
• 2005-08-11 Listing Removed — Global MLS
• 2005-07-18 Listed $224,900 Global MLS
• 2004-03-05 Sold (Public Records) $107,100 Public Records

Property tax history

-5.2%/yr

Latest (2025): $4,394 · -7.9% YoY. Source: county tax records.