427 S Pearl St · Albany, NY 12202

$329,000

4 bd · 3.0 ba · 5,760 sqft · MultiFamily · 61 Days on market

Built 1880 Fair condition 1,742 sqft lot $57/sqft · 47% below area Est $617k · 47% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Rent growth +4.7/5.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0

Listing remarks

Opportunity meets character at 427 S Pearl St, a fully remodeled mixed-use building featuring one of Albany's last historic bar spaces paired with two income-producing apartments. The commercial space offers a fully renovated bar/lounge, complete with a stunning custom bar, dining area, kitchen, office, and one ADA-compliant bathroom and one standard bathroom, along with a mop/broom closet. RESTAURANT EQUIPMENT CONVEYS WITH THE SALE OF THE PROPERTY! With USB-integrated outlets, updated systems, and a brand-new high-efficiency gas heater (2025), this space is turnkey and ready for its next concept. Currently generating $1,500/month with upside to ~$2,000/month upon liquor license approval.

Key facts

• Updated systems
• Custom bar
• Historic bar space

Tags

• HISTORIC BAR SPACE
• FULLY RENOVATED BAR LOUNGE
• CUSTOM BAR
• ADA-COMPLIANT BATHROOM
• UPDATED SYSTEMS
• HIGH-EFFICIENCY GAS HEATER

🏷️ Possibly a rental listed for sale. The $329,000 price doesn't fit this home's estimated sale value (~$616,795) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $329k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $329k).
• Recommended offer: $309k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 5.9% 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 (+8.7%/yr); 91 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% 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 $5,452/mo this rent would consume 124% of the median local household income ($53k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $35k of equity ($2k loan paydown + $33k appreciation (10.0% local appreciation)).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $92k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$57k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($309k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $309,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1880 — 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: 1.66% ✓
• Cap rate: 13.71%
• Cash-on-cash: 26.49%
• DSCR: 2.18
• GRM: 5.0

CMA / ARV

• ARV (median comp): $616,795
• List price: $329,000
• Delta: -46.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
58 Elm St	0.58mi	5/3.0 (+1)	4,368 (-24%)	5mo	$352,650	$81	39
6 Madison Pl	0.62mi	5/3.0 (+1)	5,090 (-12%)	14mo	$600,000	$118	35
128 Hamilton St	0.66mi	5/4.0 (+1)	4,352 (-24%)	3mo	$310,000	$71	33
368 Madison Ave	0.95mi	4/3.0	4,422 (-23%)	16mo	$515,000	$116	26
124 Hamilton St	0.65mi	5/3.0 (+1)	4,584 (-20%)	22mo	$310,000	$68	21

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 47.3%
• Equity multiple: 4.66×
• Total profit: $337,587
• Equity at exit: $296,389

10-year hold

• IRR: 43.2%
• Equity multiple: 11.46×
• Total profit: $963,836
• Equity at exit: $639,175

Cash invested: $92,120 (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 12202

• Home prices YoY: 14.3%
• Rents YoY: 8.7%
• Active inventory: 91
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $5,452 high
• Mortgage (P&I): −$1,725
• Tax est. 1.5%: −$411 /mo · $4,935/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,145
• Net cashflow: $2,033

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.5	$5,451
Total (3 units)			$5,452

Break-even live

Break-even rent $2,878

Max offer price $329,000

Occupancy floor 58%

Sensitivity live

Price	-10% $2,261	-5% $2,147	+0% $2,033	+5% $1,920	+10% $1,806
Rent	-10% $1,603	-5% $1,818	+0% $2,033	+5% $2,249	+10% $2,464
Rate	-1.0pp $2,199	-0.5pp $2,117	base $2,033	+0.5pp $1,948	+1.0pp $1,861

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: $82,250
• Closing costs: $9,870
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
84 Clinton St Apt 2 Albany, NY	3.0	1.0	1000	$1,699	$1.70	6d	1	0.12mi
132 4th Ave Albany, NY	3.0	1.0	770	$1,800	$2.34	116d	1	0.13mi
56 3rd Ave Unit 1 Albany, NY	2.0	1.0	—	$1,485	—	139d	1	0.16mi
56 3rd Ave Unit 1 Albany, NY	2.0	1.0	—	$1,485	—	116d	1	0.16mi
43 Second Ave Albany, NY	1.0	1.0	900	$1,500	$1.67	139d	1	0.16mi
44 Alexander St Albany, NY	2.0	1.0	1250	$1,800	$1.44	0d	1	0.17mi
52 Clinton St Unit 3 Albany, NY	2.0	1.0	—	$1,300	—	119d	1	0.20mi
52 Clinton St Unit 1 Albany, NY	1.0	1.0	—	$1,000	—	119d	1	0.20mi
24 Delaware St #2 Albany, NY	3.0	1.5	—	$2,195	—	62d	1	0.20mi
13 Delaware St Albany, NY	2.0	1.0	1060	$1,800	$1.70	6d	1	0.20mi
15 Delaware St Albany, NY	1.0	1.0	1060	$1,500	$1.42	6d	1	0.20mi
11 Osborne St Unit 2 Albany, NY	3.0	1.0	—	$1,325	—	62d	1	0.31mi
44 Osborne St Unit 1 Albany, NY	3.0	1.0	—	$1,350	—	62d	1	0.35mi
17 Ash Grove Pl Albany, NY	2.0	1.0	800	$1,400	$1.75	139d	1	0.45mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	139d	1	0.46mi
138 Morton Ave Unit 4 Albany, NY	1.0	1.0	—	$1,050	—	62d	1	0.47mi
138 Morton Ave Unit 2 Albany, NY	2.0	1.0	—	$1,150	—	119d	1	0.47mi
136 Morton Ave Unit 1 Albany, NY	1.0	1.0	—	$1,100	—	139d	1	0.47mi
136 Morton Ave Albany, NY	3.0	1.0	—	$2,000	—	139d	1	0.47mi
168 S Pearl St Albany, NY	3.0	1.5	1044	$1,800	$1.72	119d	1	0.48mi
109 Grand St Albany, NY	3.0	2.0	—	$549	—	6d	1	0.48mi
28 Myrtle Ave Apt 1 Albany, NY	2.0	1.0	1000	$1,350	$1.35	6d	1	0.49mi
94 Philip St Albany, NY	1.0	1.0	—	$1,200	—	109d	1	0.50mi
103 Grand St Unit 1 Albany, NY	2.0	1.0	800	$1,250	$1.56	109d	1	0.50mi
96 Grand St Unit 1 Albany, NY	1.0	1.0	—	$1,300	—	116d	1	0.51mi
96 Grand St Unit 2 Albany, NY	2.0	1.0	—	$1,400	—	109d	1	0.51mi
96 Grand St Unit 2 Albany, NY	2.0	1.0	—	$1,400	—	116d	1	0.51mi
96 Grand St Unit 1 Albany, NY	1.0	1.0	—	$1,200	—	62d	1	0.51mi
30 Boenau St Albany, NY	3.0	1.0	1085	$1,800	$1.66	6d	1	0.51mi
25 Bleecker Pl #1 Albany, NY	2.0	1.0	1150	$1,350	$1.17	140d	1	0.52mi
17 Putnam St Albany, NY	3.0	1.0	2348	$1,700	$0.72	2d	1	0.53mi
151 S Pearl St Albany, NY	2.0	1.0	1748	$1,600	$0.92	62d	1	0.54mi
163 Eagle St Albany, NY	2.0	1.0	—	$1,500	—	6d	1	0.54mi
48 Broadway Unit 3 Rensselaer, NY	1.0	1.0	—	$1,250	—	139d	1	0.54mi
189 Second Ave Unit 2 Albany, NY	3.0	1.0	—	$1,300	—	6d	1	0.57mi
88 Madison Ave Unit 1501080P Albany, NY	1.0	1.0	—	$2,086	—	139d	1	0.57mi
86 Madison Ave Unit 1501081P Albany, NY	1.0	1.0	—	$4,363	—	139d	1	0.57mi
31 Elm St Albany, NY	1.0	1.0	840	$1,500	$1.79	62d	1	0.57mi
31 Elm St Albany, NY	1.0	1.0	840	$1,250	$1.49	6d	1	0.57mi
147 Eagle St Albany, NY	1.0	1.0	625	$1,100	$1.76	6d	1	0.58mi

Property features AI

Finance

• Financial info: 3 total units

Exterior

• Parking: Off-street parking
• Security: Smoke detectorsCarbon monoxide detectors
• Utilities: Public waterPublic sewer
• Home design: Triplex
• Construction: Brick constructionRubber and asphalt roofing
• Exterior features: Lot approximately 26.1 x 72 ft (0.04 acre)

Interior

• Bedrooms: Unit 2: 2 bedroomsUnit 3: 2 bedrooms
• Flooring: Ceramic tileLaminate
• Bathrooms: 2 full bathrooms2 half bathrooms (both on first level)Full baths located on 2nd and 3rd levels
• Heating & cooling: Electric heatingCentral airWindow air conditioning units
• Interior features: Chair railPartial unfinished basement

Listing history 49 events

1. 2026-08-17
   days on market $329,000 Active 61 DOM
2. 2026-08-16
   days on market $329,000 Active 60 DOM
3. 2026-08-15
   days on market $329,000 Active 59 DOM
4. 2026-08-15
   days on market $329,000 Active 58 DOM
5. 2026-08-13
   days on market $329,000 Active 57 DOM
6. 2026-08-12
   days on market $329,000 Active 56 DOM
7. 2026-08-11
   days on market $329,000 Active 55 DOM
8. 2026-08-10
   days on market $329,000 Active 54 DOM
9. 2026-08-09
   days on market $329,000 Active 53 DOM
10. 2026-08-08
    days on market $329,000 Active 52 DOM
11. 2026-08-07
    days on market $329,000 Active 51 DOM
12. 2026-08-06
    days on market $329,000 Active 50 DOM
13. 2026-08-05
    days on market $329,000 Active 49 DOM
14. 2026-08-04
    days on market $329,000 Active 48 DOM
15. 2026-08-03
    days on market $329,000 Active 47 DOM
16. 2026-07-31
    days on market $329,000 Active 44 DOM
17. 2026-07-29
    days on market $329,000 Active 42 DOM
18. 2026-07-27
    days on market $329,000 Active 40 DOM
19. 2026-07-25
    days on market $329,000 Active 38 DOM
20. 2026-07-24
    days on market $329,000 Active 37 DOM
21. 2026-07-23
    days on market $329,000 Active 36 DOM
22. 2026-07-22
    days on market $329,000 Active 35 DOM
23. 2026-07-21
    days on market $329,000 Active 34 DOM
24. 2026-07-18
    days on market $329,000 Active 31 DOM
25. 2026-07-16
    days on market $329,000 Active 29 DOM
26. 2026-07-16
    days on market $329,000 Active 28 DOM
27. 2026-07-14
    days on market $329,000 Active 27 DOM
28. 2026-07-14
    days on market $329,000 Active 26 DOM
29. 2026-07-12
    days on market $329,000 Active 25 DOM
30. 2026-07-11
    days on market $329,000 Active 24 DOM
31. 2026-07-10
    days on market $329,000 Active 23 DOM
32. 2026-07-09
    days on market $329,000 Active 22 DOM
33. 2026-07-07
    days on market $329,000 Active 20 DOM
34. 2026-07-06
    days on market $329,000 Active 19 DOM
35. 2026-07-05
    days on market $329,000 Active 18 DOM
36. 2026-07-04
    days on market $329,000 Active 17 DOM
37. 2026-07-03
    days on market $329,000 Active 16 DOM
38. 2026-07-02
    days on market $329,000 Active 15 DOM
39. 2026-07-01
    days on market $329,000 Active 14 DOM
40. 2026-06-30
    days on market $329,000 Active 13 DOM
41. 2026-06-29
    days on market $329,000 Active 12 DOM
42. 2026-06-28
    days on market $329,000 Active 11 DOM
43. 2026-06-28
    days on market $329,000 Active 10 DOM
44. 2026-06-27
    days on market $329,000 Active 9 DOM
45. 2026-06-25
    days on market $329,000 Active 7 DOM
46. 2026-06-23
    days on market $329,000 Active 5 DOM
47. 2026-06-21
    days on market $329,000 Active 4 DOM
48. 2026-06-17
    remarks 699-char remark
49. 2026-06-17
    listed $329,000 Active 1 DOM

ⓘ 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: $65,424
• − Mortgage interest: −$18,429
• − Property taxes: −$4,935
• − Insurance: −$1,645
• − Repairs & maintenance: −$5,234
• − Management: −$5,234
• − Depreciation: −$9,571
• Taxable income: $20,376
• Est. tax owed @ 24.0%: −$4,890
• After-tax cash flow: $19,511/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 · 5 photos

Fair 45/100 Moderate rehab Est. rehab $144,000–$259,200 screening

The property requires moderate renovations, including a new roof and exterior paint, to improve its condition and value.

Repairs flagged

• Major roof — Aerial view shows worn roof
• Moderate exterior siding — Aerial view shows wear

Value-add opportunities

• Both new roof — Significant increase in property value ↑
• Both exterior paint — Enhances curb appeal and property value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 45/100

Zoned Schools

Elementary Giffen Memorial Elementary School F NY #1,992/2,108 Nat'l #33,738/41,679 High Albany High School B+ NY #710/1,100 Nat'l #2,083/17,239

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

B Composite livability gradescore 79/100

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 · 320,794 people
• City population: 116,921
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 10,166
• Household income: $52,868
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 5% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Black 40% White 28% Hispanic / Latino 15% Two or more races 14% Asian 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 5%
• Common ancestry: Iranian 2% Romanian 1% Serbian 1%
• Foreign-born: 14% · Canada, Philippines, China
• Languages at home: 80% English-only · Spanish 10% Other Asian/Pacific 4% Arabic 1%

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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: ▲ 38.05%
• Current HPI: 303.8939
• Rent YoY: ▲ 8.70%
• Metro: Albany-Schenectady-Troy, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

Property features AI

Finance

• Financial info: 3 total units

Exterior

• Parking: Off-street parking
• Security: Smoke detectorsCarbon monoxide detectors
• Utilities: Public waterPublic sewer
• Home design: Triplex
• Construction: Brick constructionRubber and asphalt roofing
• Exterior features: Lot approximately 26.1 x 72 ft (0.04 acre)

Interior

• Bedrooms: Unit 2: 2 bedroomsUnit 3: 2 bedrooms
• Flooring: Ceramic tileLaminate
• Bathrooms: 2 full bathrooms2 half bathrooms (both on first level)Full baths located on 2nd and 3rd levels
• Heating & cooling: Electric heatingCentral airWindow air conditioning units
• Interior features: Chair railPartial unfinished basement

Price history

1 event — show timeline

• 2026-06-17 Listed $329,000 Global MLS