321 Washington Ave · Albany, NY 12206

$349,000

9 bd · 9.0 ba · 2,376 sqft · MultiFamily · 12 Days on market

Built 1890 Good condition 2,178 sqft lot Est $307k · 14% over

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Why this score? — see what drove the C+ 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 +28.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +3.8/5.0
• Schools +3.2/10.0
• ARV discount +1.3/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 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 MLS

Turn key Triplex, look no further! Great owner occupy of investment property. Walk to Washington Park, nice location across from Albany Fire Dept. Low maintenance needed on this very well maintained 3 unit. Roof 2 years, all heat and hot water tanks are electric, separate utilities, panels in each unit! Excellent Condition

Key facts

• Stylish kitchens
• Period details
• Triplex

Tags

• TRIPLEX
• PERIOD DETAILS
• HW FLOORS
• ORIGINAL WOODWORK
• FOCAL POINT MANTLEPIECE
• STYLISH KITCHENS

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1-bath units multifamily listed at $349k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $389/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $349k).
• Cap rate 10.3% 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: Rents rising fast (+5.4%/yr); 89 active listings in the ZIP; lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $4,531/mo this rent would consume 131% of the median local household income ($42k/yr) (locally 2035% 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 $2k of loan paydown is wiped out by about $10k 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 + 5.4% rent growth), your $98k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 $230k; list at $349k implies a 52% 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 $349,000

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.30% ✓
• Cap rate: 10.31%
• Cash-on-cash: 14.34%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $306,504
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
249 2nd St	0.42mi	9/2.0	2,264 (-5%)	2mo	$276,000	$122	51
665 State St	0.46mi	8/2.0 (-1)	2,350 (-1%)	12mo	$320,000	$136	47
385 First St	0.41mi	8/2.5 (-1)	2,448 (+3%)	11mo	$154,000	$63	47
423 Hamilton St	0.49mi	8/2.0 (-1)	2,264 (-5%)	11mo	$373,000	$165	40
348 Clinton Ave	0.30mi	8/3.0 (-1)	2,172 (-9%)	15mo	$62,000	$29	39
554 Washington Ave	0.58mi	8/2.0 (-1)	2,288 (-4%)	10mo	$290,000	$127	38
614 Myrtle Ave	0.75mi	8/2.0 (-1)	2,424 (+2%)	6mo	$405,000	$167	37
18 Kent St	0.70mi	8/2.0 (-1)	2,332 (-2%)	9mo	$251,000	$108	37
573 Washington Ave	0.69mi	9/2.0	2,506 (+6%)	5mo	$390,000	$156	35
155 Ontario St	0.64mi	8/2.0 (-1)	2,470 (+4%)	12mo	$262,500	$106	34
569 Washington Ave	0.67mi	8/2.0 (-1)	2,556 (+8%)	3mo	$340,000	$133	34
517 Hamilton St	0.74mi	8/2.0 (-1)	2,040 (-14%)	3mo	$264,000	$129	20

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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: 7.4%
• Equity multiple: 1.30×
• Total profit: $28,942
• Equity at exit: $52,037

10-year hold

• IRR: 18.7%
• Equity multiple: 2.73×
• Total profit: $168,882
• Equity at exit: $30,175

Cash invested: $97,720 (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 12206

• Home prices YoY: -9.9%
• Rents YoY: 5.4%
• Active inventory: 89
• Price-to-rent: 19.3×

Monthly cashflow live

• Estimated rent: $4,531 high
• Mortgage (P&I): −$1,830
• Tax est. 1.5%: −$436 /mo · $5,235/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$952
• Net cashflow: $1,168

Break-even live

Break-even rent $3,053

Max offer price $349,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$4,530
Total (3 units)			$4,531

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-04-27
   status Pending
2. 2026-04-22
   historical Contingent
3. 2026-04-15
   listed $349,000 Active
4. 2021-09-24
   soldstatus $229,900 Closed (Final Sale) 324-char remark

   Show marketing remark (324 chars)

   Turn key Triplex, look no further! Great owner occupy of investment property. Walk to Washington Park, nice location across from Albany Fire Dept. Low maintenance needed on this very well maintained 3 unit. Roof 2 years, all heat and hot water tanks are electric, separate utilities, panels in each unit! Excellent Condition

5. 2021-07-27
   status Pend (Under Cntr) 324-char remark

   Show marketing remark (324 chars)

   Turn key Triplex, look no further! Great owner occupy of investment property. Walk to Washington Park, nice location across from Albany Fire Dept. Low maintenance needed on this very well maintained 3 unit. Roof 2 years, all heat and hot water tanks are electric, separate utilities, panels in each unit! Excellent Condition

6. 2021-07-07
   listed $229,900 New 324-char remark

   Show marketing remark (324 chars)

   Turn key Triplex, look no further! Great owner occupy of investment property. Walk to Washington Park, nice location across from Albany Fire Dept. Low maintenance needed on this very well maintained 3 unit. Roof 2 years, all heat and hot water tanks are electric, separate utilities, panels in each unit! Excellent Condition

ⓘ 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: $54,372
• − Mortgage interest: −$19,549
• − Property taxes: −$5,235
• − Insurance: −$1,745
• − Repairs & maintenance: −$4,350
• − Management: −$4,350
• − Depreciation: −$10,153
• Taxable income: $8,990
• Est. tax owed @ 24.0%: −$2,158
• After-tax cash flow: $11,854/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 · 13 photos

Good 75/100 Cosmetic rehab

This triplex is in good condition with modern kitchens and bathrooms, and is well-maintained. It's a solid investment opportunity with potential for rental or resale value.

Value-add opportunities

• Both paint exterior — enhances curb appeal and value
• Both replace window seals — improves energy efficiency and reduces maintenance costs

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and value ↑
• Both replace window seals — improves energy efficiency and reduces maintenance costs ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 14,572
• Household income: $41,548
• Rent vs Own: 73.4% rent · 26.6% own
• Severe rent burden: 2035.0

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: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: Black 38% White 27% Hispanic / Latino 15% Two or more races 12% Asian 10%
• Hispanic origin (detail): Puerto Rican 10% Dominican 1%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 1%
• Foreign-born: 22% · Canada, China
• Languages at home: 75% English-only · Spanish 10% Other Indo-European 5% Chinese 3%

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: ▼ -30.24%
• Current HPI: 275.8109
• Rent YoY: ▲ 5.37%
• 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

+51.8% since first listed

6 events — show timeline

• 2026-04-27 Pending — Global MLS
• 2026-04-22 Contingent — Global MLS
• 2026-04-15 Listed $349,000 Global MLS
• 2021-09-24 Sold (MLS) $229,900 Global MLS
• 2021-07-27 Pending — Global MLS
• 2021-07-07 Listed $229,900 Global MLS