3 Sherman St · Albany, NY 12210

$289,900

6 bd · 3.0 ba · 2,772 sqft · MultiFamily public records · 13 Days on market

Built 1900 1,306 sqft lot $105/sqft · 11% below area Est $327k · 11% under

---

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 +12.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +2.0/10.0

Multi-family units

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

Listing remarks MLS

Three-family investment property fully rented with long-term tenants. Centrally located downtown and cornering Lark St. West Mall Center Luxury apartments across the street and overall an attractive area for tenants.

Key facts

• 3 unit
• Modern updates
• Spacious floor plan

Tags

• 3 UNIT
• MODERN UPDATES
• SPACIOUS FLOOR PLAN
• WALKING DISTANCE TO LARK ST
• WALKING DISTANCE TO SHOPS
• EASY ACCESS TO HIGHWAYS

Property features AI

Finance

• Financial info: Property comprised of 3 units

Exterior

• Utilities: Public water; Public sewer; Natural gas available
• Home design: Triplex; Living area approximately 2,772
• Construction: Brick exterior
• Exterior features: Brick construction; Lot approximately 0.03 acres

Interior

• Bedrooms: Unit 1: 1 bedroom on 1st floor; Unit 2: 1 bedroom on 2nd floor; Unit 3: 2 bedrooms on 3rd floor
• Bathrooms: 3 full bathrooms (one on 1st floor, one on 2nd floor, one on 3rd floor)
• Heating & cooling: Baseboard heating; Hot water heating; Natural gas heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $812/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $290k).
• Cap rate 16.4% 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 (+6.9%/yr); 70 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $5,615/mo this rent would consume 121% of the median local household income ($56k/yr) (locally 1211% 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 $9k 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 + 6.9% rent growth), your $81k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 18y 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 $150k; list at $290k implies a 93% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $289,900

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 1900 — 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: 1.94% ✓
• Cap rate: 16.38%
• Cash-on-cash: 36.03%
• DSCR: 2.60
• GRM: 4.3

CMA / ARV

• ARV (median comp): $326,549
• List price: $289,900
• Delta: -11.22%
• 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
114 Lark St	0.16mi	5/3.0 (-1)	2,835 (+2%)	11mo	$260,000	$92	74
211 Clinton Ave	0.31mi	5/3.0 (-1)	2,640 (-5%)	4mo	$250,000	$95	70
314-316 Orange St	0.17mi	6/2.0	2,475 (-11%)	6mo	$126,000	$51	65
362 Clinton Ave	0.28mi	7/4.0 (+1)	2,490 (-10%)	2mo	$270,000	$108	59
339 Madison Ave	0.48mi	6/3.0	3,024 (+9%)	7mo	$335,000	$111	56
221 Livingston Ave	0.50mi	5/2.0 (-1)	2,665 (-4%)	6mo	$124,900	$47	56
469 Clinton Ave	0.46mi	5/3.0 (-1)	2,520 (-9%)	6mo	$239,000	$95	53
79 1st St	0.44mi	5/3.0 (-1)	2,516 (-9%)	8mo	$275,000	$109	52
369 Hamilton St	0.37mi	7/4.0 (+1)	2,520 (-9%)	9mo	$390,000	$155	51
115.5 Lancaster St	0.34mi	5/3.5 (-1)	3,104 (+12%)	8mo	$475,000	$153	50
34 Judson St	0.54mi	6/3.0	3,180 (+15%)	8mo	$75,000	$24	44
248 Morris St	0.74mi	7/3.0 (+1)	3,048 (+10%)	3mo	$359,000	$118	42

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 · 6.86% rent growth · sell at horizon

5-year hold

• IRR: 36.1%
• Equity multiple: 2.61×
• Total profit: $130,981
• Equity at exit: $43,225

10-year hold

• IRR: 44.7%
• Equity multiple: 6.11×
• Total profit: $414,920
• Equity at exit: $25,065

Cash invested: $81,172 (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 12210

• Home prices YoY: -2.3%
• Rents YoY: 6.9%
• Active inventory: 70
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $5,615 high
• Mortgage (P&I): −$1,520
• Tax from tax record: −$358 /mo · $4,292/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,179
• Net cashflow: $2,437

Break-even live

Break-even rent $2,530

Max offer price $289,900

Occupancy floor 52%

Sensitivity live

Price	-10% $2,601	-5% $2,519	+0% $2,437	+5% $2,355	+10% $2,273
Rent	-10% $1,994	-5% $2,215	+0% $2,437	+5% $2,659	+10% $2,881
Rate	-1.0pp $2,583	-0.5pp $2,511	base $2,437	+0.5pp $2,362	+1.0pp $2,286

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$5,616
Total (3 units)			$5,615

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-05-14
   listed $289,900 Active 535-char remark
2. 2021-03-31
   soldstatus $150,000
3. 2021-02-23
   soldstatus $150,000 Closed (Final Sale) 216-char remark

   Show marketing remark (216 chars)

   Three-family investment property fully rented with long-term tenants. Centrally located downtown and cornering Lark St. West Mall Center Luxury apartments across the street and overall an attractive area for tenants.

4. 2020-12-04
   status Pend (Under Cntr) 216-char remark

   Show marketing remark (216 chars)

   Three-family investment property fully rented with long-term tenants. Centrally located downtown and cornering Lark St. West Mall Center Luxury apartments across the street and overall an attractive area for tenants.

5. 2020-11-24
   status Back On Market 216-char remark

   Show marketing remark (216 chars)

   Three-family investment property fully rented with long-term tenants. Centrally located downtown and cornering Lark St. West Mall Center Luxury apartments across the street and overall an attractive area for tenants.

6. 2020-10-26
   status Pend (Under Cntr) 216-char remark

   Show marketing remark (216 chars)

   Three-family investment property fully rented with long-term tenants. Centrally located downtown and cornering Lark St. West Mall Center Luxury apartments across the street and overall an attractive area for tenants.

7. 2020-09-02
   listed $169,000 New 216-char remark

   Show marketing remark (216 chars)

   Three-family investment property fully rented with long-term tenants. Centrally located downtown and cornering Lark St. West Mall Center Luxury apartments across the street and overall an attractive area for tenants.

8. 2020-02-08
   historical
9. 2020-01-10
   status Back On Market
10. 2020-01-07
    historical
11. 2019-12-06
    price $169,000
12. 2019-10-30
    price $170,000
13. 2019-10-10
    price $179,900
14. 2019-09-19
    listed $190,000 New
15. 2011-06-27
    soldstatus $35,000
16. 2011-04-29
    historical
17. 2010-12-06
    listed $40,000
18. 2009-02-03
    soldstatus $36,000
19. 2009-01-15
    soldstatus $36,000
20. 2008-11-19
    historical
21. 2008-10-17
    listed $34,900
22. 2008-09-16
    historical
23. 2008-02-27
    listed $64,500
24. 2004-10-26
    soldstatus $28,000

ⓘ 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: $4,292 · $358/mo
• Projected year-2 tax: $4,596 · $383/mo
• Expected delta: +$304/yr (+$25/mo · 7.1%)

ⓘ 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 ≥97°F today · 17 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: $67,380
• − Mortgage interest: −$16,239
• − Property taxes: −$4,292
• − Insurance: −$1,450
• − Repairs & maintenance: −$5,390
• − Management: −$5,390
• − Depreciation: −$8,433
• Taxable income: $26,186
• Est. tax owed @ 24.0%: −$6,285
• After-tax cash flow: $22,961/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): 10,297
• Household income: $55,843
• Rent vs Own: 75.3% rent · 24.7% own
• Severe rent burden: 1211.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 44% Black 41% Two or more races 7% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 4% Lithuanian 2% Serbian 2%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 3% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -5.92%
• Current HPI: 252.3084
• Rent YoY: ▲ 6.86%
• 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

+935.4% since first listed

25 events — show timeline

• 2026-05-27 Pending — Global MLS
• 2026-05-14 Listed $289,900 Global MLS
• 2021-03-31 Sold (Public Records) $150,000 Public Records
• 2021-02-23 Sold (MLS) $150,000 Global MLS
• 2020-12-04 Pending — Global MLS
• 2020-11-24 Relisted — Global MLS
• 2020-10-26 Pending — Global MLS
• 2020-09-02 Listed $169,000 Global MLS
• 2020-02-08 Listing Removed — Global MLS
• 2020-01-10 Relisted — Global MLS
• 2020-01-07 Listing Removed — Global MLS
• 2019-12-06 Price Changed $169,000 Global MLS
• 2019-10-30 Price Changed $170,000 Global MLS
• 2019-10-10 Price Changed $179,900 Global MLS
• 2019-09-19 Listed $190,000 Global MLS
• 2011-06-27 Sold (MLS) $35,000 Global MLS
• 2011-04-29 Listing Removed — Global MLS
• 2010-12-06 Listed $40,000 Global MLS
• 2009-02-03 Sold (Public Records) $36,000 Public Records
• 2009-01-15 Sold (MLS) $36,000 Global MLS
• 2008-11-19 Listing Removed — Global MLS
• 2008-10-17 Listed $34,900 Global MLS
• 2008-09-16 Listing Removed — Global MLS
• 2008-02-27 Listed $64,500 Global MLS
• 2004-10-26 Sold (Public Records) $28,000 Public Records

Property tax history

+9.0%/yr

Latest (2025): $4,292 · +6.7% YoY. Source: county tax records.