418 Madison Ave · Albany, NY 12210

$449,900

2 bd · 2.5 ba · 3,300 sqft · MultiFamily · 22 Days on market

Built 1869 871 sqft lot Est $356k · 26% 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 +22.1/30.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• 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
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Three unit building zoned commercial C-1. First floor space w/ endless potential and high ceilings. That unit also includes a large basement for storage. Two 1-Bedroom apartments above for additional income. Many recent updates to building including new heating system for first floor space and both residential units renovated into beautiful living space. Very Good Condition

Key facts

• Central air
• Built 1869
• Listed 22 days

Tags

• MIXED USE OPPORTUNITY
• COMMERCIALLY ZONED PROPERTY
• FIRST FLOOR COMMERCIAL SPACE
• CENTRAL AIR
• COMMERCIAL KITCHEN SETUP
• ONE BEDROOM APARTMENTS

Property features AI

Finance

• Financial info: Three-unit property; Tenants pay heat, central air, electricity, and gas

Exterior

• Utilities: Public water; Public sewer
• Home design: Triplex; Situated on a 17' x 57' lot
• Construction: Block, brick, and vinyl siding construction; Asphalt roof
• Exterior features: Level, cleared lot

Interior

• Bedrooms: Three units: one unit with 2 rooms, two units each with 3 rooms; each of the two 3-room units includes 1 bedroom
• Flooring: Vinyl; Ceramic tile; Hardwood
• Bathrooms: Two full bathrooms located on upper floors (2nd and 3rd levels); One half bathroom on the 1st level; Each 3-room unit has 1 full bath
• Heating & cooling: Electric and natural gas heating with forced air; Central air conditioning
• Interior features: Full unfinished basement; Vinyl, ceramic tile, and hardwood floors

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $727 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• Recommended offer: $443k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 + 6.9% rent growth), your $126k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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 $170k; list at $450k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1869 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $443,151 (1.5% below list)

Questions for the listing agent

1. Built in 1869 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.08% ✓
• Cap rate: 8.23%
• Cash-on-cash: 6.93%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $356,400
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
492 Madison Ave	0.16mi	3/2.5 (+1)	2,995 (-9%)	4mo	$360,000	$120	69
348 Madison Ave	0.19mi	3/3.0 (+1)	3,320 (+1%)	20mo	$305,000	$92	67
395 Hamilton St	0.09mi	3/4.0 (+1)	2,880 (-13%)	19mo	$440,000	$153	48
358 Madison Ave	0.16mi	3/3.0 (+1)	2,822 (-14%)	20mo	$305,000	$108	45
111 Grand St	0.71mi	3/3.0 (+1)	3,168 (-4%)	15mo	$275,000	$87	41

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: -1.4%
• Equity multiple: 0.94×
• Total profit: $-6,931
• Equity at exit: $67,082

10-year hold

• IRR: 12.0%
• Equity multiple: 2.12×
• Total profit: $140,942
• Equity at exit: $38,899

Cash invested: $125,972 (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 12210

• Home prices YoY: -2.3%
• Rents YoY: 6.9%
• Active inventory: 70
• Price-to-rent: 23.2×

Monthly cashflow live

• Estimated rent: $4,856 high
• Mortgage (P&I): −$2,359
• Tax est. 1.5%: −$562 /mo · $6,748/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,020
• Net cashflow: $727

Break-even live

Break-even rent $3,936

Max offer price $449,900

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$4,857
Total (3 units)			$4,856

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: $112,475
• Closing costs: $13,497
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
41 Dove St Albany, NY	2.0	2.5	2400	$2,350	$0.98	14d	1	0.27mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	43d	1	0.95mi
363 Ontario St Albany, NY	1.0–2.0	1.0–2.5	1610	$3,485	$2.16	14d	1	1.05mi
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	43d	1	1.36mi

Listing history 24 events

1. 2026-06-18
   days on market $449,900 Active 22 DOM
2. 2026-06-17
   days on market $449,900 Active 21 DOM
3. 2026-06-16
   days on market $449,900 Active 20 DOM
4. 2026-06-15
   days on market $449,900 Active 19 DOM
5. 2026-06-14
   days on market $449,900 Active 17 DOM
6. 2026-06-10
   days on market $449,900 Active 14 DOM
7. 2026-06-08
   days on market $449,900 Active 12 DOM
8. 2026-06-07
   days on market $449,900 Active 11 DOM
9. 2026-06-03
   days on market $449,900 Active 7 DOM
10. 2026-06-02
    days on market $449,900 Active 6 DOM
11. 2026-06-01
    days on market $449,900 Active 5 DOM
12. 2026-05-31
    days on market $449,900 Active 4 DOM
13. 2026-05-31
    days on market $449,900 Active 3 DOM
14. 2026-05-26
    listed $449,900 Active
15. 2009-05-19
    soldstatus $170,000 380-char remark

    Show marketing remark (380 chars)

    Three unit building zoned commercial C-1. First floor space w/ endless potential and high ceilings. That unit also includes a large basement for storage. Two 1-Bedroom apartments above for additional income. Many recent updates to building including new heating system for first floor space and both residential units renovated into beautiful living space. Very Good Condition

16. 2009-03-03
    historical 380-char remark

    Show marketing remark (380 chars)

    Three unit building zoned commercial C-1. First floor space w/ endless potential and high ceilings. That unit also includes a large basement for storage. Two 1-Bedroom apartments above for additional income. Many recent updates to building including new heating system for first floor space and both residential units renovated into beautiful living space. Very Good Condition

17. 2009-03-01
    historical
18. 2009-02-09
    historical
19. 2009-02-01
    listed $199,900 380-char remark

    Show marketing remark (380 chars)

    Three unit building zoned commercial C-1. First floor space w/ endless potential and high ceilings. That unit also includes a large basement for storage. Two 1-Bedroom apartments above for additional income. Many recent updates to building including new heating system for first floor space and both residential units renovated into beautiful living space. Very Good Condition

20. 2008-05-20
    listed $199,900
21. 2007-09-05
    listed $207,900
22. 2007-02-16
    soldstatus $186,000
23. 2006-12-08
    historical
24. 2006-11-28
    listed $189,900

ⓘ 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: $58,272
• − Mortgage interest: −$25,201
• − Property taxes: −$6,748
• − Insurance: −$2,250
• − Repairs & maintenance: −$4,662
• − Management: −$4,662
• − Depreciation: −$13,088
• Taxable income: $1,661
• Est. tax owed @ 24.0%: −$399
• After-tax cash flow: $8,326/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

+136.9% since first listed

11 events — show timeline

• 2026-05-26 Listed $449,900 Global MLS
• 2009-05-19 Sold (MLS) $170,000 Global MLS
• 2009-03-03 Listing Removed — Global MLS
• 2009-03-01 Listing Removed — Global MLS
• 2009-02-09 Listing Removed — Global MLS
• 2009-02-01 Listed $199,900 Global MLS
• 2008-05-20 Listed $199,900 Global MLS
• 2007-09-05 Listed $207,900 Global MLS
• 2007-02-16 Sold (MLS) $186,000 Global MLS
• 2006-12-08 Listing Removed — Global MLS
• 2006-11-28 Listed $189,900 Global MLS