385 Washington Ave · Albany, NY 12206

$345,000

3 bd · 3.0 ba · 2,784 sqft · MultiFamily public records · 16 Days on market

Built 1870 1,306 sqft lot $124/sqft · 40% above area Est $246k · 40% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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 opportunity to own this well maintained beautiful historic three-family in Albany. Conveniently located across from Suny Albany downtown campus and walk distance to Washington Park. Original architectural features inside out, private rear porch for each unit. Perfect for owner occupy or investment.

Key facts

• Private rear porch
• Conveniently located
• 1,306 sq ft lot

Tags

• HISTORIC THREE-FAMILY
• PRIVATE REAR PORCH
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/3.0-bath units multifamily listed at $345k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $569/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $345k).
• Recommended offer: $340k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.2% 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.
• Market conditions: Rents rising fast (+5.4%/yr); 89 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $5,447/mo this rent would consume 157% 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 $97k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $35k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $339,825 (1.5% below list)

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 1870 — 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: 1.58% ✓
• Cap rate: 12.23%
• Cash-on-cash: 21.21%
• DSCR: 1.94
• GRM: 5.3

CMA / ARV

• ARV (median comp): $245,799
• List price: $345,000
• Delta: 41.99%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
492 Madison Ave	0.51mi	3/2.5	2,995 (+8%)	4mo	$360,000	$120	58
484 Madison Ave	0.52mi	3/3.0	2,800 (+1%)	22mo	$380,000	$136	57
364 Clinton Ave	0.34mi	3/3.0	2,520 (-10%)	15mo	$225,000	$89	56
158 Western Ave	0.27mi	3/3.0	2,422 (-13%)	15mo	$260,000	$107	53
432 Clinton Ave	0.27mi	4/3.0 (+1)	2,543 (-9%)	21mo	$241,000	$95	51
395 Hamilton St	0.58mi	3/4.0	2,880 (+3%)	19mo	$440,000	$153	47
358 Madison Ave	0.75mi	3/3.0	2,822 (+1%)	20mo	$305,000	$108	46
521 Washington Ave	0.36mi	4/4.0 (+1)	2,404 (-14%)	9mo	$275,000	$114	44
13 Lexington Ave	0.38mi	3/2.0	3,064 (+10%)	21mo	$68,900	$22	44
169 Jay St	0.64mi	4/3.0 (+1)	2,603 (-6%)	19mo	$325,000	$125	38
285.5 Hudson Ave	0.66mi	4/4.0 (+1)	2,478 (-11%)	5mo	$430,000	$174	38
58 Judson St	0.43mi	4/2.0 (+1)	2,408 (-14%)	17mo	$55,000	$23	34

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: 16.5%
• Equity multiple: 1.69×
• Total profit: $66,356
• Equity at exit: $51,441

10-year hold

• IRR: 26.9%
• Equity multiple: 3.65×
• Total profit: $255,954
• Equity at exit: $29,829

Cash invested: $96,600 (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: 15.8×

Monthly cashflow live

• Estimated rent: $5,447 high
• Mortgage (P&I): −$1,809
• Tax from tax record: −$643 /mo · $7,712/yr
• Insurance: −$144
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,144
• Net cashflow: $1,708

Break-even live

Break-even rent $3,286

Max offer price $345,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	3	$5,448
Total (3 units)			$5,447

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: $86,250
• Closing costs: $10,350
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	43d	1	0.39mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	43d	1	0.49mi
41 Dove St Albany, NY	2.0	2.5	2400	$2,350	$0.98	14d	1	0.60mi
363 Ontario St Albany, NY	1.0–2.0	1.0–2.5	1610	$3,485	$2.16	14d	1	0.83mi
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	43d	1	1.09mi
57 S Main Ave Albany, NY	4.0	1.0	2695	$1,600	$0.59	43d	1	1.11mi

Listing history 31 events

1. 2026-06-18
   days on market $345,000 Active 16 DOM
2. 2026-06-17
   days on market $345,000 Active 15 DOM
3. 2026-06-16
   days on market $345,000 Active 14 DOM
4. 2026-06-15
   days on market $345,000 Active 13 DOM
5. 2026-06-14
   days on market $345,000 Active 11 DOM
6. 2026-06-10
   days on market $345,000 Active 8 DOM
7. 2026-06-08
   days on market $345,000 Active 6 DOM
8. 2026-06-07
   days on market $345,000 Active 5 DOM
9. 2026-06-03
   remarks 338-char remark
10. 2026-06-03
    pricedays on marketlisting id $345,000 Active 1 DOM
11. 2026-05-31
    days on market $349,000 Active 175 DOM
12. 2026-05-31
    days on market $349,000 Active 174 DOM
13. 2026-04-11
    price $349,000 305-char remark

    Show marketing remark (305 chars)

    Great opportunity to own this well maintained beautiful historic three-family in Albany. Conveniently located across from Suny Albany downtown campus and walk distance to Washington Park. Original architectural features inside out, private rear porch for each unit. Perfect for owner occupy or investment.

14. 2026-02-25
    price $365,000 305-char remark

    Show marketing remark (305 chars)

    Great opportunity to own this well maintained beautiful historic three-family in Albany. Conveniently located across from Suny Albany downtown campus and walk distance to Washington Park. Original architectural features inside out, private rear porch for each unit. Perfect for owner occupy or investment.

15. 2026-01-29
    price $369,900 305-char remark

    Show marketing remark (305 chars)

    Great opportunity to own this well maintained beautiful historic three-family in Albany. Conveniently located across from Suny Albany downtown campus and walk distance to Washington Park. Original architectural features inside out, private rear porch for each unit. Perfect for owner occupy or investment.

16. 2026-01-18
    status Active 305-char remark

    Show marketing remark (305 chars)

    Great opportunity to own this well maintained beautiful historic three-family in Albany. Conveniently located across from Suny Albany downtown campus and walk distance to Washington Park. Original architectural features inside out, private rear porch for each unit. Perfect for owner occupy or investment.

17. 2025-12-16
    status Pending 305-char remark

    Show marketing remark (305 chars)

    Great opportunity to own this well maintained beautiful historic three-family in Albany. Conveniently located across from Suny Albany downtown campus and walk distance to Washington Park. Original architectural features inside out, private rear porch for each unit. Perfect for owner occupy or investment.

18. 2025-11-03
    listed $379,900 Active 305-char remark

    Show marketing remark (305 chars)

    Great opportunity to own this well maintained beautiful historic three-family in Albany. Conveniently located across from Suny Albany downtown campus and walk distance to Washington Park. Original architectural features inside out, private rear porch for each unit. Perfect for owner occupy or investment.

19. 2024-03-06
    historical $1,350
20. 2024-01-24
    listed $1,350
21. 2022-05-17
    soldstatus $308,500
22. 2022-05-17
    soldstatus $308,500
23. 2022-01-28
    status Pending 612-char remark

    Show marketing remark (612 chars)

    Historic Albany three-family in prime location, walking distance to Washington Park and all amenities. Perfectly suited for owner occupied or a worry free investment with long term tenants in place, upstairs unit is currently vacant to keep options open for any buyer. Building has been regularly maintained and carefully updated to keep original characteristics in place. Favorable layout and location allows for strong rent potential and constant demand for tenancy. Enjoy the privacy of a backyard and rear porch for each unit. Don't miss out on this opportunity to own one of Albany's beautiful multi-family.

24. 2022-01-12
    listed $295,000 Active 612-char remark

    Show marketing remark (612 chars)

    Historic Albany three-family in prime location, walking distance to Washington Park and all amenities. Perfectly suited for owner occupied or a worry free investment with long term tenants in place, upstairs unit is currently vacant to keep options open for any buyer. Building has been regularly maintained and carefully updated to keep original characteristics in place. Favorable layout and location allows for strong rent potential and constant demand for tenancy. Enjoy the privacy of a backyard and rear porch for each unit. Don't miss out on this opportunity to own one of Albany's beautiful multi-family.

25. 2021-08-02
    status Pend (Under Cntr)
26. 2021-07-31
    historical
27. 2021-07-13
    status Back On Market
28. 2021-06-22
    status Pend (Under Cntr)
29. 2021-06-10
    listed $295,000 New
30. 2009-10-23
    soldstatus $105,000
31. 2002-05-02
    soldstatus $87,000

ⓘ 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: $7,712 · $643/mo
• Projected year-2 tax: $7,712 · $643/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $65,364
• − Mortgage interest: −$19,325
• − Property taxes: −$7,712
• − Insurance: −$1,725
• − Repairs & maintenance: −$5,229
• − Management: −$5,229
• − Depreciation: −$10,036
• Taxable income: $16,107
• Est. tax owed @ 24.0%: −$3,866
• After-tax cash flow: $16,624/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): 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

+301.1% since first listed

19 events — show timeline

• 2026-04-11 Price Changed $349,000 Global MLS
• 2026-02-25 Price Changed $365,000 Global MLS
• 2026-01-29 Price Changed $369,900 Global MLS
• 2026-01-18 Relisted — Global MLS
• 2025-12-16 Pending — Global MLS
• 2025-11-03 Listed $379,900 Global MLS
• 2024-03-06 Rental Removed $1,350 GLOBALMLS
• 2024-01-24 Listed for Rent $1,350 GLOBALMLS
• 2022-05-17 Sold (Public Records) $308,500 Public Records
• 2022-05-17 Sold (Public Records) $308,500 Public Records
• 2022-01-28 Pending — Global MLS
• 2022-01-12 Listed $295,000 Global MLS
• 2021-08-02 Pending — Global MLS
• 2021-07-31 Listing Removed — Global MLS
• 2021-07-13 Relisted — Global MLS
• 2021-06-22 Pending — Global MLS
• 2021-06-10 Listed $295,000 Global MLS
• 2009-10-23 Sold (Public Records) $105,000 Public Records
• 2002-05-02 Sold (Public Records) $87,000 Public Records

Property tax history

+6.4%/yr

Latest (2025): $7,712 · +3.6% YoY. Source: county tax records.