Renovated Albany Investment
257 Western Avenue Albany, NY 12203
257 Western Avenue, Albany, NY, 12203
$424,900
Pending
For Sale
$424,900
Pending
MULTI_FAMILY - Other - Albany, NY
Property Size2,550 SF
Lot Size0.05 Acres
Days on Market78
Property Features for 257 Western Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 5
- Bathrooms
- 3
- Rooms
- Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 4, Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 2
- Patio and Porch features
- Deck
- Interior features
- Paddle Fan, High Speed Internet, Built-in Features, Ceramic Tile Bath, Crown Molding
- Basement
- Finished, Exterior Entry, Apartment, Walk-Out Access
- Standard status
- Pending
- APN
- 65.61-5-51
- Size
- 2,550 SF
- Lot size
- 0.05 Acres
Taxes and HOA fees
- Tax Annual Amount
- 4850
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas, Baseboard
- Water source
- Public
Building Details
- Year built
- 1890
- Number of units
- 3
- Flooring type
- Tile - Ceramic, Laminate, Hardwood
- Building materials
- Brick
- Roof type
- Rubber
- Architectural style
- Other
Listing agency
Clancy Real Estate
(518) 861-7016
Listed by
Kevin Clancy · License #37CL1081409
(518) 461-9937
Added: May 6 Updated: Jun 8 at 10:13PM Checked: Jul 22 at 4:06PM
MLS# 202616546
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This is a fully renovated three-unit investment property located in a strong rental corridor of Albany. The property has been renovated from top to bottom, including major improvements such as rebuilt fire escapes, new plumbing, electric, and new hot water tanks. The property is a turn-key asset with significant upside potential. Two units are currently vacant, and the third unit will be vacated at the end of May, creating the opportunity for an owner to place their own tenants at current market rents and maximize cash flow. Separate utilities keep operating expenses streamlined. The property is located in a high-demand rental area near colleges, hospitals, restaurants, shopping, public transportation, and downtown Albany. The lot size is 0.05 acres and the property size is 2550 square feet.
Key Highlights
- Fully renovated 3‑unit investment property at 257 Western Ave, Albany
- Two units are currently vacant; third unit will be vacated at the end of May
- Major updates include rebuilt fire escapes, new plumbing and electric, and new hot water tanks
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $44.4k | $17.40 |
| − Vacancy | −$2.9k | −$1.13 |
| EGI | $41.5k | $16.27 |
| − OpEx | −$12.4k | −$4.88 |
| NOI | $29.0k | $11.39 |
2,550 SF · lease $17.40/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$414.9K
$363.0K – $484.0K
NOI $29,040 @ 7.0% cap · market cap 6.83%
Second Best
Apartment 5plus
$372.1K
$325.6K – $434.1K
NOI $26,048 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$672.8K
$588.7K – $784.9K
NOI $47,093 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Fully renovated three-unit property in a high-demand Albany location.
Where is this triplex located?
The property is located at 257 Western Avenue Albany, NY.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: Fully renovated 3‑unit investment property at 257 Western Ave, Albany; Two units are currently vacant; third unit will be vacated at the end of May; Major updates include rebuilt fire escapes, new plumbing and electric, and new hot water tanks
