4-Unit Historic
For Sale
$514,000
137 Lancaster Street, Albany, NY 12210
Four full-floor residences have separate utilities, remodeled kitchens, and updated baths.
Property Size3,300 SF
Price / SF$155.76
Days on Market10
Property Features for 137 Lancaster Street
General Information
Standard status
Active
Size
3,300 SF
Property subtype
Multi Family Home
Occupancy
100%
Units
Multifamily Units
4
Individually Metered Utilities
unspecified utilities
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$14,138
Amenities
Garden
Building Details
Building Size
3,300 SF
Year Built
1871
Listing Agency:
EXP REALTY
Listed By:
Wayne Hartard · License #10301215860
(888) 276-0630
Source:
Crystinandcorealty
Added: Oct 17
Changed: Oct 25
Last Checked: Oct 26 at 3:49AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXP REALTY
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Investment Insights
Based on property information with market context.
This 3,300-square-foot, four-unit property was built in 1871 and is fully occupied. Each residence spans a full floor and retains original architectural elements, including marble mantels. Updates include remodeled kitchens and bathrooms with granite countertops, newer flooring, windows and hot water tanks, plus a rubber roof and fresh paint. Utilities are separately metered or served by unit, as applicable.
The property is at 137 Lancaster Street in Albany’s Center Square area, near Hudson Park and Washington Park. The State Capitol, downtown government and legislative buildings, Albany Medical Center, Albany Law School and SUNY are among the nearby destinations. Restaurants, galleries and local shops are also in the surrounding area.
The property is at 137 Lancaster Street in Albany’s Center Square area, near Hudson Park and Washington Park. The State Capitol, downtown government and legislative buildings, Albany Medical Center, Albany Law School and SUNY are among the nearby destinations. Restaurants, galleries and local shops are also in the surrounding area.
Key Highlights
- Four residential units across 3,300 square feet
- Built in 1871; fully occupied
- Full‑floor residences with original marble mantels
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,581
Cap Rate
7.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$751,620
$751.6K
Cap Rate 7%
$536,871
$536.9K
Cap Rate 9%
$417,567
$417.6K
Market Conditions
NOI Build-Up for 3,300 SF
Gross rent
$57.4K $17.40/SF
− Vacancy
−$3.7K −$1.13/SF
EGI
$53.7K $16.27/SF
− OpEx
−$16.1K −$4.88/SF
NOI
$37.6K $11.39/SF
Area
Albany, NY
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$751,620
Cap Rate 7%
$536,871
Cap Rate 9%
$417,567
Alternative Uses
Best Use
Multifamily LT 5
$536.9K
$469.8K – $626.4K
NOI $37,581 @ 7.0% cap · market cap 7.31%
Second Best
Apartment 5plus
$481.6K
$421.4K – $561.8K
NOI $33,709 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$870.6K
$761.8K – $1.02M
NOI $60,944 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,176
Businesses Nearby
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Four full-floor residences have separate utilities, remodeled kitchens, and updated baths.
Where is this quadplex located?
The property is located at 137 Lancaster Street Albany, NY.
What is the asking price?
The asking price for this property is $514,000.
What are key features of this property?
This property features: Four residential units across 3,300 square feet; Built in 1871; fully occupied; Full‑floor residences with original marble mantels
