Albany Multifamily Property in Center
138 Lancaster Street Albany, NY 12210
138 Lancaster Street, Albany, NY, 12210
$435,000
For Sale
$435,000
Four-unit property in Albany's desirable Center Square neighborhood.
Property Size2,511 SF
Price / SF$173.24
Days on Market125
Property Features for 138 Lancaster Street
General Information
- Standard status
- Active
- Size
- 2,511 SF
- Property subtype
- Multi Family / Quadruplex
Building Details
- Year Built
- 1861
Listing Agency
Premier Homes Elite Realty LLC
(518) 289-1042
Listed by
Kyle Chadwick · License #10491212067
(518) 289-1042
Source
Compass
Added: Mar 14 Checked: Jul 16 at 7:25 am
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 Premier Homes Elite Realty LLC
Investment Insights
Based on property information with market context.
Located in the heart of Albany's vibrant Center Square district, this well-maintained four-unit multifamily property offers an exceptional opportunity. The property is situated steps from Washington Park, trendy restaurants, boutique shops, and downtown Albany. The location attracts rental demand from professionals, students, and long-term tenants. The property is currently configured as four separate living spaces, though legally zoned for three units. The upstairs unit has been divided into two distinct apartments, offering immediate owner occupancy or additional income potential. One of the upstairs spaces is non-conforming; however, the City of Albany's recent declaration of a housing crisis and its streamlined ADU (Accessory Dwelling Unit) approval process may provide a path for the new owner to legalize the second upstairs unit. The property size is 2511 square feet.
Key Highlights
- Prime location in Albany's highly desirable Center Square district
- Multi‑family property with four units, offering immediate income potential
- Opportunity to legalize a non‑conforming upstairs unit, potentially maximizing returns
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 | $43.7k | $17.40 |
| − Vacancy | −$2.8k | −$1.13 |
| EGI | $40.9k | $16.27 |
| − OpEx | −$12.3k | −$4.88 |
| NOI | $28.6k | $11.39 |
2,511 SF · lease $17.40/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$408.5K
$357.5K – $476.6K
NOI $28,596 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$366.4K
$320.6K – $427.5K
NOI $25,649 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$662.5K
$579.7K – $772.9K
NOI $46,373 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Four-unit property in Albany's desirable Center Square neighborhood.
Where is this quadplex located?
The property is located at 138 Lancaster Street Albany, NY.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Prime location in Albany's highly desirable Center Square district; Multi‑family property with four units, offering immediate income potential; Opportunity to legalize a non‑conforming upstairs unit, potentially maximizing returns
