Fully Occupied
For Sale
$539,000
Pending
221 Lancaster St, Albany, NY 12210
Residential Income, Albany, NY
Property Size4,000 SF
Lot Size0.03 Acres
Days on Market47
Property Features for 221 Lancaster St
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 4, Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 1
Patio and Porch features
Deck, Patio
Fencing
Fenced
Fireplace
1
High school district
Albany
Directions
Lark St. to West on Lancaster St.
Standard status
Pending
APN
000000-065.000-0003-065.000
Size
4,000 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
12232
Utilities
Heating system
Natural Gas, Hot Water(Heating), Radiant, Steam
Water source
Public
Amenities
cathedral ceilings
original fireplaces
crown molding
mantels
hardwood floors
stained glass windows
Building Details
Year built
1970
Floors in Building
3
Flooring type
Hardwood, Tile
Building materials
Stone
Roof type
Rubber
Listing Agency:
EXP REALTY
(888) 276-0630
Listed By:
Wayne Hartard · License #10301215860
(631) 708-5249
Added: Aug 31
Changed: Oct 1
Last Checked: Oct 16 at 5:06AM
MLS# 11651302
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 4,000-square-foot quadplex at 221 Lancaster St comprises four full-floor units and is fully occupied. Separate utilities support straightforward property operations, while the building includes stone construction, hardwood and tile flooring, rubber roofing, and public water service. Fireplaces, decks, a patio, and fencing are also present.
Interior character includes cathedral ceilings, original fireplaces, crown molding, mantels, hardwood floors, and stained glass windows. The property sits on a 0.03-acre lot in Albany’s Washington Park area, with the State Capitol, downtown government and legislative buildings, Albany Medical Center, Albany Law School, SUNY, restaurants, galleries, and local shops identified nearby.
Interior character includes cathedral ceilings, original fireplaces, crown molding, mantels, hardwood floors, and stained glass windows. The property sits on a 0.03-acre lot in Albany’s Washington Park area, with the State Capitol, downtown government and legislative buildings, Albany Medical Center, Albany Law School, SUNY, restaurants, galleries, and local shops identified nearby.
Key Highlights
- Fully occupied 4‑unit quadplex
- 4,000 square feet on a 0.03‑acre lot
- Separate utilities for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,553
Cap Rate
8.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$911,060
$911.1K
Cap Rate 7%
$650,757
$650.8K
Cap Rate 9%
$506,144
$506.1K
Market Conditions
NOI Build-Up for 4,000 SF
Gross rent
$69.6K $17.40/SF
− Vacancy
−$4.5K −$1.13/SF
EGI
$65.1K $16.27/SF
− OpEx
−$19.5K −$4.88/SF
NOI
$45.6K $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%
$911,060
Cap Rate 7%
$650,757
Cap Rate 9%
$506,144
Alternative Uses
Best Use
Multifamily LT 5
$650.8K
$569.4K – $759.2K
NOI $45,553 @ 7.0% cap · market cap 8.45%
Second Best
Apartment 5plus
$583.7K
$510.7K – $681.0K
NOI $40,859 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$1.06M
$923.4K – $1.23M
NOI $73,872 @ 7.0% cap · market cap 13.71%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,369
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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Cap Rate, Value Estimation, Potential NOI and more
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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 units feature separate utilities and preserved architectural details.
Where is this quadplex located?
The property is located at 221 Lancaster St Albany, NY.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: Fully occupied 4‑unit quadplex; 4,000 square feet on a 0.03‑acre lot; Separate utilities for each unit
