138 Lancaster Street, Albany, NY 12210 | MLS #202614240 | HUNT Real Estate
 
  • 90 days on site
  • 0 views

Discover an exceptional opportunity in one of Albany's most sought-after neighborhoods! This well-maintained 4-unit multi-family property sits in the heart of the vibrant Center Square district steps from Washington Park, trendy restaurants, boutique shops, and the energy of downtown Albany. With its classic architecture, tree-lined streets, and walkable lifestyle, Center Square consistently attracts strong rental demand from professionals, students, and long-term tenants alike. Currently configured as four separate living spaces, the property is legally zoned for three units. The upstairs unit has been thoughtfully divided into two distinct apartments, delivering immediate owner occupancy or additional income potential. One of these upstairs spaces is non-conforming, but the City of Albany's recent declaration of a housing crisis and its streamlined ADU (Accessory Dwelling Unit) approval process open a possible path for the new owner to legalize the second upstairs unit and maximize returns. Whether you're expanding your portfolio or making Center Square your home while generating income, this property delivers location, income, and upside potential in one of Albany's most desirable historic districts.

Source: Global MLS, MLS#: 202614240

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  • Property Type
    Residential Income
  • Lot
    0.05 acres

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  • Median Age
    31
  • Population Density
    12,250
  • College Educated
    54%
  • Estimated Median Income
    $44,248
  • Estimated Total Home Owners
    1,144
  • Estimated Total Renters
    4,401
  • Owner / Renter Divide
    21% / 79%
  • Estimated Average Household Size
    2
  • Total Population
    11,057
  • Community data courtesy of LiveBy, Inc.

Owning this Home

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* All calculations are estimates and provided by Reliance Network, for informational purposes only. Actual amounts may vary. ** Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information. Any mortgage broker or insurance agent that may appear is independent and is not affiliated with, endorsed by, or provided by the MLS.

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History

Date Event Value Agent
5/18/2026Source: Global MLS Price Reduction
$435,000 -3.3%
4/1/2026Source: Global MLS Added to Database
April 01, 2026
6/29/2024Source: Global MLS Status Change
Closed
5/30/2024Source: Global MLS Status Change
Pending
5/30/2024Source: Global MLS Added to Database
May 30, 2024
10/30/2023Source: Global MLS Added to Database
October 30, 2023