138 Lancaster Street, Albany, NY, 12210
About This Home
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.
Getting Around
Walker's Paradise
Good Transit
BikeableSchools
Construction
Condition
- Year built: 1861
Materials
- Construction materials: Brick
Type & Style
- Home type: MultiFamily
- Architectural style: Traditional
- Property subType: Quadruplex,Multi Family
Interior
Basement
- Has basement: Yes
- Basement: Apartment
Bedrooms & Bathrooms
- Bedrooms: 5
- Bathrooms: 4
- Full bathrooms: 4
Features
- Finished area below ground: 0
- Finished area above ground: 2,511
Heating
- Heating features: Hot Water,Natural Gas
Interior Area
- Total structure area: 2,511
- Total interior livable area: 2,511 sqft
Property
Details
- Parcel number: 010100 76.24670
- Attached to another structure: Yes
- Special condition: Standard
Features
- Exterior features: None
- Has view: Yes
- View description: City
Lot
- Lot size: 2,178 sqft
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
No climate risk data available.
How This Home’s Risks Compare
FEMA Declared Disasters in Albany County and New York
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $2,199 | $26,388 |
| Home Insurance * | $347 | $4,164 |
| Property Taxes | $616 | $7,392 |
| Electricity | $414 | $4,979 |
| Total | $3,576 | $42,912 |
Income You'd Need if You Spent...
New York FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-05-02 | Listed for rent | $1,200 |
| 2026-04-04 | Listing removed | $1,050 |
| 2026-04-01 | Listed for sale | $450,000 |
| 2026-03-25 | Listed for rent | $1,050 |
| 2025-09-06 | Listing removed | $1,150 |
| 2025-08-24 | Listed for rent | $1,150 |
| 2024-10-05 | Listing removed | $1,100 |
| 2024-09-27 | Price change | $1,100 |
| 2024-08-30 | Price change | $1,150 |
| 2024-08-26 | Price change | $1,250 |
| 2024-08-04 | Listed for rent | $1,300 |
| 2024-06-24 | Sold | $367,000 |
| 2024-05-30 | Pending sale | $369,900 |
| 2024-04-12 | Listing removed | -- |
| 2024-04-06 | Pending sale | $359,900 |
| 2024-03-23 | Listed for sale | $359,900 |
| 2004-01-16 | Sold | $199,000 |
| 2001-03-19 | Sold | $120,000 |
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