$450,000

138 Lancaster Street, Albany, NY 12210

  • 5 beds |
  • 4 baths |
  • 2,511 sqft
  • Property Icon Multi-Family Home
  • Property Year Built Icon Built in 1861
  • Property Lot Size Icon2,178sqft lot
  • Property Parking Icon —— car garage
  • Property Price Per Square Feet Icon $179/sqft
  • Property List Date Icon Listed 18 hours ago

Property Description

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.

Listing Status:
Active
Date Added:
April 1, 2026
Data Last Updated:
April 1, 2026 at 10:38PM
Listing Office:
Premier Homes Elite Realty LLC : 518-289-1042
Listing Agent:
Kyle Chadwick :
MLS ID:
202614240
  • Basement: Apartment
  • Heating: Hot Water
  • General: None
  • Style: Traditional
  • General: Brick
  • HOA Amenities: Sewer
  • Originating MLS: Global MLS
  • School District: Albany
  • County: Albany
  • Zoning: 010100 76.24-6-70
  • View: City
  • Water: Public
  • Sewer: Public Sewer
  • Source: Global MLS

This listing courtesy of Kyle Chadwick , Premier Homes Elite Realty LLC

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

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Location

Schools Nearby

T

Thomas S O'Brien Academy of Science & Technology

94 Delaware Ave, Albany, NY, 12202

Grades PK-6

0.52 miles away

W

William S. Hackett Middle School

45 Delaware Ave, Albany, NY, 12202

Grades 6-8

0.42 miles away

A

Albany High School

700 Washington Ave, Albany, NY, 12203

Grades 9-12

1.38 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.

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