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138 Lancaster Street, 
Albany, NY 12210

$450,000


5

Beds


4

Baths


2,511

Sq Ft


Multi-Family


Virtual Tour

Active

Listed by

Kyle Chadwick

Premier Homes Elite Realty LLC.

1 518-289-1042

Last updated:

April 24, 2026, 02:34 PM

MLS#

202614240

Source:

Global MLS

About This Home

138 Lancaster Street

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.

Home Facts

Multi-Family

4 Baths

5 Bedrooms

Built in 1861

Price Summary

450,000

$179 per Sq. Ft.

MLS #:

202614240

Last Updated:

April 24, 2026, 02:34 PM

Added:

a month ago


Rooms & Interior

Bedrooms

Total Bedrooms:

5

Bathrooms

Total Bathrooms:

4

Full Bathrooms:

4

Interior

Living Area:

2,511 Sq. Ft.


Structure

Structure

Architectural Style:

Traditional

Building Area:

2,511 Sq. Ft.

Year Built:

1861


Lot

Lot Size (Sq. Ft):

2,178


Finances & Disclosures

Finances

Price:

$450,000

Price per Sq. Ft:

$179 per Sq. Ft.

Source:Global MLS
The information being provided by Global MLS is for the consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The information is deemed reliable but not guaranteed and should therefore be independently verified.  © 2026 Global MLS All rights reserved.

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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.