695 State Street, Albany, NY 12203, Albany

Excellent Albany 3-unit investment opportunity at 695 State Street! This well-maintained property offers three separate apartments with approximately 1,976 square feet of living space plus a full basement. The first-floor 3-bedroom apartment features hardwood floors and a front porch and is currently leased at $1,450/month. The second-floor studio with enclosed porch is leased at $850/month. The second-floor 2-bedroom apartment is currently vacant, offering an immediate opportunity for an owner-occupant or additional rental income.Major updates include a 2014 renovation with approximately 90% of the structure gutted and updated, including new electrical wiring, insulation, sheetrock, kitchens, bathrooms, windows, exterior doors, and three heating systems. New siding was installed in 2012 and a new roof in 2023.The property consists of two tax parcels conveyed together under one deed and includes a detached 2-stall garage located at 172 Spring Street. The Spring Street garage presents additional income potential through possible garage rentals or the potential conversion to a studio apartment, subject to zoning, municipal approvals, and applicable permits. Garage sold As Is.A strong opportunity for an investor looking to maximize rental income or an owner-occupant seeking additional rental income. Potential gross rental income when fully occupied: approximately $42,000 annually.