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01 - Appraisal - 90 Madison Ave Albany NY - CMA and Opinion of Value - 2026-06-25.md

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90 Madison Ave, Albany, NY 12202 — Current CMA and Opinion of Value Prepared: June 25, 2026 Prepared for: 90 Madison Ave Public / owner discussion Scope: Broker-style comparative market analysis using public listing/market data plus the appraisal and valuation files stored in this folder. This is not a USPAP appraisal, broker price opinion, or legal/tax advice. ## Opinion of Value **As-is fee-simple residential 2-family opinion of value: $345,000** **Practical MLS pricing guidance:** - **Expec

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# 90 Madison Ave, Albany, NY 12202 — Current CMA and Opinion of Value

Prepared: June 25, 2026  
Prepared for: 90 Madison Ave Public / owner discussion  
Scope: Broker-style comparative market analysis using public listing/market data plus the appraisal and valuation files stored in this folder. This is not a USPAP appraisal, broker price opinion, or legal/tax advice.

## Opinion of Value

**As-is fee-simple residential 2-family opinion of value: $345,000**

**Practical MLS pricing guidance:**

- **Expected sale range:** **$325,000 to $370,000** under ordinary MLS exposure, assuming no undisclosed major repair issue.
- **Recommended MLS list range:** **$359,000 to $379,000** if presented cleanly with furnished/short-term-rental history, floor plans, unit mix, and repair disclosures.
- **Conservative fast-sale posture:** **$329,000 to $349,000** if the goal is speed or if inspection/financing friction is expected.
- **Upside case:** **High $300,000s** only if a buyer gives meaningful credit to STR/furnished-income upside and the property shows well enough to overcome the Pastures/arterial external-obsolescence concern noted in the 2024 appraisal.

My current read: **list around $369,000**, with a realistic negotiation band that probably lands near **$340,000–$360,000** unless the MLS presentation attracts an STR/investor buyer. The trace is not “$400k+ is impossible”; it is that the most defensible support for a vanilla 2-family buyer still clusters in the mid-$300ks.

## Subject Snapshot

- Address: 90 Madison Ave, Albany, NY 12202
- Parcel/APN: 010100 76.50-3-3 / Zillow parcel number 010100765033
- Public/public-listing profile: 5 beds, 4 baths, multifamily, built 1815, 2,178 sf lot, 4,002 sf public-record/Zillow interior area.
- Appraisal profile: 2-family residence; Unit 1: 1 bed / 1 bath / 950 sf; Unit 2: 4 beds / 3 baths / 1,900 sf; appraiser-measured gross building area around 2,850 sf and noted assessor/public-record GLA appears overstated.
- Appraisal condition: average overall, good appeal, electric baseboard heat, landlord-paid water, older but functional baths, some deferred maintenance including rear brick pointing and soffit/fascia issue.
- Operational angle: property has been operated/marketed as furnished short-term or mid-term rental, but the appraisal valued it as a two-family residence.

## Prior Value Anchors

| Source | Effective date | Value / range | Notes |
|---|---:|---:|---|
| Maloney appraisal in folder | 2024-05-08 | **$310,000** | Sales-comparison approach received all weight; income approach indicated $342,000 but was given little weight. |
| HouseCanary valuation in folder | 2024-05-30 | **$347,418** range $271,333–$423,503 | Average confidence; rental estimate $1,768/mo. |
| HouseCanary valuation in folder | 2024-06-30 | **$370,337** range $298,566–$442,108 | Average confidence; rental estimate $1,658/mo. |
| Zillow subject page | accessed 2026-06-25 | **$337,200** range $290,000–$388,000 | Off-market Zestimate; public facts show 5 bed / 4 bath / 4,002 sf. |
| Realtor.com subject page/search result | accessed 2026-06-25 | **~$273,000** | Tax-assessment/comparable model estimate; treated as low-side support. |

## Current Market Context

The broader Albany market remains inventory-constrained, but the subject ZIP is softer than the citywide headline.

- **City of Albany, May 2026 GCAR:** median price $267,200, down 2.8% YoY; closed sales down 13.7%; percent of original list price received 102.1%; days on market 23; inventory 55 homes; months supply 1.2.
- **Albany County, May 2026 GCAR:** median price $334,000, up 1.5% YoY; closed sales down 13.0%; days on market 19; months supply 1.3.
- **GCAR regional May 2026 monthly indicators:** median price $333,317, up 2.6%; days on market 28; months supply 2.2.
- **Redfin ZIP 12202:** three months ending May 2026 median sale price $179,947, down 7.7% YoY; average 46 days on market.
- **Zillow Albany city overview:** May 31, 2026 inventory 164; April 2026 median sale price $313,317; median sale-to-list ratio 1.001; 49.1% of sales over list; median days to pending 7.

Interpretation: liquidity is still real, but for 12202/Pastures/Mansion-adjacent multifamily, pricing should be disciplined. A clean, well-documented listing can still get strong attention, but the ZIP-level trend argues against assuming automatic appreciation from the 2024 HouseCanary high case.

## Comparable Sales and Listings Considered

### Prior appraisal comparable set

The 2024 appraisal used 349C Madison Ave, 3 Elm St, and 43 Myrtle Ave, with adjusted sale prices of about **$315,300**, **$323,400**, and **$294,700**, supporting the appraiser's final **$310,000** conclusion as of May 8, 2024.

### Current/recent market support

| Address | Status / date | Price | Size / beds / baths | Relevance |
|---|---:|---:|---|---|
| 111 Grand St, Albany 12202 | Sold 2025-03-26 | $275,000 | 3 beds / 3 baths / 3,168 sf | Nearby multifamily sale; lower utility/bedroom count than subject. |
| 44 Park Ave, Albany 12202 | Sold 2025-11-03 | $382,000 | 9 beds / 3 baths / 3,316 sf | Strong upper-mid sale; larger bedroom count, similar neighborhood investor appeal. |
| 339 Madison Ave, Albany 12210 | Sold 2025-11-17 | $335,000 | 6 beds / 3 baths / 3,024 sf | Useful Madison corridor comp; different ZIP/positioning. |
| 64 Clinton St, Albany 12202 | Sold 2026-01-05 | $140,000 | 5 beds / 3 baths / 2,640 sf | Low-side/inferior support; not a good primary comp for a clean subject. |
| 208 Elm St, Albany 12202 | Sold 2026-03-10 | $420,000 | 4 beds / 3 baths / 2,508 sf | High-side support from nearby 12202 multifamily; likely condition/location specifics matter. |
| 72 Grand St, Albany 12202 | Pending/listed | $299,999 | 6 beds / 3 baths / 2,820 sf | Cash-flowing 3-unit listing at $106/sf with >$3,300/mo gross rent. |
| 52 Park Ave, Albany 12202 | Active | $329,777 | 6 beds / 3 baths / 3,300 sf | Direct active alternative for multifamily buyers in 12202. |
| 208 Myrtle Ave, Albany 12202 | Active | $399,000 | 3 beds / 3 baths / 2,850 sf | Higher active ask; three-family / well-maintained positioning. |
| 157 Myrtle Ave, Albany 12202 | Active | $420,000 | 8 beds / 2 baths / 2,172 sf | Aggressive active ask and price-cut signal; supports high-side aspiration more than likely value. |
| 43 Myrtle Ave, Albany 12202 | Active | $369,900 | 4 beds / 3 baths / 2,376 sf | Previously appraisal comp at $250,000 in 2024; current active ask suggests improved/high-side neighborhood asking environment. |

## Reconciliation

The strongest evidence points to a subject value above the old $310,000 appraisal but not cleanly above $380,000 without a buyer underwriting the STR/furnished-income story.

Factors pushing value upward:

- 5 bed / 4 bath count is unusually useful for a 2-family and STR/furnished rental buyer.
- Zillow/HouseCanary AVMs both support a mid-$300k center of gravity.
- Albany County and GCAR regional markets remain tight on supply.
- Several nearby active/sold multifamily indicators support $330k–$400k asks/sales when condition and unit mix are favorable.

Factors holding value down:

- 2024 appraisal gave all weight to sales comparison and concluded $310,000.
- Appraiser noted public-record square footage likely overstates actual measured building area.
- Pastures / arterial ramp noise and visual nuisance were explicitly identified as external obsolescence.
- ZIP 12202 Redfin trend is weaker than Albany citywide, with longer DOM and lower median price.
- Deferred maintenance and inspection risk can move investors quickly from high-$300k interest to mid-$300k bids.

## Recommended MLS Strategy

1. **List at $369,000** if the DAO wants credible upside without looking disconnected from the comp set.
2. Use the listing to sell the real advantages: historic brick rowhouse, 5/4 layout, furnished/STR use case, off-street parking, proximity to Empire State Plaza/MVP Arena/state offices, and documented rental use.
3. Include a clean disclosure packet: 2024 appraisal, HouseCanary reports, repairs/maintenance status, floor plan/unit mix, STR/mid-term rental performance if public/approved for sharing, tax/utility summary, and known exterior maintenance items.
4. If no strong showing traffic or offers in the first 14–21 days, adjust into the **$349,000–$359,000** zone rather than chasing the market down slowly.
5. If multiple STR/investor buyers engage early, hold firm near the upper half of the range and require proof of funds/preapproval.

## Sources

Local files in this folder:

- `Appraisal - 90 Madison Ave, Albany, NY 12202.pdf`
- `HouseCanary Valuation - 2024-05 - 90 Madison Ave, Albany, NY 12202.pdf`
- `HouseCanary Valuation - 2024-06 - 90 Madison Ave, Albany, NY 12202.pdf`

Public/current sources accessed June 25, 2026:

- Zillow, 90 Madison Ave subject page: https://www.zillow.com/homedetails/90-Madison-Ave-Albany-NY-12202/29656455_zpid/
- Realtor.com, 90 Madison Ave subject page: https://www.realtor.com/realestateandhomes-detail/90-Madison-Ave_Albany_NY_12202_M38560-16865
- GCAR market statistics page: https://gcar.com/market-stats/
- GCAR City of Albany May 2026 PDF: https://gcar.com/wp-content/uploads/City-of-Albany-93.pdf
- GCAR Albany County May 2026 PDF: https://gcar.com/wp-content/uploads/Albany-County-93.pdf
- GCAR May 2026 Monthly Indicators PDF: https://gcar.com/wp-content/uploads/GCAR_NY_MMI_2026-05.pdf
- Redfin 12202 housing market: https://www.redfin.com/zipcode/12202/housing-market
- Zillow Albany housing market: https://www.zillow.com/home-values/37074/albany-ny/
- Redfin, 111 Grand St: https://www.redfin.com/NY/Albany/111-Grand-St-12202/home/98032220
- Redfin, 44 Park Ave: https://www.redfin.com/NY/Albany/44-Park-Ave-12202/home/106366379
- Redfin, 64 Clinton St: https://www.redfin.com/NY/Albany/64-Clinton-St-12202/home/98032443
- Zillow, 72 Grand St: https://www.zillow.com/homedetails/72-Grand-St-Albany-NY-12202/29656300_zpid/
- Zillow 12202 multifamily active listings: https://www.zillow.com/albany-ny-12202/duplex/