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90 Madison Ave Albany NY - CMA and Opinion of Value - 2026-06-25.pdf

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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: Brokerstyle 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: $3

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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: Brokerstyle 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/furnishedincome 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/publicrecord 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 midterm 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