A Rare Opportunity on Madison Avenue: Reviving a Historic Albany Triplex with Exceptional Potential
A Rare Opportunity on Madison Avenue: Reviving a Historic Albany Triplex with Exceptional Potential
Located at 335 Madison Avenue in Albany, New York, this historic triplex represents a rare and compelling opportunity for seasoned investors, contractors, and restoration-minded buyers. Priced at $200,000 and offered as-is, the property is currently attracting strong interest, with multiple offers requested and best and final submissions due by Saturday at 6:00 PM.
While the building requires a comprehensive renovation following significant water damage caused by a neighboring building fire, its architectural character, prime location, and after-repair value make it a project well worth serious consideration.
This is not a turnkey investment—but for those with vision, experience, and the right resources, it is a chance to restore a piece of Albany’s architectural history while building substantial equity in one of the city’s most desirable corridors.
Historic Character That Can’t Be Recreated
What immediately sets this Madison Avenue triplex apart is the amount of original detail that remains intact despite its current condition. Many older multi-family buildings lose their historic charm through years of renovations or neglect, but here, much of the property’s original craftsmanship still exists—waiting to be revived.
Inside the building, buyers will find original hardwood flooring, soaring ceilings, marble fireplace mantels, and intricate period moldings that speak to a time when quality and artistry were paramount in residential construction.
These details are increasingly rare and difficult—if not impossible—to replicate today. For investors focused on long-term value, these preserved features offer a significant advantage when it comes to attracting high-quality tenants or commanding premium rents after renovation.
The property offers a true blank canvas: an opportunity to design modern, functional living spaces while preserving the historic shell that gives the building its identity.
Property Overview and Layout
The triplex consists of:
4 total bedrooms
4 bathrooms
3 full bathrooms
1 half bathroom
The flexible layout allows for creative reconfiguration, depending on renovation goals. Whether the vision is three updated rental units, a hybrid owner-occupied setup, or a luxury conversion, the structure provides a strong foundation for multiple strategies.
While there is no on-site parking, this is typical for properties in this historic and urban portion of Albany and is largely offset by the walkability and proximity to major amenities.
Outdoor Space: An Unexpected Bonus
In addition to the interior potential, the property includes a large yard with an existing deck and pergola—a rare and valuable feature for a multi-family building in this area. Outdoor living space is increasingly sought after by tenants, particularly in walkable urban neighborhoods where private green space is limited.
With thoughtful landscaping and restoration, the yard could become a standout feature, offering residents a private retreat just steps from the city’s most vibrant attractions.
Prime Location in the Heart of Albany
The value of 335 Madison Avenue is amplified by its exceptional location. Situated just steps from Washington Park, the property benefits from immediate access to one of Albany’s most beloved green spaces. Washington Park is a hub for recreation, events, and community life, making nearby properties highly desirable for both renters and owner-occupants.
The building is also close to:
Center Square amenities, including restaurants, cafés, and local shops
Empire State Plaza, a major employment center
Public transportation, cultural institutions, and downtown Albany
This combination of historic charm and urban convenience drives strong and consistent rental demand. For investors evaluating after-repair value (ARV), the surrounding neighborhood supports premium pricing when renovations are executed properly.
Renovation Considerations and Financing
It is important to note that the property requires extensive renovation due to water damage related to a neighboring building fire. Buyers are encouraged to bring a flashlight and conduct thorough due diligence. This is a project best suited for experienced investors or contractors who understand the scope and costs associated with major rehabilitation.
FROM ZILLOW
