1 Loralee Drive, Colonie, NY 12205 (MLS # 202622149)

Two vacant units. Immediate income potential. Flexibility from Day One. Owner financing may be considered for qualified buyers with 50% down. This Village of Colonie three-family offers something that can be hard to find in a multi-family property: the opportunity to put your own plan in place from the start. With projected rents of approximately $1,650 for Unit 2 and $1,200 for Unit 3, plus $1,300 in existing monthly rent from Unit 1, the property offers potential gross rental income of approximately $4,150 per month / $49,800 annually.* Units 2 and 3 are vacant and ready for immediate occupancy, giving a new owner the flexibility to choose their own tenants and rental terms, live in one unit while collecting rent from the others, create a multi-generational living arrangement, or establish their own rental strategy without inheriting a fully occupied property. Sellers have also had the property pre-inspected, providing buyers with valuable information upfront, removing some of the guesswork. Unit 1 is a 1st flr 2 BR, 1-bath apartment with a long-term month-to-month tenant and washer/dryer hookups. Unit 2 offers 1 BR, 1 bath, new appliances, an adjoining bonus room ideal for an office, nursery or walk-in closet, plus a new stackable washer and dryer. Upstairs, Unit 3 has been freshly painted and professionally cleaned and offers 2 BRs and 1 bath. Outside, the property sits on a corner lot with paved off-street parking for up to 8 vehicles. Located in the South Colonie SD with Saddlewood Elementary at the end of the street, the property is convenient to shopping, restaurants, Albany Airport, hospitals and major highways. Whether you're looking for an investment property, a way to offset your own housing costs, or space for a multi-generational living arrangement, 1 Loralee Drive gives you something many multi-family properties don't: the ability to decide what happens next. *Projected rents are estimates only and are not guaranteed.

Last Updated	9/1/2026	Year Built	1911
County	Albany

SCHOOLS

Elementary School	Saddlewood ES
High School	Colonie Central HS

Additional Details

AIR	None
BASEMENT	Partial, Yes
CONSTRUCTION	Aluminum Siding
EXTERIOR	Garden
HEAT	Hot Water, Natural Gas
INTERIOR	Built-in Features, High Speed Internet
LOT	0.3 acre(s)
LOT DESCRIPTION	Corner Lot, Garden, Level
LOT DIMENSIONS	0.3
PARKING	Off Street, Paved, Driveway
SEWER	Public Sewer
STYLE	Traditional
TAXES	6202
UTILITIES	Cable Available, Sewer Connected
WATER	Public

Location

 

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