Lofty 86 Madison Ave

Duplex Vacation Rental in Downtown Albany, NY

Offering Details

Earl Co purchased this property from Angela Boney and assigned the deed to a DAO LLC. Earl is selling a portion of the LLC on the Lofty Marketplace. This property is the only asset owned by the LLC.
Tokens represent direct ownership in the LLC that owns the property. Earl will maintain at least 10% ownership in the LLC indefinitely.
View proof of the title transfer here. View the LLC documents here.

This property is co-owned by Earl Co and five other active investors on Lofty.
Renovated historic 2-bed apartment in Albany's Pastures near major attractions, with easy access to highways and bus routes.
Features a cozy gas fireplace, oversized sectional with a 55" 4K Roku TV, chic decor, and plenty of closet space.
Includes 1 King bed, 1 Queen bed, and a sectional that can accommodate 1-2 smaller guests; suitable for up to 5 non-smoking guests.
Offers a full kitchen with dining options, dedicated workspace, washer and dryer, toiletries included, fenced backyard with private deck, and both front and back entrances.
Guests enjoy the entire first floor, back patio, laundry room, and shared access to the building's hallway, yard, and porch.
Includes TVs with streaming services like Netflix, Hulu, Disney+, and high-speed Wi-Fi.
Located in a federally designated historic landmark, blending history with artistic charm, plants, and modern comforts.

Airbnb

Managed by the co-owner, Earl Co, a Superhost on Airbnb
Earl is a Superhost on Airbnb with 6 years of hosting experience, over 2,200 reviews, and an overall rating of 4.74/5 stars. He will continue to manage the property after selling a portion of his equity. Click here to view Earl's Superhost profile on Airbnb.
Property Management Agreement
Insurance Policy

Airbnb

This property has a loan of $154,150. View the loan documents here.
As the seller, Earl Co pays down 100% of the loan payments, his equity percentage in the property will increase and the levered rental yield of investors will decrease over time. Investors have the ability to change this structure via a governance vote.
The lender did not give permission for the property to be transferred to the Wyoming LLC. If the lender activates the due on sale clause associated with the referenced loan, the Parties shall initiate the refinancing process within seven (7) calendar days of the clause's activation. View Signed Agreement

Unit 1:
- Listed for rent on Airbnb on 12/01/2024
- Airbnb Listing
Unit 2:
- A long-term tenant is scheduled for eviction on January 6. After the tenant vacates, Earl will handle and fund necessary repairs.
- The unit will also require additional furnishings to transition into a short-term rental, necessitating a capital call subject to a governance vote, likely in late January or early February.
- Until the unit is listed on Airbnb, Earl is providing a rent credit of $1,800/month.