Two-Unit Duplex with Private
New
For Sale
$399,800
49 Hillcrest Ave, Albany, NY 12203
Up-and-down layout provides separate laundry, outdoor access, and dedicated parking for each residence.
Property Size3,113 SF
Price / SF$128.43
Days on Market3
Property Features for 49 Hillcrest Ave
General Information
Standard status
Active
Size
3,113 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Road Access
Yes
Amenities
private laundry
deck
Building Details
Year Built
1983
Buildings
1
Listing Agency:
Real Broker Ny LLC
Listed By:
Michael Field · License #10491203035
(518) 669-1804
Source:
Fieldrealty
Added: Sep 2
Changed: Sep 4
Last Checked: Sep 4 at 5:29AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Real Broker Ny LLC
Investment Insights
Based on property information with market context.
Built in 1983, this two-unit residential property contains 3,113 square feet in an up-and-down configuration. The lower residence occupies two levels with 3 bedrooms, 2 full bathrooms, a wet bar, spiral staircase, and separate hallway laundry. The upper residence includes 2 bedrooms, 1 full bathroom, vaulted ceilings, skylights, and a dedicated laundry closet. Each unit has interior apartment access, outdoor access, and a private connection to the multi-tiered deck. Four off-street parking spaces are included.
The property is located at 49 Hillcrest Ave in Albany’s Eagle Hill neighborhood, across Western Ave from the Harriman Campus. Area hospitals, UAlbany, and major Capital District roadways are minutes away. Both residences are occupied by month-to-month tenants, providing the current lease arrangement. The Wadsworth Laboratory project at Harriman is underway, with an anticipated 2030 opening and projected employment of approximately 800 people.
The property is located at 49 Hillcrest Ave in Albany’s Eagle Hill neighborhood, across Western Ave from the Harriman Campus. Area hospitals, UAlbany, and major Capital District roadways are minutes away. Both residences are occupied by month-to-month tenants, providing the current lease arrangement. The Wadsworth Laboratory project at Harriman is underway, with an anticipated 2030 opening and projected employment of approximately 800 people.
Key Highlights
- 3,113‑square‑foot duplex built in 1983
- Lower unit offers 3 bedrooms, 2 full bathrooms, two floors, wet bar, and spiral staircase
- Upper unit includes 2 bedrooms, 1 full bathroom, vaulted ceilings, and skylights
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,452
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.87%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$709,040
$709.0K
Cap Rate 7%
$506,457
$506.5K
Cap Rate 9%
$393,911
$393.9K
Market Conditions
NOI Build-Up for 3,113 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$54.2K $17.40/SF
− Vacancy
−$3.5K −$1.13/SF
EGI
$50.6K $16.27/SF
− OpEx
−$15.2K −$4.88/SF
NOI
$35.5K $11.39/SF
Area
Albany, NY
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$709,040
Cap Rate 7%
$506,457
Cap Rate 9%
$393,911
Alternative Uses
Best Use
Multifamily LT 5
$506.5K
$443.2K – $590.9K
NOI $35,452 @ 7.0% cap · market cap 8.87%
Second Best
Apartment 5plus
$454.3K
$397.5K – $530.0K
NOI $31,799 @ 7.0% cap · market cap 7.95%
Theoretical Best
Office A
$821.3K
$718.6K – $958.2K
NOI $57,491 @ 7.0% cap · market cap 14.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
353
Businesses Nearby
Explore this area
Business Placement
Demographics for 12203, NY
28,210
Population
14,755
Households
1.9
Avg Household Size
38
Median Age
54%
College-Educated
95%
High-School Grad
10.4 sq mi
ZIP Area
2,713
Density / Sq Mi
$80,055
Median Household Income
$44,412
Median Earnings
$1,342
Median Rent
$258,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Up-and-down layout provides separate laundry, outdoor access, and dedicated parking for each residence.
Where is this duplex located?
The property is located at 49 Hillcrest Ave Albany, NY.
What is the asking price?
The asking price for this property is $399,800.
What are key features of this property?
This property features: 3,113‑square‑foot duplex built in 1983; Lower unit offers 3 bedrooms, 2 full bathrooms, two floors, wet bar, and spiral staircase; Upper unit includes 2 bedrooms, 1 full bathroom, vaulted ceilings, and skylights
