Two-Unit Duplex with
New
For Sale
$399,800
49 Hillcrest Avenue, Albany, NY 12203
MultiFamily, Albany, NY
Property Size3,113 SF
Lot Size0.11 Acres
Price / SF$128.43
Days on Market5
Property Features for 49 Hillcrest Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 5, Bathroom 2, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 2, Bedroom 4
Parking
4
Window features
Skylight(s)
Patio and Porch features
Deck
Interior features
Vaulted Ceiling(s)
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Western Ave. to Hillcrest Ave.
Standard status
Active
APN
010100 64.39-2-33
Size
3,113 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
8144
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Space Heater, Electric (Heating), Baseboard, Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Amenities
private laundry
multi-tiered deck
Building Details
Year built
1983
Number of units
2
Flooring type
Carpet
Building materials
Vinyl Siding
Roof type
Shingle, Asphalt
Listing Agency:
Gucciardo Real Estate Group LLC
(518) 221-9079
Listed By:
Daniel Grebert · License #10401371037
(518) 441-8225
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 5 at 1:06AM
MLS# 202625187
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,113-square-foot duplex was built in 1983 on a 0.11-acre lot and contains two separate living spaces. The lower residence spans two floors and measures over 2,000 square feet, with three bedrooms, two full bathrooms, a wet bar, spiral staircase, and dedicated laundry area. The upper unit includes two bedrooms, one full bathroom, vaulted ceilings, skylights, and a laundry closet. Both apartments have interior access, private outdoor space through a multi-tiered deck, and separate laundry facilities. Four off-street parking spaces serve the property.
The duplex is located at 49 Hillcrest Avenue in Albany, directly across Western Ave from the Harriman Campus and minutes from area hospitals, UAlbany, and major Capital District roadways. Both units are occupied by month-to-month tenants. Public water and public sewer serve the property, with natural gas and electric heating systems, window-unit cooling, vinyl siding, and an asphalt shingle roof.
The duplex is located at 49 Hillcrest Avenue in Albany, directly across Western Ave from the Harriman Campus and minutes from area hospitals, UAlbany, and major Capital District roadways. Both units are occupied by month-to-month tenants. Public water and public sewer serve the property, with natural gas and electric heating systems, window-unit cooling, vinyl siding, and an asphalt shingle roof.
Key Highlights
- 3,113 square feet on a 0.11‑acre lot
- Two‑unit duplex built in 1983
- Lower unit exceeds 2,000 square feet with 3 bedrooms and 2 full bathrooms
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
100%
Occupancy
Multi-tenant
Tenancy
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 - Occupied units provide private laundry, outdoor access, and off-street parking.
Where is this duplex located?
The property is located at 49 Hillcrest Avenue 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 feet on a 0.11‑acre lot; Two‑unit duplex built in 1983; Lower unit exceeds 2,000 square feet with 3 bedrooms and 2 full bathrooms
