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    Corning Multifamily Property with City Views Title is generated by Realmo AI

    187 W FIRST Street, Corning, NY 14830

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    For Sale
    $145,900

    MULTI_FAMILY - Other - Corning, NY

    Property size:
    1,746 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $83/SF
    Added:
    Jan 27, 2025
    Days on Market:
    481
    Last Refresh:
    May 23 at 7:06 pm

    Property Features for 187 W FIRST Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Res
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 1, Basement, Bedroom 4
    Parking features
    Driveway, Garage
    Patio and Porch features
    Deck
    Exterior features
    Deck
    Appliances
    FreeStandingRange, GasWaterHeater, Oven, Refrigerator
    Standard status
    Active
    APN
    317.12-01-032.000
    Size
    1,746 SF
    Lot size
    0.12 Acres

    Taxes and HOA fees

    Tax Annual Amount
    4167

    Utilities

    Heating system
    Forced Air, Natural Gas
    Water source
    Public

    Building Details

    Year built
    1910
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Carpet, Vinyl, Varies, Laminate
    Building materials
    CompositeSiding
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    A. William Meiklejohn Iii

    Listing agent A. William Meiklejohn Iii License #40ME1174888

    Listing office Howard Hanna Corning 45 E MARKET ST, Corning, NY

    Listing date Jan 27, 2025

    MLS# EC278388

    Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Newer furnaces and new roof.
    • Two units: a 3‑bedroom unit and a renovated studio apartment.
    • Large decks with views of downtown Corning for both units.
    • Studio apartment is completely renovated with new flooring and windows.
    • Convenient location on Corning City South Side.
    • Washer and dryer included in the studio apartment.

    Overview

    This well-maintained two-unit property is situated in a convenient location on the south side of Corning. The larger unit features three bedrooms and one bathroom, along with a spacious kitchen and a large deck that offers views of downtown Corning. The second unit is a completely renovated studio apartment with new flooring and windows. It also includes a large deck with views of downtown Corning. The property has newer furnaces and a new roof. The studio unit includes a washer and dryer. The lot size is 0.12 acres, and the property size is 1746 square feet. The property is zoned for residential use.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $131.3K
    NOI $11,816 @ 9.00% cap · cautious / downside scenario
    Moderate
    $168.8K
    NOI $11,816 @ 7.00% cap · market / base-case scenario
    Aggressive
    $236.3K
    NOI $11,816 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $17.8k $10.20
    − Vacancy −$930 −$0.53
    EGI $16.9k $9.67
    − OpEx −$5.1k −$2.90
    NOI $11.8k $6.77
    1,746 SF · lease $10.20/SF/yr · vacancy 5.22% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $168.8K
    $147.7K – $196.9K (±1% cap)
    NOI $11,816 @ 7.0% cap · market cap 8.10%
    Second Best
    Apartment 5plus
    $155.6K
    $136.1K – $181.5K (±1% cap)
    NOI $10,890 @ 7.0% cap · market cap 7.46%
    Theoretical Best
    Office A
    $425.6K
    $372.4K – $496.6K (±1% cap)
    NOI $29,795 @ 7.0% cap · market cap 20.42%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Corning
    County
    Steuben
    State
    New York
    Longitude
    -77.047549
    Latitude
    42.140233

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    FAQs

    What type of property is this?
    Duplex - Well-maintained duplex with city views in Corning's South Side.
    Where is this duplex located?
    The property is located at 187 W FIRST Street Corning, NY.
    What is the asking price?
    The asking price for this property is $145,900.
    What are key features of this property?
    This property features: Newer furnaces and new roof.; Two units: a 3‑bedroom unit and a renovated studio apartment.; **Large decks with views of downtown Corning for both units.**
    (607) 329-9128
    We can help!
    Listing Contact
    A. William Meiklejohn Iii
    Real Estate License ID: 40ME1174888
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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