Mixed-Use Property With Student
For Sale
$3,000,000
206 State St, Binghamton, NY 13901
MultiFamily, Apartment, More than 4 Famiy, BINGHAMTON, NY
Property Size29,230 SF
Lot Size0.26 Acres
Price / SF$102.63
Days on Market12
Property Features for 206 State St
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning
Com 1
Bedrooms
34
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 30, Bedroom 10, Bedroom 5, Bedroom 11, Bedroom 20, Bedroom 4, Bathroom 7, Bathroom 3, Bedroom 8, Bedroom 23, Bedroom 29, Bathroom 8, Bedroom 16, Bathroom 5, Bedroom 9, Bedroom 24, Bedroom 14, Bathroom 4, Bedroom 7, Bedroom 32, Bedroom 34, Bathroom 9, Bedroom 33, Bathroom 2, Bedroom 17, Bedroom 21, Bedroom 15, Bedroom 18, Bedroom 2, Bedroom 3, Bedroom 1, Bedroom 26, Bedroom 22, Bedroom 31, Bedroom 27, Bedroom 6, Bedroom 12, Bedroom 13, Bedroom 25, Bedroom 19, Bathroom 6, Bathroom 1, Bedroom 28
Parking features
Garage
Lot features
G E N E R A L L Y L E V E L
Elementary school
MacArthur
Elementary school district
Binghamton
Middle school district
Binghamton
High school district
Binghamton
Directions
From traffic Circle take court St Exit, Turn right on to state ST, Building Is on the right.
Subdivision
Area 03
Standard status
Active
Size
29,230 SF
Lot size
0.26 Acres
Utilities
Heating system
Forced Air
Cooling system
Wall/Window Unit(s)
Water source
Public
Amenities
Indoor basketball court
Lower-level parking garage
Building Details
Year built
1970
Number of units
34
Flooring type
Vinyl
Building materials
Brick Veneer
Architectural style
Other
Listing Agency:
KELLER WILLIAMS REALTY GREATER BINGHAMTON
(607) 722-0722
Listed By:
Stephanie J Edson
(607) 237-8057
Added: Aug 11
Changed: Aug 19
Last Checked: Aug 22 at 10:06PM
MLS# 337441
Copyright © 2026 Greater Binghamton Association of Realtor. 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.
The property at 206-218 State Street combines commercial and residential space within a 29,230-square-foot mixed-use asset on 0.26 acres. The residential component includes 34 student-housing beds and a separate Prospect Street entrance with capacity for up to 28 occupants, along with two full kitchens. An unfinished upper floor and common area offer additional interior space, while an indoor basketball court supports the residential layout. The 1970 building has brick veneer construction, vinyl flooring, forced-air heat, and wall/window cooling units.
The commercial component is fully occupied, and the student housing is fully leased. Existing lease terms provide rental income through 2027, with extensions reaching 2028. The property includes a lower-level parking garage and an additional parking lot at 218 State Street. Public water serves the property, which is zoned Com 1.
The commercial component is fully occupied, and the student housing is fully leased. Existing lease terms provide rental income through 2027, with extensions reaching 2028. The property includes a lower-level parking garage and an additional parking lot at 218 State Street. Public water serves the property, which is zoned Com 1.
Key Highlights
- 29,230‑square‑foot mixed‑use property on 0.26 acres
- 34 fully leased student‑housing beds
- Commercial component is 100% occupied
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
$243,511
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
8.12%
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%
$4,870,220
$4.9M
Cap Rate 7%
$3,478,729
$3.5M
Cap Rate 9%
$2,705,678
$2.7M
Market Conditions
NOI Build-Up for 29,230 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
$473.5K $16.20/SF
− Vacancy
−$30.8K −$1.05/SF
EGI
$442.7K $15.15/SF
− OpEx
−$199.2K −$6.82/SF
NOI
$243.5K $8.33/SF
Area
Broome County, NY
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$4,870,220
Cap Rate 7%
$3,478,729
Cap Rate 9%
$2,705,678
Alternative Uses
Best Use
Mixed Use
$4.04M
$3.53M – $4.71M
NOI $282,471 @ 7.0% cap · market cap 9.42%
Second Best
Apartment 5plus
$3.48M
$3.04M – $4.06M
NOI $243,511 @ 7.0% cap · market cap 8.12%
Theoretical Best
Office A
$7.25M
$6.35M – $8.46M
NOI $507,620 @ 7.0% cap · market cap 16.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,168
Businesses Nearby
Explore this area
Business Placement
Demographics for 13901, NY
20,548
Population
10,148
Households
2
Avg Household Size
40
Median Age
26%
College-Educated
87%
High-School Grad
23.0 sq mi
ZIP Area
893
Density / Sq Mi
$54,165
Median Household Income
$36,897
Median Earnings
$806
Median Rent
$152,800
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?
Mixed-use property - Commercial and residential components include fully leased student housing, an occupied commercial space, and redevelopment area.
Where is this mixed-use property located?
The property is located at 206 State St Binghamton, NY.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 29,230‑square‑foot mixed‑use property on 0.26 acres; 34 fully leased student‑housing beds; Commercial component is 100% occupied
