Quadplex with Unfinished
For Sale
$239,900
2096 College Avenue, Elmira, NY 14903
Residential, Elmira, NY
Property Size2,466 SF
Lot Size0.19 Acres
Price / SF$97.28
Days on Market93
Property Features for 2096 College Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 1, Bathroom 1, Bedroom 3, Basement, Bathroom 3, Bathroom 4, Bedroom 4, Bedroom 5, Bathroom 2, Bedroom 2
Window features
Skylight(s)
Patio and Porch features
Porch
Interior features
CeilingFans, Skylights
Accessibility
Accessible Approach with Ramp
Appliances
GasWaterHeater
Lot features
Irregular Lot, Near Public Transit
Elementary school
Cohen Elementary
Middle school
Cohen Middle
High school
Thomas A Edison High
Elementary school district
Elmira Heights
Middle school district
Elmira Heights
High school district
Elmira Heights
Directions
Easy to find directly across the street from Edison High School in Elmira Heights.
Subdivision
Elmira Heights Village-Elmira-073001
Standard status
Active
APN
79.09-6-32
Size
2,466 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
4423
Utilities
Heating system
Natural Gas, Electric (Heating), Baseboard, Forced Air
Water source
Public
Building Details
Year built
1960
Floors in Building
2
Number of units
4
Flooring type
Vinyl, Carpet, Laminate, Varies
Building materials
VinylSiding, PexPlumbing
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty Southern Tier & Finger Lakes
(607) 795-2900
Listed By:
Pamela Pariso · License #10401278422
(607) 742-1350
Added: Jun 23
Changed: Sep 16
Last Checked: Sep 23 at 1:06AM
MLS# R1693198
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.
Investment Insights
Based on property information with market context.
This 2,466-square-foot residential property includes three income-producing apartments in the main building, each with a private entrance. The layout includes a two-bedroom apartment with laundry hookup and vaulted ceilings, a studio with kitchenette and walk-in shower, and a one-bedroom apartment with separate utilities and its own furnace. A lower rear unit provides ramp access, while the basement adds two laundry hookups and finished space with electricity and a sink.
The detached garage includes an unfinished ADU that requires a range and bathroom completion before potential residential use. A paved parking lot accommodates approximately 12 cars and has exterior lighting. Commercial signage on the front and side conveys with the sale. The property is zoned for both commercial and residential use and includes a porch, public water, natural-gas heating, and a shingle roof.
The detached garage includes an unfinished ADU that requires a range and bathroom completion before potential residential use. A paved parking lot accommodates approximately 12 cars and has exterior lighting. Commercial signage on the front and side conveys with the sale. The property is zoned for both commercial and residential use and includes a porch, public water, natural-gas heating, and a shingle roof.
Key Highlights
- 2,466 SF property with three income‑producing residential units
- Detached garage ADU requires a range and bathroom completion
- Zoned for both commercial and residential use
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
$20,197
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
8.42%
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%
$403,940
$403.9K
Cap Rate 7%
$288,529
$288.5K
Cap Rate 9%
$224,411
$224.4K
Market Conditions
NOI Build-Up for 2,466 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
$35.5K $14.40/SF
− Vacancy
−$3.2K −$1.30/SF
EGI
$32.3K $13.10/SF
− OpEx
−$12.1K −$4.91/SF
NOI
$20.2K $8.19/SF
Area
Chemung County, NY
Vacancy
9.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
37.50%
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%
$403,940
Cap Rate 7%
$288,529
Cap Rate 9%
$224,411
Alternative Uses
Best Use
Multifamily LT 5
$22.45M
$19.64M – $26.19M
NOI $1,571,367 @ 7.0% cap · market cap 655.01%
Second Best
Apartment 5plus
$22.10M
$19.34M – $25.78M
NOI $1,547,095 @ 7.0% cap · market cap 644.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
Explore this area
Business Placement
Demographics for 14903, NY
7,279
Population
3,344
Households
2.2
Avg Household Size
42
Median Age
28%
College-Educated
95%
High-School Grad
21.6 sq mi
ZIP Area
337
Density / Sq Mi
$66,142
Median Household Income
$41,182
Median Earnings
$943
Median Rent
$123,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Three income-producing apartments and a detached garage conversion support flexible residential use with additional unit potential.
Where is this quadplex located?
The property is located at 2096 College Avenue Elmira, NY.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: 2,466 SF property with three income‑producing residential units; Detached garage ADU requires a range and bathroom completion; Zoned for both commercial and residential use
