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    51 Goodrich Road Owego, NY 13827

    View on Map
    For Sale
    $375,000

    MULTI_FAMILY - Other - Owego, NY

    Property size:
    2,466 SF
    Lot size:
    1.54 Acres
    Added:
    Mar 10, 2026
    Days on Market:
    23
    Last Refresh:
    Apr 1 at 9:06 am

    Property Features for 51 Goodrich Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    7
    Bathrooms
    4
    Rooms
    Basement, Bathroom 4, Bedroom 6, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 5, Bedroom 1, Bedroom 3, Bedroom 7, Bedroom 4, Bathroom 1
    Patio and Porch features
    Patio, Deck
    Interior features
    CeilingFans, CathedralCeilings
    Exterior features
    Deck, Patio
    Fireplace
    1
    Accessibility
    Accessible Approach with Ramp
    Appliances
    ElectricWaterHeater, GasWaterHeater
    Standard status
    Active
    APN
    493600-128-010-0001-007-000-0000
    Size
    2,466 SF
    Lot size
    1.54 Acres

    Taxes and HOA fees

    TaxAnnualAmount
    7042

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Baseboard, Hot Water(Heating), Other (Heating), Wood, Electric (Heating), Natural Gas, Zoned
    Cooling system
    Zoned
    Water source
    Well

    Building Details

    Year built
    1825
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Laminate, Carpet, Hardwood, Varies
    Building materials
    ShakeSiding
    Roof type
    Metal, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Annemarie Howland
    Annemarie Howland

    Listing agent Annemarie Howland License #10401337867

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

    Listing date Mar 10, 2026

    MLS# R1665921

    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.

    Overview

    Versatile Income Property with Apartments

    This well-maintained property features a main house and two additional apartments. The main house includes 3 bedrooms, 2 bathrooms, and an eat-in kitchen equipped with custom bluestone countertops, a double oven, updated appliances, and ample cabinetry, along with a large pantry. Mini-splits provide efficient heating and cooling. Radon mitigation and water filtration systems are installed. Outdoor features include a covered front porch, a large back deck, a storage shed, and a spacious garage with family areas, a half bath, and a covered patio. The attached and detached apartments each offer 2 bedrooms, 1 bathroom, eat-in kitchens, living rooms, and laundry areas. The detached unit also includes extra space suitable for a den or office. A blacktop driveway provides parking for over 10 vehicles. Situated on a 1.54-acre lot, this turnkey property offers excellent income potential and is conveniently located near Elmira/Sayre, the Triple Cities, and Ithaca. The property's size is 2466 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Gym & Fitness Center Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Owego
    County
    Tioga
    State
    New York
    Longitude
    -76.285876
    Latitude
    42.100001

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    FAQs

    What type of property is this?
    Multifamily property - Main house plus two apartments, excellent income potential, convenient location.
    Where is this multifamily property located?
    The property is located at 51 Goodrich Road Owego, NY.
    What is the asking price?
    The asking price for this property is $375,000.
    What are key features of this property?
    This property features: Main house plus two additional income‑generating apartments.; Convenient location to Elmira/Sayre, the Triple Cities, and Ithaca.; Main house with **updated kitchen featuring custom bluestone countertops and double oven.**
    (607) 426-0843
    We can help!
    Listing Contact
    Annemarie Howland
    Annemarie Howland
    Real Estate License ID: 10401337867
    Learn More
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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.

    More about this property
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