Triplex with
New
For Sale
$249,900
823 Conklin Road, Binghamton, NY 13903
MultiFamily, Three Family, BINGHAMTON, NY
Property Size2,425 SF
Lot Size0.69 Acres
Price / SF$103.05
Days on Market2
Property Features for 823 Conklin Road
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Multiple Family Residence
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 2, Basement, Bathroom 3, Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 5, Bathroom 2
Parking features
Garage
Patio and Porch features
Porch, Deck
Exterior features
COVERED DECK, DECK OPEN, OPEN PORCH
Lot features
G E N E R A L L Y L E V E L, R I V E R F R O N T A G E
Elementary school
F P Donnelly
Elementary school district
Susquehanna Valley
Middle school district
Susquehanna Valley
High school district
Susquehanna Valley
Directions
Exit 9 toward Industrial Park, right on to Colesville Rd, left onto Conklin Kirkwood Rd, then left onto Conklin Rd. Property will be on the right.
Subdivision
Area 06
Standard status
Active
APN
032800-162-009-0001-055-000-0000
Size
2,425 SF
Lot size
0.69 Acres
Utilities
Heating system
Hot Water(Heating), Baseboard
Cooling system
Wall/Window Unit(s)
Water source
Public
Water front
1
Building Details
Year built
1940
Number of units
3
Flooring type
Hardwood
Building materials
Vinyl
Architectural style
Other
Listing Agency:
JESSICA DILLENBECK REAL ESTATE LLC
(607) 343-8486
Listed By:
Gaye G Sautro
(607) 341-3482
Added: Aug 26
Changed: Aug 27
Last Checked: Aug 27 at 9:06AM
MLS# 337709
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.
This three-unit residential property contains 2,425 square feet and is situated on 0.69 acres. The 1940 construction includes vinyl siding, hardwood flooring, baseboard and hot-water heating, and wall/window cooling units. A garage provides on-site parking, while covered and open decks and an open porch add outdoor space.
The room inventory includes five bedrooms, three bathrooms, and a basement. Public water serves the property, and the zoning is Multiple Family Residence. Its unit configuration can accommodate rental operations, an owner-occupied arrangement, or separate household living, subject to applicable requirements.
The room inventory includes five bedrooms, three bathrooms, and a basement. Public water serves the property, and the zoning is Multiple Family Residence. Its unit configuration can accommodate rental operations, an owner-occupied arrangement, or separate household living, subject to applicable requirements.
Key Highlights
- Triplex with 2,425 square feet on 0.69 acres
- Five bedrooms and three bathrooms
- Garage parking with basement storage area
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
$21,669
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
8.67%
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%
$433,380
$433.4K
Cap Rate 7%
$309,557
$309.6K
Cap Rate 9%
$240,767
$240.8K
Market Conditions
NOI Build-Up for 2,425 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
$33.5K $13.80/SF
− Vacancy
−$2.5K −$1.04/SF
EGI
$31.0K $12.77/SF
− OpEx
−$9.3K −$3.83/SF
NOI
$21.7K $8.94/SF
Area
Broome County, NY
Vacancy
7.50%
Lease Rate
$13.80 /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%
$433,380
Cap Rate 7%
$309,557
Cap Rate 9%
$240,767
Alternative Uses
Best Use
Multifamily LT 5
$309.6K
$270.9K – $361.2K
NOI $21,669 @ 7.0% cap · market cap 8.67%
Second Best
Apartment 5plus
$288.6K
$252.5K – $336.7K
NOI $20,202 @ 7.0% cap · market cap 8.08%
Theoretical Best
Office A
$601.6K
$526.4K – $701.9K
NOI $42,114 @ 7.0% cap · market cap 16.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
132
Businesses Nearby
Explore this area
Business Placement
Demographics for 13903, NY
18,140
Population
8,620
Households
2.1
Avg Household Size
41
Median Age
36%
College-Educated
92%
High-School Grad
39.5 sq mi
ZIP Area
459
Density / Sq Mi
$61,244
Median Household Income
$39,811
Median Earnings
$863
Median Rent
$144,700
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?
Triplex - Three separate living units offer flexible residential income or owner-occupant use with private outdoor areas.
Where is this triplex located?
The property is located at 823 Conklin Road Binghamton, NY.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Triplex with 2,425 square feet on 0.69 acres; Five bedrooms and three bathrooms; Garage parking with basement storage area
