Updated Upper-and-Lower
New
For Sale
$185,000
110 W 3rd St, Corning, NY 14830
Two residential units offer separate utilities, recent improvements, and flexible occupancy options near central Corning.
Property Size1,632 SF
Days on Market4
Property Features for 110 W 3rd St
General Information
Standard status
Active
Size
1,632 SF
Property subtype
Multi Family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,878
Building Details
Building Size
1,632 SF
Year Built
1905
Buildings
1
Stories
2
Units
2
Listing Agency:
Keller Williams Realty Southern Tier & Finger Lakes
Listed By:
Amanda Patterson · License #10401327143
(607) 793-8187
Source:
Elliman
Added: Sep 18
Last Checked: Sep 20 at 7:15AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty Southern Tier & Finger Lakes
Investment Insights
Based on property information with market context.
Built in 1905, this upper-and-lower duplex contains two residential units with separate utilities. The property has received a range of recent updates, including a new wall furnace and washer in the upper apartment, plus newer light fixtures, a washer and dryer, a new refrigerator, and refreshed dining room flooring in the lower apartment. Water, sewer, and landscaping are included with the tenancy arrangements.
The upper unit is occupied under a month-to-month lease, while the lower unit is available for owner occupancy for a limited time. The duplex is located near the center of Corning at 110 W 3rd St. Walk Score is 32, and Bike Score is 12.
The upper unit is occupied under a month-to-month lease, while the lower unit is available for owner occupancy for a limited time. The duplex is located near the center of Corning at 110 W 3rd St. Walk Score is 32, and Bike Score is 12.
Key Highlights
- Upper‑and‑lower duplex with 2 residential units
- Separate utilities for each unit
- Upper unit includes a new wall furnace and washer
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
$11,044
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
5.97%
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%
$220,880
$220.9K
Cap Rate 7%
$157,771
$157.8K
Cap Rate 9%
$122,711
$122.7K
Market Conditions
NOI Build-Up for 1,632 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
$16.6K $10.20/SF
− Vacancy
−$869 −$0.53/SF
EGI
$15.8K $9.67/SF
− OpEx
−$4.7K −$2.90/SF
NOI
$11.0K $6.77/SF
Area
Steuben County, NY
Vacancy
5.22%
Lease Rate
$10.20 /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%
$220,880
Cap Rate 7%
$157,771
Cap Rate 9%
$122,711
Alternative Uses
Best Use
Multifamily LT 5
$157.8K
$138.1K – $184.1K
NOI $11,044 @ 7.0% cap · market cap 5.97%
Second Best
Apartment 5plus
$145.4K
$127.2K – $169.7K
NOI $10,179 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$397.9K
$348.1K – $464.2K
NOI $27,850 @ 7.0% cap · market cap 15.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
727
Businesses Nearby
Explore this area
Business Placement
Demographics for 14830, NY
18,949
Population
9,324
Households
2
Avg Household Size
40
Median Age
41%
College-Educated
96%
High-School Grad
90.6 sq mi
ZIP Area
209
Density / Sq Mi
$73,831
Median Household Income
$48,331
Median Earnings
$997
Median Rent
$168,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer separate utilities, recent improvements, and flexible occupancy options near central Corning.
Where is this duplex located?
The property is located at 110 W 3rd St Corning, NY.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Upper‑and‑lower duplex with 2 residential units; Separate utilities for each unit; Upper unit includes a new wall furnace and washer
