8-Parcel Multifamily
For Sale
$1,500,000
114 122 124 190 206 206.5 208 & 210 Henry St, Binghamton, NY 13901
Multifamily portfolio comprising multiple Henry Street parcels near downtown Binghamton and Mirabito Stadium.
Property Size8,638 SF
Days on Market198
Property Features for 114 122 124 190 206 206.5 208 & 210 Henry St
General Information
Standard status
Active
Size
8,638 SF
Property subtype
MultiFamily Apartments
Building Details
Building Size
8,638 SF
Year Built
1920
Listing Agency:
Warren Real estate
Listed By:
Scott Warren
(439) 439-0439
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 7:31AM
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 Warren Real estate
Investment Insights
Based on property information with market context.
This multifamily offering combines eight parcels along Henry Street, including properties at 114, 122, 124, 190, 206, 206.5, 208, and 210 Henry Street. The portfolio is positioned for renovation or redevelopment, providing a consolidated group of residential properties within the same area.
The parcels are located in downtown Binghamton, with proximity to Mirabito Stadium. The properties date to 1920, supporting a portfolio profile centered on existing older residential assets and future improvement or redevelopment planning.
The parcels are located in downtown Binghamton, with proximity to Mirabito Stadium. The properties date to 1920, supporting a portfolio profile centered on existing older residential assets and future improvement or redevelopment planning.
Key Highlights
- Eight‑parcel multifamily portfolio
- Includes 114, 122, 124, 190, 206, 206.5, 208, and 210 Henry St
- Properties offered for renovation or redevelopment
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
$71,962
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
4.80%
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%
$1,439,240
$1.4M
Cap Rate 7%
$1,028,029
$1.0M
Cap Rate 9%
$799,578
$799.6K
Market Conditions
NOI Build-Up for 8,638 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
$139.9K $16.20/SF
− Vacancy
−$9.1K −$1.05/SF
EGI
$130.8K $15.15/SF
− OpEx
−$58.9K −$6.82/SF
NOI
$72.0K $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%
$1,439,240
Cap Rate 7%
$1,028,029
Cap Rate 9%
$799,578
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$899.5K – $1.20M
NOI $71,962 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.14M
$1.88M – $2.50M
NOI $150,011 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,069
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?
Multifamily property - Multifamily portfolio comprising multiple Henry Street parcels near downtown Binghamton and Mirabito Stadium.
Where is this multifamily property located?
The property is located at 114 122 124 190 206 206.5 208 & 210 Henry St Binghamton, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Eight‑parcel multifamily portfolio; Includes 114, 122, 124, 190, 206, 206.5, 208, and 210 Henry St; Properties offered for renovation or redevelopment
