Two-Unit Duplex
New
For Sale
$315,000
120 Murray St, Binghamton, NY 13905
Two residential units provide bedroom capacity and full bathroom coverage within a centrally located multifamily property.
Property Size2,640 SF
Days on Market3
Property Features for 120 Murray St
General Information
Standard status
Active
Size
2,640 SF
Class
C
Property subtype
MultiFamily Apartments
Zoning
R3
Additional Details
Gross Income
$59,400
Multifamily Units
2
Building Details
Building Size
2,640 SF
Year Built
1890
Listing Agency:
Warren Real estate
(439) 439-0439
Listed By:
Scott Warren
Source:
Thebrokerlist
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 8:42AM
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.
Built in 1890, this duplex contains two residential units with a combined total of nine rentable bedrooms and four full bathrooms. Each unit includes two full bathrooms, providing a configuration suited to the property’s current bed-leasing arrangement.
The property is located at 120 Murray Street in Binghamton’s West Side, just off Main Street and within walking distance of Downtown Binghamton. It is situated in the R3 Residential Multi-Unit Dwelling District, where multifamily, student-housing, and congregate-living uses are identified as part of the zoning framework, subject to applicable municipal approvals and occupancy requirements.
The existing layout and zoning designation provide a clear basis for continued residential income use, with the property’s two-unit structure and bedroom count established in the current configuration.
The property is located at 120 Murray Street in Binghamton’s West Side, just off Main Street and within walking distance of Downtown Binghamton. It is situated in the R3 Residential Multi-Unit Dwelling District, where multifamily, student-housing, and congregate-living uses are identified as part of the zoning framework, subject to applicable municipal approvals and occupancy requirements.
The existing layout and zoning designation provide a clear basis for continued residential income use, with the property’s two-unit structure and bedroom count established in the current configuration.
Key Highlights
- Two‑unit duplex with 9 rentable bedrooms
- Four full bathrooms, with 2 in each unit
- R3 Residential Multi‑Unit Dwelling zoning
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
$23,590
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
7.49%
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%
$471,800
$471.8K
Cap Rate 7%
$337,000
$337.0K
Cap Rate 9%
$262,111
$262.1K
Market Conditions
NOI Build-Up for 2,640 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
$36.4K $13.80/SF
− Vacancy
−$2.7K −$1.04/SF
EGI
$33.7K $12.77/SF
− OpEx
−$10.1K −$3.83/SF
NOI
$23.6K $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%
$471,800
Cap Rate 7%
$337,000
Cap Rate 9%
$262,111
Alternative Uses
Best Use
Multifamily LT 5
$337.0K
$294.9K – $393.2K
NOI $23,590 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$314.2K
$274.9K – $366.6K
NOI $21,993 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$655.0K
$573.1K – $764.1K
NOI $45,847 @ 7.0% cap · market cap 14.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,075
Businesses Nearby
Explore this area
Business Placement
Demographics for 13905, NY
27,672
Population
13,774
Households
2
Avg Household Size
36
Median Age
37%
College-Educated
91%
High-School Grad
28.2 sq mi
ZIP Area
981
Density / Sq Mi
$53,757
Median Household Income
$30,359
Median Earnings
$993
Median Rent
$137,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units provide bedroom capacity and full bathroom coverage within a centrally located multifamily property.
Where is this duplex located?
The property is located at 120 Murray St Binghamton, NY.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two‑unit duplex with 9 rentable bedrooms; Four full bathrooms, with 2 in each unit; R3 Residential Multi‑Unit Dwelling zoning
