Two-Family Residential Income
For Sale
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123 Beethoven ST, Binghamton, NY 13905
Well-maintained two-family home with separate units featuring 4 and 3 bedrooms for flexible occupancy or rental income.
Property Size2,176 SF
Price / SF$114.89
Days on Market62
Property Features for 123 Beethoven ST
General Information
Standard status
Active
Size
2,176 SF
Property subtype
Multifamily
Zoning
Multi
Investment Type
Owner/User
Additional Details
Multifamily Units
2
Building Details
Year Built
1907
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
EXIT REALTY HOMEWARD BOUND
Listed By:
John J Farrell · License #NY 0760806
(607) 760-5000
Source:
Crexi
Added: Jul 15
Changed: Aug 16
Last Checked: Sep 14 at 7:58AM
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 EXIT REALTY HOMEWARD BOUND
Investment Insights
Based on property information with market context.
This well-maintained two-family residential property offers two separate units with distinct bedroom layouts. The first-floor unit features 4 bedrooms, while the second-floor unit offers 3 bedrooms, providing practical flexibility for rental income or owner occupancy.
Located on Binghamton’s West Side, the property is described as being minutes from shopping, schools, parks, downtown Binghamton, and local amenities. It is also noted as being on both city and college bus routes.
The configuration of two separate units with 4 and 3 bedrooms supports a straightforward residential income setup and can also accommodate an owner-occupant scenario where one unit is lived in and the other is rented.
Located on Binghamton’s West Side, the property is described as being minutes from shopping, schools, parks, downtown Binghamton, and local amenities. It is also noted as being on both city and college bus routes.
The configuration of two separate units with 4 and 3 bedrooms supports a straightforward residential income setup and can also accommodate an owner-occupant scenario where one unit is lived in and the other is rented.
Key Highlights
- Well‑maintained two‑family home built in 1907
- First‑floor unit has 4 bedrooms
- Second‑floor unit has 3 bedrooms
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
$19,444
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
7.78%
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%
$388,880
$388.9K
Cap Rate 7%
$277,771
$277.8K
Cap Rate 9%
$216,044
$216.0K
Market Conditions
NOI Build-Up for 2,176 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
$30.0K $13.80/SF
− Vacancy
−$2.3K −$1.04/SF
EGI
$27.8K $12.77/SF
− OpEx
−$8.3K −$3.83/SF
NOI
$19.4K $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%
$388,880
Cap Rate 7%
$277,771
Cap Rate 9%
$216,044
Alternative Uses
Best Use
Multifamily LT 5
$277.8K
$243.1K – $324.1K
NOI $19,444 @ 7.0% cap · market cap 7.78%
Second Best
Apartment 5plus
$259.0K
$226.6K – $302.1K
NOI $18,128 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$539.8K
$472.4K – $629.8K
NOI $37,789 @ 7.0% cap · market cap 15.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
766
Businesses Nearby
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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
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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 - Well-maintained two-family home with separate units featuring 4 and 3 bedrooms for flexible occupancy or rental income.
Where is this duplex located?
The property is located at 123 Beethoven ST Binghamton, NY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Well‑maintained two‑family home built in 1907; First‑floor unit has 4 bedrooms; Second‑floor unit has 3 bedrooms
