Eight-Unit Apartment
For Sale
$625,000
59 Grand Ave, Johnson City, NY 13790
Eight one-bedroom units make up this apartment building near major healthcare and education anchors in Johnson City.
Property Size5,370 SF
Days on Market60
Property Features for 59 Grand Ave
General Information
Standard status
Active
Size
5,370 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
8
Building Details
Building Size
5,370 SF
Year Built
1970
Listing Agency:
SVN Innovative Commercial Advisors
(607) 621-0439
Listed By:
Scott Warren, CCIM, CIREC · License #NY #10491212432
(607) 621-0439
Source:
Svn
Added: Jul 3
Changed: Aug 26
Last Checked: Aug 30 at 2:57PM
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 SVN Innovative Commercial Advisors
Investment Insights
Based on property information with market context.
This eight-unit apartment building features eight one-bedroom units within a single multifamily structure. It is offered for sale as a residential income property with a consistent unit mix.
59 Grand Ave is positioned in the heart of Johnson City’s expanding healthcare and education corridor, with close walking access to the new UHS medical complex, Binghamton University’s School of Pharmacy and Pharmaceutical Sciences, and Decker College of Nursing and Health Sciences.
For buyers seeking a straightforward multifamily configuration, this property provides eight separate one-bedroom units in a location centered on prominent employment and academic anchors.
59 Grand Ave is positioned in the heart of Johnson City’s expanding healthcare and education corridor, with close walking access to the new UHS medical complex, Binghamton University’s School of Pharmacy and Pharmaceutical Sciences, and Decker College of Nursing and Health Sciences.
For buyers seeking a straightforward multifamily configuration, this property provides eight separate one-bedroom units in a location centered on prominent employment and academic anchors.
Key Highlights
- 8‑unit multifamily building with eight one‑bedroom units
- Year built: 1970
- Located near major healthcare and education anchors in Johnson City
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
$44,737
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
7.16%
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%
$894,740
$894.7K
Cap Rate 7%
$639,100
$639.1K
Cap Rate 9%
$497,078
$497.1K
Market Conditions
NOI Build-Up for 5,370 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
$87.0K $16.20/SF
− Vacancy
−$5.7K −$1.05/SF
EGI
$81.3K $15.15/SF
− OpEx
−$36.6K −$6.82/SF
NOI
$44.7K $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%
$894,740
Cap Rate 7%
$639,100
Cap Rate 9%
$497,078
Alternative Uses
Best Use
Apartment 5plus
$639.1K
$559.2K – $745.6K
NOI $44,737 @ 7.0% cap · market cap 7.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.33M
$1.17M – $1.55M
NOI $93,258 @ 7.0% cap · market cap 14.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,202
Businesses Nearby
Explore this area
Business Placement
Demographics for 13790, NY
18,478
Population
9,585
Households
1.9
Avg Household Size
43
Median Age
29%
College-Educated
89%
High-School Grad
27.2 sq mi
ZIP Area
679
Density / Sq Mi
$54,764
Median Household Income
$37,360
Median Earnings
$985
Median Rent
$117,300
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?
Apartment building - Eight one-bedroom units make up this apartment building near major healthcare and education anchors in Johnson City.
Where is this apartment building located?
The property is located at 59 Grand Ave Johnson City, NY.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 8‑unit multifamily building with eight one‑bedroom units; Year built: 1970; Located near major healthcare and education anchors in Johnson City
