Two-Unit Residential Income
For Sale
$209,900
Pending
252 2ND ST, Corning, NY 14830
Two-unit duplex with off-street parking, a garage, and separate units featuring living and dining areas.
Property Size2,446 SF
Days on Market539
Property Features for 252 2ND ST
General Information
Standard status
Pending
Size
2,446 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$7,161
Amenities
Gas
Full
3
Hardwood, Vinyl, Laminate, Carpet
Asphalt
2 Garage Spaces. Gravel.
Stone
Rectangular
63X90
Rectangular.
Building Details
Year Built
1886
Stories
2
Listing Agency:
Keller Williams Realty Southern Tier & Finger Lakes
(607) 795-2900
Listed By:
Kenneth Leath · License #10491208664
(607) 769-8263
Source:
Xome
Added: Mar 18, 2025
Changed: Sep 1
Last Checked: Sep 7 at 5:01AM
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.
This two-unit residential income property includes a one-car garage and off-street parking accessed via a gravel driveway. The first-floor apartment offers three bedrooms, along with a spacious living room and dining room. It is equipped with a refrigerator and range, and also includes a washer and dryer. A small screened porch is located on the back of the unit.
The second-floor unit features two bedrooms with a spacious living room and dining room. It includes a refrigerator and range, with laundry hookups available, and also offers a small porch. A large deck is located next to the garage.
Each unit has its own interior living and dining space, plus exterior porch space, creating straightforward separation within the duplex layout.
The second-floor unit features two bedrooms with a spacious living room and dining room. It includes a refrigerator and range, with laundry hookups available, and also offers a small porch. A large deck is located next to the garage.
Each unit has its own interior living and dining space, plus exterior porch space, creating straightforward separation within the duplex layout.
Key Highlights
- Two‑unit duplex in Corning’s southside hill neighborhood
- First‑floor unit: 3 bedrooms with living room and dining room; includes refrigerator and range, plus washer/dryer
- Second‑floor unit: 2 bedrooms with living room and dining room; includes refrigerator and range with laundry hookups
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
$16,553
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
7.89%
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%
$331,060
$331.1K
Cap Rate 7%
$236,471
$236.5K
Cap Rate 9%
$183,922
$183.9K
Market Conditions
NOI Build-Up for 2,446 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
$24.9K $10.20/SF
− Vacancy
−$1.3K −$0.53/SF
EGI
$23.6K $9.67/SF
− OpEx
−$7.1K −$2.90/SF
NOI
$16.6K $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%
$331,060
Cap Rate 7%
$236,471
Cap Rate 9%
$183,922
Alternative Uses
Best Use
Multifamily LT 5
$236.5K
$206.9K – $275.9K
NOI $16,553 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$217.9K
$190.7K – $254.3K
NOI $15,256 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$596.3K
$521.8K – $695.7K
NOI $41,741 @ 7.0% cap · market cap 19.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
260
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex with off-street parking, a garage, and separate units featuring living and dining areas.
Where is this duplex located?
The property is located at 252 2ND ST Corning, NY.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Two‑unit duplex in Corning’s southside hill neighborhood; First‑floor unit: 3 bedrooms with living room and dining room; includes refrigerator and range, plus washer/dryer; Second‑floor unit: 2 bedrooms with living room and dining room; includes refrigerator and range with laundry hookups
