Renovated 6-Unit Apartment
New
For Sale
$1,100,000
13 Mather St, Binghamton, NY 13905
COMMERCIAL - BINGHAMTON, NY
Property Size7,200 SF
Lot Size0.20 Acres
Price / SF$152.78
Days on Market1
Property Features for 13 Mather St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Com 1
Elementary school district
Binghamton
Middle school district
Binghamton
High school district
Binghamton
Directions
From Front Street, Take right on to North St, Left on to Mather, building is on the right.
Subdivision
Area 03
Standard status
Active
Size
7,200 SF
Lot size
0.20 Acres
Utilities
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1920
Listing Agency:
KELLER WILLIAMS REALTY GREATER BINGHAMTON
(607) 722-0722
Listed By:
Stephanie J Edson
(607) 237-8057
Added: Aug 6
Last Checked: Aug 6 at 4:06PM
MLS# 337353
Copyright © 2026 Greater Binghamton Association of Realtor. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 13 Mather St in Binghamton, this 7,200-square-foot apartment building contains 6 units, 18 bedrooms, and 12 full bathrooms. Built in 1920, the property has been renovated throughout, with updated residential interiors designed for ongoing rental use. The building is 100% occupied and carries Com 1 zoning.
The property sits on a 0.2-acre lot and is served by public water. Natural gas provides the heating source. Its bedroom and bathroom configuration aligns with the student-housing market identified for the property, while the completed renovations provide a refreshed physical presentation for occupants.
The property sits on a 0.2-acre lot and is served by public water. Natural gas provides the heating source. Its bedroom and bathroom configuration aligns with the student-housing market identified for the property, while the completed renovations provide a refreshed physical presentation for occupants.
Key Highlights
- 6‑unit apartment building with 18 bedrooms and 12 full bathrooms
- 7,200 square feet on a 0.2‑acre lot
- 100% occupied
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
$59,982
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
5.45%
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%
$1,199,640
$1.2M
Cap Rate 7%
$856,886
$856.9K
Cap Rate 9%
$666,467
$666.5K
Market Conditions
NOI Build-Up for 7,200 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
$116.6K $16.20/SF
− Vacancy
−$7.6K −$1.05/SF
EGI
$109.1K $15.15/SF
− OpEx
−$49.1K −$6.82/SF
NOI
$60.0K $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%
$1,199,640
Cap Rate 7%
$856,886
Cap Rate 9%
$666,467
Alternative Uses
Best Use
Apartment 5plus
$856.9K
$749.8K – $999.7K
NOI $59,982 @ 7.0% cap · market cap 5.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.79M
$1.56M – $2.08M
NOI $125,038 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,525
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with a student-housing profile and updated living spaces.
Where is this apartment building located?
The property is located at 13 Mather St Binghamton, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 6‑unit apartment building with 18 bedrooms and 12 full bathrooms; 7,200 square feet on a 0.2‑acre lot; 100% occupied
