Student Housing Apartment
For Sale
$929,000
136 Chapin St., Binghamton, NY 13905
R3-zoned multifamily property on the SUNY bus line near Main Street, Downtown, and the Court Street Bridge.
Property Size8,460 SF
Days on Market193
Property Features for 136 Chapin St.
General Information
Standard status
Active
Size
8,460 SF
Property subtype
MultiFamily Apartments
Building Details
Building Size
8,460 SF
Year Built
1970
Listing Agency:
Warren Real estate
(439) 439-0439
Listed By:
Scott Warren
(439) 439-0439
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 6:07AM
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.
This 8,460-square-foot apartment building contains 7 units and 22 beds, with 20 beds leased and additional commitments secured for the upcoming semester. The property was built in 1970 and has received a new roof, a new boiler, and other updates intended to limit near-term maintenance needs.
Located at 136 Chapin St. in Binghamton, the property is two buildings from Main Street and within walking distance of the Court Street Bridge and Downtown Binghamton. The SUNY bus line serves the area, while nearby restaurants, shops, and daily conveniences are accessible on foot. R3 zoning and the existing apartment configuration support its current multifamily use.
Professional management is available at 5%, providing an established operational option for the property.
Located at 136 Chapin St. in Binghamton, the property is two buildings from Main Street and within walking distance of the Court Street Bridge and Downtown Binghamton. The SUNY bus line serves the area, while nearby restaurants, shops, and daily conveniences are accessible on foot. R3 zoning and the existing apartment configuration support its current multifamily use.
Professional management is available at 5%, providing an established operational option for the property.
Key Highlights
- 7‑unit apartment building with 22 beds and approximately 8,460 square feet
- 20 of 22 beds currently leased; several additional beds secured for the upcoming semester
- New roof and new boiler, plus other recent property updates
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
$70,479
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
7.59%
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%
$1,409,580
$1.4M
Cap Rate 7%
$1,006,843
$1.0M
Cap Rate 9%
$783,100
$783.1K
Market Conditions
NOI Build-Up for 8,460 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
$137.1K $16.20/SF
− Vacancy
−$8.9K −$1.05/SF
EGI
$128.1K $15.15/SF
− OpEx
−$57.7K −$6.82/SF
NOI
$70.5K $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%
$1,409,580
Cap Rate 7%
$1,006,843
Cap Rate 9%
$783,100
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$881.0K – $1.17M
NOI $70,479 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $146,920 @ 7.0% cap · market cap 15.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,665
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?
Apartment building - R3-zoned multifamily property on the SUNY bus line near Main Street, Downtown, and the Court Street Bridge.
Where is this apartment building located?
The property is located at 136 Chapin St. Binghamton, NY.
What is the asking price?
The asking price for this property is $929,000.
What are key features of this property?
This property features: 7‑unit apartment building with 22 beds and approximately 8,460 square feet; 20 of 22 beds currently leased; several additional beds secured for the upcoming semester; New roof and new boiler, plus other recent property updates
