Fully Rented Multifamily Investment
For Sale
$279,000
14 Clarke Street, Binghamton, NY 13905
Six-unit multifamily property in Binghamton, NY with steady rental history.
Property Size2,825 SF
Price / SF$98.76
Days on Market218
Property Features for 14 Clarke Street
General Information
Standard status
Active
Size
2,825 SF
Property subtype
Residential Income / Apartment
Zoning
Multi-Residential
Taxes and HOA fees
Annual Taxes
$5,496
Amenities
CeilingFans
ForcedAir, Yes
Carpet, Hardwood, Tile
GasWaterHeater
6
Stone
Building Details
Year Built
1960
Listing Agency:
WARREN REAL ESTATE (Vestal)
(607) 752-4878
Listed By:
Cary C Turner · License #10401377337
(607) 752-4878
Source:
Compass
Added: Jan 17
Changed: Aug 23
Last Checked: Aug 22 at 2:29PM
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 (Vestal)
Investment Insights
Based on property information with market context.
This fully rented six-unit multifamily property is located on the West Side of Binghamton, New York. The property is situated minutes from downtown and Recreation Park, with several restaurants, neighborhood amenities, and a bus line within walking distance. The well-maintained building features six one-bedroom units, each with separate electric meters. The current rental income totals $4,010 per month, or $48,120 annually. The annual taxes are $5,496, and insurance is $1,458. The building has a steady rental history and is fully occupied. It is suitable for someone looking to step into a stabilized, income-producing property in a prime West Side location.
Key Highlights
- Fully rented 6‑unit multifamily property, providing immediate income.
- Located in a prime West Side location of Binghamton, near downtown, Rec Park, restaurants, and bus line.
- Separate electric meters for each unit, simplifying ownership and expense management.
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
$23,535
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
8.44%
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%
$470,700
$470.7K
Cap Rate 7%
$336,214
$336.2K
Cap Rate 9%
$261,500
$261.5K
Market Conditions
NOI Build-Up for 2,825 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
$45.8K $16.20/SF
− Vacancy
−$3.0K −$1.05/SF
EGI
$42.8K $15.15/SF
− OpEx
−$19.3K −$6.82/SF
NOI
$23.5K $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%
$470,700
Cap Rate 7%
$336,214
Cap Rate 9%
$261,500
Alternative Uses
Best Use
Apartment 5plus
$336.2K
$294.2K – $392.3K
NOI $23,535 @ 7.0% cap · market cap 8.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$700.9K
$613.3K – $817.7K
NOI $49,060 @ 7.0% cap · market cap 17.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,092
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 - Six-unit multifamily property in Binghamton, NY with steady rental history.
Where is this apartment building located?
The property is located at 14 Clarke Street Binghamton, NY.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Fully rented 6‑unit multifamily property, providing immediate income.; Located in a prime West Side location of Binghamton, near downtown, Rec Park, restaurants, and bus line.; Separate electric meters for each unit, simplifying ownership and expense management.
