Fully Occupied 8-Unit
For Sale
$456,000
14 Way Street, Binghamton, NY 13901
8-unit property near Downtown Binghamton with recent major updates.
Property Size4,381 SF
Price / SF$104.09
Days on Market272
Property Features for 14 Way Street
General Information
Standard status
Active
Size
4,381 SF
Property subtype
Multifamily
Net Operating Income
$51,713
Building Details
Building Size
4,381 SF
Year Built
1950
Listing Agency:
(607) 953-1509
Listed By:
Matthew Karlgut
(607) 953-1509
Source:
Svn
Added: Nov 21, 2025
Changed: Aug 8
Last Checked: Aug 20 at 4:42AM
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 Matthew Karlgut
Investment Insights
Based on property information with market context.
This is an 8-unit property that is currently fully occupied. The property features separate utilities for each unit. Major updates were completed in 2022, including updated electrical and plumbing systems, and a new roof. The property is located within walking distance of Downtown Binghamton and is in close proximity to shopping, dining, and entertainment options. It is located 4 minutes from Downtown Binghamton. New windows were installed.
Key Highlights
- Fully occupied 8‑unit property offering immediate rental income
- Separate utilities simplifies management
- Major updates in 2022 including a new roof, electrical, windows, and plumbing reduces maintenance
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
$36,497
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
8.00%
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%
$729,940
$729.9K
Cap Rate 7%
$521,386
$521.4K
Cap Rate 9%
$405,522
$405.5K
Market Conditions
NOI Build-Up for 4,381 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
$71.0K $16.20/SF
− Vacancy
−$4.6K −$1.05/SF
EGI
$66.4K $15.15/SF
− OpEx
−$29.9K −$6.82/SF
NOI
$36.5K $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%
$729,940
Cap Rate 7%
$521,386
Cap Rate 9%
$405,522
Alternative Uses
Best Use
Apartment 5plus
$521.4K
$456.2K – $608.3K
NOI $36,497 @ 7.0% cap · market cap 8.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$951.0K – $1.27M
NOI $76,082 @ 7.0% cap · market cap 16.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,866
Businesses Nearby
Explore this area
Business Placement
Demographics for 13901, NY
20,548
Population
10,148
Households
2
Avg Household Size
40
Median Age
26%
College-Educated
87%
High-School Grad
23.0 sq mi
ZIP Area
893
Density / Sq Mi
$54,165
Median Household Income
$36,897
Median Earnings
$806
Median Rent
$152,800
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 - 8-unit property near Downtown Binghamton with recent major updates.
Where is this apartment building located?
The property is located at 14 Way Street Binghamton, NY.
What is the asking price?
The asking price for this property is $456,000.
What are key features of this property?
This property features: Fully occupied 8‑unit property offering immediate rental income; Separate utilities simplifies management; Major updates in 2022 including a new roof, electrical, windows, and plumbing reduces maintenance
