11-Unit Apartment
For Sale
$725,000
140 Chapin St, Binghamton, NY 13905
West Side property with controlled access, off-street parking, and proximity to Downtown Binghamton.
Property Size6,117 SF
Price / SF$118.52
Days on Market197
Property Features for 140 Chapin St
General Information
Standard status
Active
Size
6,117 SF
Property subtype
MultiFamily Apartments
Zoning
R-3
Occupancy
93%
Additional Details
Public Transit
Yes
Multifamily Units
11
Amenities
off street parking
secure building with controlled access
Building Details
Building Size
6,117 SF
Year Built
1970
Buildings
1
Listing Agency:
Warren Real estate
Listed By:
Scott Warren
(439) 439-0439
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 7:00PM
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 6,117-square-foot apartment building contains 11 units with a total of 14 beds and 11 baths. The property was built in 1970 and includes controlled access and off-street parking. Roofing and boiler systems were replaced in 2019. Current occupancy is 92.8%, and many rents are below market levels.
Located at 140 Chapin St. on Binghamton’s West Side, the building is within walking distance of Downtown Binghamton, the SUNY bus route, and the Court Street Bridge. The surrounding commercial district includes restaurants and shops, while the property is positioned near the Chapin and Main intersection. R-3 zoning is identified in the property information.
Located at 140 Chapin St. on Binghamton’s West Side, the building is within walking distance of Downtown Binghamton, the SUNY bus route, and the Court Street Bridge. The surrounding commercial district includes restaurants and shops, while the property is positioned near the Chapin and Main intersection. R-3 zoning is identified in the property information.
Key Highlights
- 6,117 SF building with 11 apartment units
- Eleven units totaling fourteen beds and eleven baths
- 92.8% occupancy rate
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
$50,960
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
7.03%
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%
$1,019,200
$1.0M
Cap Rate 7%
$728,000
$728.0K
Cap Rate 9%
$566,222
$566.2K
Market Conditions
NOI Build-Up for 6,117 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
$99.1K $16.20/SF
− Vacancy
−$6.4K −$1.05/SF
EGI
$92.7K $15.15/SF
− OpEx
−$41.7K −$6.82/SF
NOI
$51.0K $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%
$1,019,200
Cap Rate 7%
$728,000
Cap Rate 9%
$566,222
Alternative Uses
Best Use
Apartment 5plus
$728.0K
$637.0K – $849.3K
NOI $50,960 @ 7.0% cap · market cap 7.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,230 @ 7.0% cap · market cap 14.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
92.8%
Occupancy
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
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Frequently Asked Questions
What type of property is this?
Apartment building - West Side property with controlled access, off-street parking, and proximity to Downtown Binghamton.
Where is this apartment building located?
The property is located at 140 Chapin St Binghamton, NY.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 6,117 SF building with 11 apartment units; Eleven units totaling fourteen beds and eleven baths; 92.8% occupancy rate
