Victorian Two-Unit Multifamily
For Sale
$229,000
17 1ST ST, Corning, NY 14830
A Victorian duplex currently laid out as two spacious units, each with two bedrooms and one full bath, plus parking and updates.
Property Size2,743 SF
Price / SF$83.49
Days on Market101
Property Features for 17 1ST ST
General Information
Standard status
Active
Size
2,743 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$5,097
Amenities
Gas, Ceiling Fan(s)
Partially Finished, Full
3
Hardwood, Laminate
Shingle, Composition Shingle
Porch, Enclosed Porch, Balcony, Covered
Parking.
Paved Driveway, On Street.
Vinyl
Rectangular
63X165
City Road, Rectangular.
Building Details
Year Built
1880
Listing Agency:
(607) 329-7181
Listed By:
Warren Real Estate
(607) 329-7181
Source:
Xome
Added: May 18
Changed: Aug 23
Last Checked: Aug 26 at 6:46AM
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 Victorian-style multifamily home is currently configured as two exceptionally spacious units. Each unit includes two bedrooms and one full bath, and the lower unit also has an additional half-bath in the walk-out basement area. Original hardwood floors and Victorian architectural character are featured throughout, and the property has been updated with a newer roof, furnace, hot water heaters, and many replacement windows.
Outside, the property offers a massive private parking lot with abundant off-street parking. The upper unit includes a private balcony with sweeping city views.
The home was originally a three-unit residence and may be reconverted depending on buyer preference and planning. Overall, it presents a dual-unit income configuration with notable historic features and practical improvements.
Outside, the property offers a massive private parking lot with abundant off-street parking. The upper unit includes a private balcony with sweeping city views.
The home was originally a three-unit residence and may be reconverted depending on buyer preference and planning. Overall, it presents a dual-unit income configuration with notable historic features and practical improvements.
Key Highlights
- Victorian multi‑family home built in 1880, currently configured as a duplex with 2 units
- Each unit features 2 bedrooms and 1 full bath, with hardwood and laminate flooring
- Lower unit includes an extra half‑bath in the walk‑out basement area
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
$18,563
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
8.11%
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%
$371,260
$371.3K
Cap Rate 7%
$265,186
$265.2K
Cap Rate 9%
$206,256
$206.3K
Market Conditions
NOI Build-Up for 2,743 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
$28.0K $10.20/SF
− Vacancy
−$1.5K −$0.53/SF
EGI
$26.5K $9.67/SF
− OpEx
−$8.0K −$2.90/SF
NOI
$18.6K $6.77/SF
Area
Steuben County, NY
Vacancy
5.22%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$371,260
Cap Rate 7%
$265,186
Cap Rate 9%
$206,256
Alternative Uses
Best Use
Multifamily LT 5
$265.2K
$232.0K – $309.4K
NOI $18,563 @ 7.0% cap · market cap 8.11%
Second Best
Apartment 5plus
$244.4K
$213.9K – $285.1K
NOI $17,108 @ 7.0% cap · market cap 7.47%
Theoretical Best
Office A
$668.7K
$585.1K – $780.2K
NOI $46,809 @ 7.0% cap · market cap 20.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,093
Businesses Nearby
Explore this area
Business Placement
Demographics for 14830, NY
18,949
Population
9,324
Households
2
Avg Household Size
40
Median Age
41%
College-Educated
96%
High-School Grad
90.6 sq mi
ZIP Area
209
Density / Sq Mi
$73,831
Median Household Income
$48,331
Median Earnings
$997
Median Rent
$168,100
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?
Duplex - A Victorian duplex currently laid out as two spacious units, each with two bedrooms and one full bath, plus parking and updates.
Where is this duplex located?
The property is located at 17 1ST ST Corning, NY.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Victorian multi‑family home built in 1880, currently configured as a duplex with 2 units; Each unit features 2 bedrooms and 1 full bath, with hardwood and laminate flooring; Lower unit includes an extra half‑bath in the walk‑out basement area
