Three-Unit Triplex with Covered
New
For Sale
$299,500
17 Frederick Street, Binghamton, NY 13901
MultiFamily, Three Family, BINGHAMTON, NY
Property Size3,048 SF
Lot Size0.11 Acres
Price / SF$98.26
Days on Market4
Property Features for 17 Frederick Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Res
Bedrooms
6
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bedroom 6, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 5, Basement, Bedroom 4, Bedroom 2, Bedroom 3
Patio and Porch features
Porch
Exterior features
CABLE, COVERED PORCH
Fireplace
1
Appliances
FIREPLACE - WOOD
Lot features
G E N E R A L L Y L E V E L
Elementary school
Theodore Roosevelt
Elementary school district
Binghamton
Middle school district
Binghamton
High school district
Binghamton
Directions
State Street to Frederick Street
Subdivision
Area 03
Standard status
Active
APN
030200-144-075-0001-014-000-0000
Size
3,048 SF
Lot size
0.11 Acres
Utilities
Heating system
Other (Heating), Hot Water(Heating)
Water source
Public
Building Details
Year built
1900
Number of units
3
Flooring type
Tile, Hardwood
Building materials
Composition Siding
Architectural style
Other
Listing Agency:
KELLER WILLIAMS REALTY GREATER BINGHAMTON
(607) 722-0722
Listed By:
Karen Louise Whalen · License #10401278272
(607) 727-6232
Added: Oct 2
Last Checked: Oct 5 at 3:06AM
MLS# 337695
Copyright © 2026 Greater Binghamton Association of Realtor. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-story triplex at 17 Frederick Street contains three apartments across 3,048 square feet. The first-floor unit is occupied; the second- and third-floor units are vacant, and both retain their kitchens. The property also features hardwood and tile flooring, woodwork, a wood-burning fireplace, and a covered porch. A complete roof tear-off and replacement was completed in 2017.
The 0.11-acre property is in Binghamton and is zoned Res. Public water serves the building.
The 0.11-acre property is in Binghamton and is zoned Res. Public water serves the building.
Key Highlights
- Three apartments in a three‑story building
- 3,048 square feet on a 0.11‑acre lot
- First‑floor apartment occupied; second- and third‑floor apartments vacant
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
$27,235
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
9.09%
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%
$544,700
$544.7K
Cap Rate 7%
$389,071
$389.1K
Cap Rate 9%
$302,611
$302.6K
Market Conditions
NOI Build-Up for 3,048 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
$42.1K $13.80/SF
− Vacancy
−$3.2K −$1.04/SF
EGI
$38.9K $12.77/SF
− OpEx
−$11.7K −$3.83/SF
NOI
$27.2K $8.94/SF
Area
Broome County, NY
Vacancy
7.50%
Lease Rate
$13.80 /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%
$544,700
Cap Rate 7%
$389,071
Cap Rate 9%
$302,611
Alternative Uses
Best Use
Multifamily LT 5
$389.1K
$340.4K – $453.9K
NOI $27,235 @ 7.0% cap · market cap 9.09%
Second Best
Apartment 5plus
$362.7K
$317.4K – $423.2K
NOI $25,392 @ 7.0% cap · market cap 8.48%
Theoretical Best
Office A
$756.2K
$661.7K – $882.2K
NOI $52,933 @ 7.0% cap · market cap 17.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
698
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - The ground-floor apartment is occupied, while both upper-level apartments are vacant and retain their kitchens.
Where is this triplex located?
The property is located at 17 Frederick Street Binghamton, NY.
What is the asking price?
The asking price for this property is $299,500.
What are key features of this property?
This property features: Three apartments in a three‑story building; 3,048 square feet on a 0.11‑acre lot; First‑floor apartment occupied; second- and third‑floor apartments vacant
