Eight-Unit Apartment
For Sale
$730,000
175 Chapin St, Binghamton, NY 13905
Well-maintained multifamily property with off-street parking, coin-operated laundry, and controlled building access.
Property Size7,820 SF
Days on Market9
Property Features for 175 Chapin St
General Information
Standard status
Active
Size
7,820 SF
Property subtype
Commercial
Net Operating Income
$65,647
Units
Unit Mix
8 x 1BR
Multifamily Units
8
Additional Details
Utilities to Site
Yes
Amenities
coin-operated laundry
locked front entry
security camera system
Building Details
Building Size
7,820 SF
Year Built
1960
Listing Agency:
Keller Williams Realty Southern Tier & Finger Lakes
(607) 481-5334
Listed By:
James Connor · License #10401381217
(607) 481-5334
Source:
Elliman
Added: Jul 30
Changed: Jul 31
Last Checked: Aug 7 at 5:34AM
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 Keller Williams Realty Southern Tier & Finger Lakes
Investment Insights
Based on property information with market context.
This 8-unit apartment building at 175 Chapin St in Binghamton, NY, includes eight individual 1-bedroom apartments and off-street parking behind the building for each tenant. The property also features on-site coin-operated laundry facilities and a locked front entry with postal key access.
The building has 9 separate electric meters, including 8 tenant-paid meters and 1 landlord meter serving common spaces. A remote-viewable security camera system transfers to the new owner. Built in 1960, the property has established rental schedules, cooperative tenants aware of the sale, and a documented rental history. The location has a walk score of 79, classified as Very Walkable, and a bike score of 55, classified as Bikeable.
The building has 9 separate electric meters, including 8 tenant-paid meters and 1 landlord meter serving common spaces. A remote-viewable security camera system transfers to the new owner. Built in 1960, the property has established rental schedules, cooperative tenants aware of the sale, and a documented rental history. The location has a walk score of 79, classified as Very Walkable, and a bike score of 55, classified as Bikeable.
Key Highlights
- 8‑unit apartment building with eight individual 1‑bedroom apartments
- Off‑street parking behind the building for each tenant
- 9 separate electric meters: 8 tenant‑paid and 1 landlord meter
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
$65,147
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
8.92%
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%
$1,302,940
$1.3M
Cap Rate 7%
$930,671
$930.7K
Cap Rate 9%
$723,856
$723.9K
Market Conditions
NOI Build-Up for 7,820 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
$126.7K $16.20/SF
− Vacancy
−$8.2K −$1.05/SF
EGI
$118.4K $15.15/SF
− OpEx
−$53.3K −$6.82/SF
NOI
$65.1K $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%
$1,302,940
Cap Rate 7%
$930,671
Cap Rate 9%
$723,856
Alternative Uses
Best Use
Apartment 5plus
$930.7K
$814.3K – $1.09M
NOI $65,147 @ 7.0% cap · market cap 8.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.94M
$1.70M – $2.26M
NOI $135,805 @ 7.0% cap · market cap 18.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,976
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 - Well-maintained multifamily property with off-street parking, coin-operated laundry, and controlled building access.
Where is this apartment building located?
The property is located at 175 Chapin St Binghamton, NY.
What is the asking price?
The asking price for this property is $730,000.
What are key features of this property?
This property features: 8‑unit apartment building with eight individual 1‑bedroom apartments; Off‑street parking behind the building for each tenant; 9 separate electric meters: 8 tenant‑paid and 1 landlord meter
