8-Unit Apartment
175 Chapin Street, Binghamton, NY 13905
For Sale
$730,000
Eight individual one-bedroom units are supported by tenant-paid electric service and on-site laundry.
Property Size7,820 SF
Price / SF$93.35
Days on Market51
Property Features for 175 Chapin Street
General Information
Standard status
Size
Net Operating Income
Units
Unit Mix
Multifamily Units
Amenities
on-site laundry
security camera system
Listing Agency:
Keller Williams Realty Southern Tier & Finger Lakes
(607) 795-2900
Listed By:
James Connor · License #10401381217
(607) 481-5334
Source:
Nicholcityrealty
Added: Sep 18
Changed: Oct 25
Last Checked: Nov 6 at 8:18AM
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
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Investment Insights
Based on property information with market context.
Located at 175 Chapin Street in Binghamton, NY 13905, this 7,820-square-foot multifamily property contains eight individual one-bedroom apartments. The building is configured for straightforward utility administration with 9 separate electric meters: 8 tenant-paid meters and 1 serving common areas. Landlord-paid services include water, sewer, and common electric.
Off-street parking is available behind the building for each tenant. Resident access is controlled through a locked front entrance with postal key access, while a remote-viewable security camera system transfers to the new owner. On-site coin-operated laundry provides an additional income stream. The property has an established rental history, rental schedules, tenants aware of the sale, and compatibility with local housing assistance programs.
Off-street parking is available behind the building for each tenant. Resident access is controlled through a locked front entrance with postal key access, while a remote-viewable security camera system transfers to the new owner. On-site coin-operated laundry provides an additional income stream. The property has an established rental history, rental schedules, tenants aware of the sale, and compatibility with local housing assistance programs.
Key Highlights
- 8 individual one‑bedroom apartments within 7,820 square feet
- 9 separate electric meters: 8 tenant‑paid and 1 landlord meter
- Off‑street parking behind the building for each tenant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$65,147
Cap Rate
8.92%
Suggested Prices Based on Cap Rates
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
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 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.
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Open Analytics
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,976
Businesses Nearby
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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
$137,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Binghamton, NY
Properties on Market for Apartment buildings in Binghamton
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Eight individual one-bedroom units are supported by tenant-paid electric service and on-site laundry.
Where is this apartment building located?
The property is located at 175 Chapin Street 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 individual one‑bedroom apartments within 7,820 square feet; 9 separate electric meters: 8 tenant‑paid and 1 landlord meter; Off‑street parking behind the building for each tenant
