8-Unit Apartment
New
For Sale
$730,000
175 Chapin Street, Binghamton, NY 13905
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 Market2
Property Features for 175 Chapin Street
General Information
Standard status
Active
Size
7,820 SF
Net Operating Income
$65,647
Units
Unit Mix
8 x 1BR
Multifamily Units
8
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
Last Checked: Sep 18 at 2:12PM
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.
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 = 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
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Current Use
Lease Details
8
Residential units
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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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
