Duplex Rental
For Sale
$189,000
179 SLY AVE, Corning, NY 14830
Duplex rental with private brick driveway and off-street parking near Market Street and local major employers.
Property Size2,111 SF
Price / SF$89.53
Days on Market417
Property Features for 179 SLY AVE
General Information
Standard status
Active
Size
2,111 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$5,239
Amenities
Electric
Full
3
Other
Shingle
Other, Partial
Fenced Yard.
Rectangular
66X56
Rectangular.
Building Details
Year Built
1895
Stories
2
Listing Agency:
(607) 936-4663
Listed By:
Howard Hanna Corning
(607) 331-1256
Source:
Xome
Added: Jul 16, 2025
Changed: Sep 1
Last Checked: Sep 4 at 3:12AM
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 Howard Hanna Corning
Investment Insights
Based on property information with market context.
This duplex rental property at 179 Sly Ave offers a convenient, commuter-friendly setup with off-street parking and a private, hand-laid brick driveway. The home is presented as an investor special, with a focus on classic character combined with practical updates.
The property is located in the heart of Corning, just minutes from downtown shopping and major employers. It is also described as being close to Market Street and the Corning Museum of Glass, with access to a major commuting route.
For sale as a rental-focused investment, the listing encourages buyers to schedule a private tour. The seller indicates motivation and will consider all offers.
The property is located in the heart of Corning, just minutes from downtown shopping and major employers. It is also described as being close to Market Street and the Corning Museum of Glass, with access to a major commuting route.
For sale as a rental-focused investment, the listing encourages buyers to schedule a private tour. The seller indicates motivation and will consider all offers.
Key Highlights
- Duplex rental at 179 Sly Ave with classic features and interior finishes including hardwood, tile, laminate, and carpet
- Private, beautifully hand‑laid brick driveway plus off‑street parking near Market Street and local major employers
- Fenced yard with rectangular lot dimensions of 66 x 56 and a shingle roof
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
$14,286
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
7.56%
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%
$285,720
$285.7K
Cap Rate 7%
$204,086
$204.1K
Cap Rate 9%
$158,733
$158.7K
Market Conditions
NOI Build-Up for 2,111 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
$21.5K $10.20/SF
− Vacancy
−$1.1K −$0.53/SF
EGI
$20.4K $9.67/SF
− OpEx
−$6.1K −$2.90/SF
NOI
$14.3K $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%
$285,720
Cap Rate 7%
$204,086
Cap Rate 9%
$158,733
Alternative Uses
Best Use
Multifamily LT 5
$204.1K
$178.6K – $238.1K
NOI $14,286 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$188.1K
$164.6K – $219.4K
NOI $13,166 @ 7.0% cap · market cap 6.97%
Theoretical Best
Office A
$514.6K
$450.3K – $600.4K
NOI $36,024 @ 7.0% cap · market cap 19.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
349
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 - Duplex rental with private brick driveway and off-street parking near Market Street and local major employers.
Where is this duplex located?
The property is located at 179 SLY AVE Corning, NY.
What is the asking price?
The asking price for this property is $189,000.
What are key features of this property?
This property features: Duplex rental at 179 Sly Ave with classic features and interior finishes including hardwood, tile, laminate, and carpet; Private, beautifully hand‑laid brick driveway plus off‑street parking near Market Street and local major employers; Fenced yard with rectangular lot dimensions of 66 x 56 and a shingle roof
