Historic Multifamily
For Sale
$189,000
179 Sly Avenue, Corning, NY 14830
Residential income property with a brick driveway and off-street parking near downtown amenities and major employers.
Property Size2,111 SF
Days on Market373
Property Features for 179 Sly Avenue
General Information
Standard status
Active
Size
2,111 SF
Property subtype
Multi Family Home
Zoning
Residential 2 Unit
Taxes and HOA fees
Annual Taxes
$5,239
Building Details
Building Size
2,111 SF
Year Built
1895
Stories
2
Units
2
Listing Agency:
Howard Hanna Corning
(607) 765-0807
Listed By:
Vanessa Scott · License #10401375502
(607) 765-0807
Source:
Northstarwny
Added: Aug 13, 2025
Changed: Aug 16
Last Checked: Aug 19 at 3:06PM
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.
Built in 1895, this multifamily residential property is designated Residential 2 Unit and is presented as a rental asset. The property includes a privately laid brick driveway and off-street parking, adding practical site improvements for occupants and visitors.
The property is positioned near downtown, shopping, Market Street, the Corning Museum of Glass, major employers, and a primary commuting route. Its location provides access to everyday amenities, employment centers, and area attractions while retaining a residential setting. The asset is suited to buyers seeking a multifamily property for rental use or a residential income portfolio.
The property is positioned near downtown, shopping, Market Street, the Corning Museum of Glass, major employers, and a primary commuting route. Its location provides access to everyday amenities, employment centers, and area attractions while retaining a residential setting. The asset is suited to buyers seeking a multifamily property for rental use or a residential income portfolio.
Key Highlights
- Multifamily residential property built in 1895
- Residential 2 Unit zoning
- Private hand‑laid brick driveway
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
$13,166
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
6.97%
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%
$263,320
$263.3K
Cap Rate 7%
$188,086
$188.1K
Cap Rate 9%
$146,289
$146.3K
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
$25.3K $12.00/SF
− Vacancy
−$1.4K −$0.66/SF
EGI
$23.9K $11.34/SF
− OpEx
−$10.8K −$5.10/SF
NOI
$13.2K $6.24/SF
Area
Steuben County, NY
Vacancy
5.50%
Lease Rate
$12.00 /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%
$263,320
Cap Rate 7%
$188,086
Cap Rate 9%
$146,289
Alternative Uses
Best Use
Apartment 5plus
$188.1K
$164.6K – $219.4K
NOI $13,166 @ 7.0% cap · market cap 6.97%
Second Best
—
—
no second resolved use
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
Current Use
Location Intelligence
Trade Area within ½ mile
283
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?
Multifamily property - Residential income property with a brick driveway and off-street parking near downtown amenities and major employers.
Where is this multifamily property located?
The property is located at 179 Sly Avenue 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: Multifamily residential property built in 1895; Residential 2 Unit zoning; Private hand‑laid brick driveway
