Duplex with Outdoor Living
For Sale
$189,999
18 Division Street, Binghamton, NY 13905
Two-unit property with updated kitchen finishes, a covered front porch, rear deck, and parking on a corner lot.
Property Size1,252 SF
Price / SF$151.76
Days on Market472
Property Features for 18 Division Street
General Information
Standard status
Active
Size
1,252 SF
Property subtype
Multi Family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,423
Amenities
front porch
rear deck
Building Details
Year Built
1940
Listing Agency:
EXIT REALTY HOMEWARD BOUND
(315) 717-9533
Listed By:
Aleya Majid · License #40MA1116345
(315) 717-9533
Source:
Exitrealty
Added: May 16, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:37AM
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 EXIT REALTY HOMEWARD BOUND
Investment Insights
Based on property information with market context.
Built in 1940, this 1,252-square-foot duplex contains two residential units with kitchen improvements that include newer appliances, newer flooring, and ample counter space. The property also offers a front porch and rear deck, along with on-site parking.
Located at 18 Division Street in Binghamton, the home occupies a corner lot. Additional improvements include a newer roof and copper piping extending from the road to the water meter. The two-family layout provides flexibility for an owner-occupant or an income-producing residential property.
Located at 18 Division Street in Binghamton, the home occupies a corner lot. Additional improvements include a newer roof and copper piping extending from the road to the water meter. The two-family layout provides flexibility for an owner-occupant or an income-producing residential property.
Key Highlights
- 1,252‑square‑foot duplex with two residential units
- Newer roof and copper piping from the road to the water meter
- Both kitchens feature newer flooring and appliances
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
$11,187
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
5.89%
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%
$223,740
$223.7K
Cap Rate 7%
$159,814
$159.8K
Cap Rate 9%
$124,300
$124.3K
Market Conditions
NOI Build-Up for 1,252 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
$17.3K $13.80/SF
− Vacancy
−$1.3K −$1.04/SF
EGI
$16.0K $12.77/SF
− OpEx
−$4.8K −$3.83/SF
NOI
$11.2K $8.94/SF
Area
Broome County, NY
Vacancy
7.50%
Lease Rate
$13.80 /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%
$223,740
Cap Rate 7%
$159,814
Cap Rate 9%
$124,300
Alternative Uses
Best Use
Multifamily LT 5
$159.8K
$139.8K – $186.5K
NOI $11,187 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$149.0K
$130.4K – $173.8K
NOI $10,430 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$310.6K
$271.8K – $362.4K
NOI $21,743 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
626
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?
Duplex - Two-unit property with updated kitchen finishes, a covered front porch, rear deck, and parking on a corner lot.
Where is this duplex located?
The property is located at 18 Division Street Binghamton, NY.
What is the asking price?
The asking price for this property is $189,999.
What are key features of this property?
This property features: 1,252‑square‑foot duplex with two residential units; Newer roof and copper piping from the road to the water meter; Both kitchens feature newer flooring and appliances
