Mixed-Use Property with Student
New
For Sale
$3,000,000
206-218 State St, Binghamton, NY 13901
COMMERCIAL - BINGHAMTON, NY
Property Size29,230 SF
Lot Size0.26 Acres
Price / SF$102.63
Days on Market2
Property Features for 206-218 State St
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
20
Elementary school district
Binghamton
Middle school district
Binghamton
High school district
Binghamton
Directions
From traffic Circle take court St Exit, Turn right on to state ST, Building Is on the right.
Subdivision
Area 03
Standard status
Active
Size
29,230 SF
Lot size
0.26 Acres
Utilities
Heating system
Natural Gas
Water source
Public
Amenities
indoor basketball court
Building Details
Year built
1970
Building materials
Brick Veneer
Listing Agency:
KELLER WILLIAMS REALTY GREATER BINGHAMTON
(607) 722-0722
Listed By:
Stephanie J Edson
(607) 237-8057
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 7 at 12:06PM
MLS# 337340
Copyright © 2026 Greater Binghamton Association of Realtor. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property at 206-218 State St in Binghamton encompasses 29,230 square feet on 0.26 acres. Built in 1970 with brick veneer construction, the property combines commercial space with student housing totaling 34 beds. The commercial portion is 100% occupied, while the residential area is near fully leased with four units available. Existing leases extend through 2027, with several continuing into 2028.
Property features include an indoor basketball court, an unfinished common area, a lower-level parking garage, and an additional parking lot at 218 State St. An unfinished upper floor has redevelopment work underway. Residential space has a separate Prospect Street entrance, capacity for up to 28 occupants, and two full kitchens. The property is served by public water and natural gas heating.
Property features include an indoor basketball court, an unfinished common area, a lower-level parking garage, and an additional parking lot at 218 State St. An unfinished upper floor has redevelopment work underway. Residential space has a separate Prospect Street entrance, capacity for up to 28 occupants, and two full kitchens. The property is served by public water and natural gas heating.
Key Highlights
- 29,230 square feet on 0.26 acres at 206‑218 State St
- Commercial component is 100% occupied; residential portion includes 34 beds and four available units
- Existing leases extend through 2027, with several continuing into 2028
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
$243,511
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
8.12%
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%
$4,870,220
$4.9M
Cap Rate 7%
$3,478,729
$3.5M
Cap Rate 9%
$2,705,678
$2.7M
Market Conditions
NOI Build-Up for 29,230 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
$473.5K $16.20/SF
− Vacancy
−$30.8K −$1.05/SF
EGI
$442.7K $15.15/SF
− OpEx
−$199.2K −$6.82/SF
NOI
$243.5K $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%
$4,870,220
Cap Rate 7%
$3,478,729
Cap Rate 9%
$2,705,678
Alternative Uses
Best Use
Retail
$4.20M
$3.68M – $4.90M
NOI $294,025 @ 7.0% cap · market cap 9.80%
Second Best
Mixed Use
$4.04M
$3.53M – $4.71M
NOI $282,471 @ 7.0% cap · market cap 9.42%
Theoretical Best
Office A
$7.25M
$6.35M – $8.46M
NOI $507,620 @ 7.0% cap · market cap 16.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,168
Businesses Nearby
Explore this area
Business Placement
Demographics for 13901, NY
20,548
Population
10,148
Households
2
Avg Household Size
40
Median Age
26%
College-Educated
87%
High-School Grad
23.0 sq mi
ZIP Area
893
Density / Sq Mi
$54,165
Median Household Income
$36,897
Median Earnings
$806
Median Rent
$152,800
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?
Mixed-use property - Combines commercial space, student housing, parking facilities, and redevelopment potential in a multi-building property.
Where is this mixed-use property located?
The property is located at 206-218 State St Binghamton, NY.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 29,230 square feet on 0.26 acres at 206‑218 State St; Commercial component is 100% occupied; residential portion includes 34 beds and four available units; Existing leases extend through 2027, with several continuing into 2028
