Mixed-Use Triplex with Garage
For Sale
$239,900
2096 College Avenue, Elmira, NY 14903
Three residential units occupy a commercially and residentially zoned property with paved parking and a detached garage ADU.
Property Size2,466 SF
Days on Market51
Property Features for 2096 College Avenue
General Information
Standard status
Active
Size
2,466 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$4,423
Building Details
Building Size
2,466 SF
Year Built
1960
Listing Agency:
Keller Williams Realty Southern Tier & Finger Lakes
(607) 742-1350
Listed By:
Pamela Pariso · License #10401278422
(607) 742-1350
Source:
Griffith-realty
Added: Jun 23
Changed: Aug 11
Last Checked: Aug 12 at 3:19PM
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.
This 1960 triplex contains three residential units within a building that retains commercial and residential zoning. The first floor includes a two-bedroom apartment with vaulted ceilings and laundry hookups, along with a studio featuring a kitchenette, walk-in shower, and vaulted ceilings. A one-bedroom apartment occupies the upper level and has separate utilities and its own furnace. The lower rear unit provides ramp access for handicap accessibility.
A detached garage ADU offers additional configuration potential but requires a range and bathroom completion before occupancy. The property also includes a paved parking area for approximately 12 cars, exterior lighting, and commercial signage on the front and side. Basement improvements include two laundry hookups, electricity, a sink, and finished space formerly used as a salon break room.
A detached garage ADU offers additional configuration potential but requires a range and bathroom completion before occupancy. The property also includes a paved parking area for approximately 12 cars, exterior lighting, and commercial signage on the front and side. Basement improvements include two laundry hookups, electricity, a sink, and finished space formerly used as a salon break room.
Key Highlights
- Three residential units with private entrances
- Commercial and residential zoning supports mixed‑use flexibility
- Detached garage ADU requires range and bathroom completion
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
$20,197
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
8.42%
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%
$403,940
$403.9K
Cap Rate 7%
$288,529
$288.5K
Cap Rate 9%
$224,411
$224.4K
Market Conditions
NOI Build-Up for 2,466 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
$35.5K $14.40/SF
− Vacancy
−$3.2K −$1.30/SF
EGI
$32.3K $13.10/SF
− OpEx
−$12.1K −$4.91/SF
NOI
$20.2K $8.19/SF
Area
Chemung County, NY
Vacancy
9.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
37.50%
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%
$403,940
Cap Rate 7%
$288,529
Cap Rate 9%
$224,411
Alternative Uses
Best Use
Multifamily LT 5
$22.45M
$19.64M – $26.19M
NOI $1,571,367 @ 7.0% cap · market cap 655.01%
Second Best
Apartment 5plus
$22.10M
$19.34M – $25.78M
NOI $1,547,095 @ 7.0% cap · market cap 644.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
Explore this area
Business Placement
Demographics for 14903, NY
7,279
Population
3,344
Households
2.2
Avg Household Size
42
Median Age
28%
College-Educated
95%
High-School Grad
21.6 sq mi
ZIP Area
337
Density / Sq Mi
$66,142
Median Household Income
$41,182
Median Earnings
$943
Median Rent
$123,900
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?
Triplex - Three residential units occupy a commercially and residentially zoned property with paved parking and a detached garage ADU.
Where is this triplex located?
The property is located at 2096 College Avenue Elmira, NY.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Three residential units with private entrances; Commercial and residential zoning supports mixed‑use flexibility; Detached garage ADU requires range and bathroom completion
