Fully Rented
For Sale
$190,000
21 Cedar St, Binghamton, NY 13905
Two residential units are leased, with bus service, shopping, restaurants, and entertainment nearby.
Property Size1,706 SF
Days on Market193
Property Features for 21 Cedar St
General Information
Standard status
Active
Size
1,706 SF
Class
C
Property subtype
MultiFamily Apartments
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Building Size
1,706 SF
Year Built
1910
Tenancy
Multi
Listing Agency:
SVN Innovative Commercial Advisors
(607) 354-6206
Listed By:
James Lucenti, MA, CAS
(607) 354-6206
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 5:54PM
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 SVN Innovative Commercial Advisors
Investment Insights
Based on property information with market context.
Built in 1910, this duplex is configured as a 3/3 property with both residential units currently rented. Existing occupancy provides an operating rental setup for a buyer seeking an income-producing residential asset.
The property is situated near a bus line and a range of shopping, restaurants, and entertainment. Recreation Park, Binghamton University, and downtown Binghamton are also identified as nearby area destinations, adding access to outdoor, educational, cultural, and employment-related amenities.
The property is situated near a bus line and a range of shopping, restaurants, and entertainment. Recreation Park, Binghamton University, and downtown Binghamton are also identified as nearby area destinations, adding access to outdoor, educational, cultural, and employment-related amenities.
Key Highlights
- Duplex configured as a 3/3 property
- Both units are currently rented
- Built in 1910
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
$15,244
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
8.02%
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%
$304,880
$304.9K
Cap Rate 7%
$217,771
$217.8K
Cap Rate 9%
$169,378
$169.4K
Market Conditions
NOI Build-Up for 1,706 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
$23.5K $13.80/SF
− Vacancy
−$1.8K −$1.04/SF
EGI
$21.8K $12.77/SF
− OpEx
−$6.5K −$3.83/SF
NOI
$15.2K $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%
$304,880
Cap Rate 7%
$217,771
Cap Rate 9%
$169,378
Alternative Uses
Best Use
Multifamily LT 5
$217.8K
$190.6K – $254.1K
NOI $15,244 @ 7.0% cap · market cap 8.02%
Second Best
Apartment 5plus
$203.0K
$177.7K – $236.9K
NOI $14,212 @ 7.0% cap · market cap 7.48%
Theoretical Best
Office A
$423.2K
$370.3K – $493.8K
NOI $29,627 @ 7.0% cap · market cap 15.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,092
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 residential units are leased, with bus service, shopping, restaurants, and entertainment nearby.
Where is this duplex located?
The property is located at 21 Cedar St Binghamton, NY.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Duplex configured as a 3/3 property; Both units are currently rented; Built in 1910
