13-Unit Walk-Up Apartment
New
For Sale
$1,299,000
22 North St, Binghamton, NY 13905
Walk-up apartment property with a four-to-nine one- and two-bedroom unit mix and owner-paid gas utilities.
Property Size11,892 SF
Days on Market2
Property Features for 22 North St
General Information
Standard status
Active
Size
11,892 SF
Total Parking Spaces
13
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$29,220
Building Details
Building Size
11,892 SF
Year Built
1960
Stories
3
Units
13
Listing Agency:
Seven Valley Realty, Inc.
(607) 423-3175
Listed By:
Philip Henry · License #30HE0952053
(607) 423-3175
Source:
Elliman
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 6:23AM
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 Seven Valley Realty, Inc.
Investment Insights
Based on property information with market context.
Built in 1960, this 11,892-square-foot walk-up apartment building at 22 North St includes 13 units: four one-bedroom apartments and nine two-bedroom apartments. The owner covers gas service, including steam heat and domestic hot water, while residents pay their own electricity. The property is positioned near downtown Binghamton and includes a practical parking component for the building.
The sale is structured as a package with 135 Murray Street, a 13-car parking lot, and 24 North Street, identified as parcel MLS #S1705565. Walk Score is 79, described as Very Walkable, while Bike Score is 55, described as Bikeable.
The sale is structured as a package with 135 Murray Street, a 13-car parking lot, and 24 North Street, identified as parcel MLS #S1705565. Walk Score is 79, described as Very Walkable, while Bike Score is 55, described as Bikeable.
Key Highlights
- 11,892‑square‑foot walk‑up apartment building built in 1960
- 13 units: 4 one‑bedroom apartments and 9 two‑bedroom apartments
- Sale includes 135 Murray Street, a 13‑car parking lot
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
$99,070
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
7.63%
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%
$1,981,400
$2.0M
Cap Rate 7%
$1,415,286
$1.4M
Cap Rate 9%
$1,100,778
$1.1M
Market Conditions
NOI Build-Up for 11,892 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
$192.7K $16.20/SF
− Vacancy
−$12.5K −$1.05/SF
EGI
$180.1K $15.15/SF
− OpEx
−$81.1K −$6.82/SF
NOI
$99.1K $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%
$1,981,400
Cap Rate 7%
$1,415,286
Cap Rate 9%
$1,100,778
Alternative Uses
Best Use
Apartment 5plus
$1.42M
$1.24M – $1.65M
NOI $99,070 @ 7.0% cap · market cap 7.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.95M
$2.58M – $3.44M
NOI $206,521 @ 7.0% cap · market cap 15.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,976
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?
Apartment building - Walk-up apartment property with a four-to-nine one- and two-bedroom unit mix and owner-paid gas utilities.
Where is this apartment building located?
The property is located at 22 North St Binghamton, NY.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: 11,892‑square‑foot walk‑up apartment building built in 1960; 13 units: 4 one‑bedroom apartments and 9 two‑bedroom apartments; Sale includes 135 Murray Street, a 13‑car parking lot
