13-Unit Walk-Up Apartment
New
For Sale
$1,299,000
22 North Street, Binghamton, NY 13905
MULTI_FAMILY - Binghamton, NY
Property Size11,892 SF
Lot Size0.11 Acres
Price / SF$109.23
Days on Market1
Property Features for 22 North Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
13
Rooms
Bedroom 5, Bedroom 3, Bedroom 10, Bedroom 6, Bedroom 8, Bedroom 2, Basement, Bedroom 1, Bedroom 9, Bedroom 7, Bedroom 12, Bedroom 4, Bedroom 11, Bedroom 13
Parking features
Driveway, Garage
Exterior features
BlacktopDriveway
Appliances
CommonWaterHeater, ExhaustFan, ElectricOven, ElectricRange, FreeStandingRange, GasWaterHeater, Oven, Refrigerator, RangeHood
Subdivision
Murray Place
Lot features
Corner Lot, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Binghamton
Middle school district
Binghamton
High school district
Binghamton
Directions
FROM the intersection of I81 and I86 in Binghamton City take U. S. Route 11 southbound to North Street. Turn right and proceed up the Street to its corner with Murray Street. The property is at the NW corner of the intersection.
Standard status
Active
APN
030200-160-031-0003-018-000-0000
Size
11,892 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
29220
Utilities
Heating system
Steam, Natural Gas
Water source
Public
Building Details
Year built
1960
Floors in Building
3
Number of units
13
Flooring type
Varies, Laminate
Building materials
Brick
Roof type
Asphalt
Listing Agency:
SVR Realty LLC
(607) 753-6556
Listed By:
Philip Henry · License #30HE0952053
(607) 423-3175
Added: Aug 8
Last Checked: Aug 8 at 11:06PM
MLS# S1705482
Copyright © 2026 New York State Alliance of MLSs, LLC. 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 brick walk-up apartment building contains 11,892 square feet and 13 units, including 4 one-bedroom apartments and 9 two-bedroom apartments. Constructed in 1960, the property has varied flooring with laminate areas, asphalt roofing, and public water service. Heating is provided by natural-gas-fired steam, with a common water-heating system and select kitchen appliances in the units.
The owner pays gas utilities, including steam heat and domestic hot water, while residents are responsible for their individual electricity usage. The property is located near downtown Binghamton and includes driveway and garage parking features. Its unit mix and established multifamily layout support continued residential income use.
The owner pays gas utilities, including steam heat and domestic hot water, while residents are responsible for their individual electricity usage. The property is located near downtown Binghamton and includes driveway and garage parking features. Its unit mix and established multifamily layout support continued residential income use.
Key Highlights
- 13 units: 4 one‑bedroom apartments and 9 two‑bedroom apartments
- 11,892 square feet of building area
- Brick walk‑up construction completed in 1960
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
Lease Details
13
Residential units
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property near downtown Binghamton with a thirteen-unit configuration and steam heat.
Where is this apartment building located?
The property is located at 22 North Street 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: 13 units: 4 one‑bedroom apartments and 9 two‑bedroom apartments; 11,892 square feet of building area; Brick walk‑up construction completed in 1960
