3-Unit Triplex with Hardwood
For Sale
$299,000
Pending
22 Sherwood Avenue, Binghamton, NY 13903
Each apartment has separate gas and electric meters, with forced-air gas heating throughout the property.
Property Size2,556 SF
Days on Market12
Property Features for 22 Sherwood Avenue
General Information
Standard status
Pending
Size
2,556 SF
Property subtype
Residential Income
Zoning
230, 230
Occupancy
100%
Units
Multifamily Units
3
Individually Metered Utilities
gas, electric
Additional Details
Public Transit
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$5,273
Amenities
Porch
Building Details
Building Size
2,556 SF
Year Built
1920
Units
3
Listing Agency:
EXIT REALTY HOMEWARD BOUND
Listed By:
Santino M. Gance · License #10401362294
(607) 760-2049
Source:
Gehlcorealty
Added: Oct 20
Changed: Oct 25
Last Checked: Oct 29 at 10:07PM
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 EXIT REALTY HOMEWARD BOUND
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Investment Insights
Based on property information with market context.
This 3-unit triplex provides 2,556 square feet of living space across 8 bedrooms and 3 bathrooms. Interior details include hardwood flooring, updated bathrooms and spacious layouts, with forced-air gas heat. The roof is 7 years old, and each apartment has its own gas and electric meter. Built in 1920, the property is fully rented and located in a Student Housing Approved Zone.
Binghamton University bus routes, downtown amenities and public transit are nearby.
Binghamton University bus routes, downtown amenities and public transit are nearby.
Key Highlights
- Three apartments with 8 bedrooms and 3 bathrooms across 2,556 square feet
- Separate gas and electric meters for each unit
- Roof is 7 years old
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,839
Cap Rate
7.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$456,780
$456.8K
Cap Rate 7%
$326,271
$326.3K
Cap Rate 9%
$253,767
$253.8K
Market Conditions
NOI Build-Up for 2,556 SF
Gross rent
$35.3K $13.80/SF
− Vacancy
−$2.6K −$1.04/SF
EGI
$32.6K $12.77/SF
− OpEx
−$9.8K −$3.83/SF
NOI
$22.8K $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 Rate 5%
$456,780
Cap Rate 7%
$326,271
Cap Rate 9%
$253,767
Alternative Uses
Best Use
Multifamily LT 5
$326.3K
$285.5K – $380.7K
NOI $22,839 @ 7.0% cap · market cap 7.64%
Second Best
Apartment 5plus
$304.2K
$266.2K – $354.9K
NOI $21,294 @ 7.0% cap · market cap 7.12%
Theoretical Best
Office A
$634.1K
$554.9K – $739.8K
NOI $44,389 @ 7.0% cap · market cap 14.85%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
714
Businesses Nearby
Explore this area
Business Placement
Demographics for 13903, NY
18,140
Population
8,620
Households
2.1
Avg Household Size
41
Median Age
36%
College-Educated
92%
High-School Grad
39.5 sq mi
ZIP Area
459
Density / Sq Mi
$61,244
Median Household Income
$39,811
Median Earnings
$863
Median Rent
$144,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Each apartment has separate gas and electric meters, with forced-air gas heating throughout the property.
Where is this triplex located?
The property is located at 22 Sherwood Avenue Binghamton, NY.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Three apartments with 8 bedrooms and 3 bathrooms across 2,556 square feet; Separate gas and electric meters for each unit; Roof is 7 years old
