11-Unit Apartment
For Sale
$895,000
24 Centenary Street, Binghamton, NY 13901
Fully leased downtown property with a mix of studio, one-bedroom, and two-bedroom apartments.
Property Size6,878 SF
Price / SF$130.13
Days on Market38
Property Features for 24 Centenary Street
General Information
Standard status
Active
Size
6,878 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
5 x studio, 5 x one-bedroom, 1 x two-bedroom
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$12,000
Building Details
Year Built
19
Listing Agency:
New Scotland Realty
(203) 910-3314
Listed By:
Connor Dunn · License #10401391425
(203) 910-3314
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 30 at 1:39PM
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 New Scotland Realty
Investment Insights
Based on property information with market context.
Located at 24 Centenary Street in downtown Binghamton, this 11-unit apartment property contains five studio apartments, five one-bedroom apartments, and one two-bedroom apartment. The building encompasses 6,878 square feet and was built in 19.
The property is fully leased and currently 100% occupied. All 11 residents have renewed for an additional one-year lease term, providing near-term occupancy continuity for a new owner. The landlord pays all utilities, an arrangement incorporated into the existing rent structure and expense profile.
The property is fully leased and currently 100% occupied. All 11 residents have renewed for an additional one-year lease term, providing near-term occupancy continuity for a new owner. The landlord pays all utilities, an arrangement incorporated into the existing rent structure and expense profile.
Key Highlights
- 11‑unit apartment property with five studios, five one‑bedroom units, and one two‑bedroom unit
- 6,878 square feet in downtown Binghamton
- 100% occupied and fully leased
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
$57,300
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
6.40%
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%
$1,146,000
$1.1M
Cap Rate 7%
$818,571
$818.6K
Cap Rate 9%
$636,667
$636.7K
Market Conditions
NOI Build-Up for 6,878 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
$111.4K $16.20/SF
− Vacancy
−$7.2K −$1.05/SF
EGI
$104.2K $15.15/SF
− OpEx
−$46.9K −$6.82/SF
NOI
$57.3K $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%
$1,146,000
Cap Rate 7%
$818,571
Cap Rate 9%
$636,667
Alternative Uses
Best Use
Apartment 5plus
$818.6K
$716.3K – $955.0K
NOI $57,300 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.49M – $1.99M
NOI $119,446 @ 7.0% cap · market cap 13.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,997
Businesses Nearby
Explore this area
Business Placement
Demographics for 13901, NY
20,548
Population
10,148
Households
2
Avg Household Size
40
Median Age
26%
College-Educated
87%
High-School Grad
23.0 sq mi
ZIP Area
893
Density / Sq Mi
$54,165
Median Household Income
$36,897
Median Earnings
$806
Median Rent
$152,800
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 - Fully leased downtown property with a mix of studio, one-bedroom, and two-bedroom apartments.
Where is this apartment building located?
The property is located at 24 Centenary Street Binghamton, NY.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 11‑unit apartment property with five studios, five one‑bedroom units, and one two‑bedroom unit; 6,878 square feet in downtown Binghamton; 100% occupied and fully leased
