Five-Unit Walk-Up Apartment
New
For Sale
$1,299,000
24 North St, Binghamton, NY 13905
Tenants separately cover electricity, heat, and hot water.
Property Size4,642 SF
Price / SF$279.84
Days on Market2
Property Features for 24 North St
General Information
Standard status
Active
Size
4,642 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$11,472
Building Details
Building Size
4,642 SF
Year Built
1960
Buildings
1
Stories
2
Units
5
Tenancy
Multi
Listing Agency:
Seven Valley Realty, Inc.
(607) 423-3175
Listed By:
Philip Henry · License #30HE0952053
(607) 423-3175
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 9:07AM
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.
This 1960 walk-up multifamily building contains 4,642 square feet arranged across five apartments. The unit mix includes four one-bedroom residences and one two-bedroom residence, providing a compact residential configuration within a single building. Residents are responsible for their individual electricity consumption, heating, and hot-water costs.
The property is located at 24 North St in Binghamton, near downtown and within a walkable urban setting. The sale includes the neighboring parcels at 22 North Street and 135 Murray Street as a package, with the associated listing identified as MLS #S1705482. The location records a Walk Score of 79 and a Bike Score of 55.
The property is located at 24 North St in Binghamton, near downtown and within a walkable urban setting. The sale includes the neighboring parcels at 22 North Street and 135 Murray Street as a package, with the associated listing identified as MLS #S1705482. The location records a Walk Score of 79 and a Bike Score of 55.
Key Highlights
- Five apartments: four 1‑bedroom units and one 2‑bedroom unit
- Building contains 4,642 square feet
- Walk‑up apartment building constructed 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
$38,672
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
2.98%
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%
$773,440
$773.4K
Cap Rate 7%
$552,457
$552.5K
Cap Rate 9%
$429,689
$429.7K
Market Conditions
NOI Build-Up for 4,642 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
$75.2K $16.20/SF
− Vacancy
−$4.9K −$1.05/SF
EGI
$70.3K $15.15/SF
− OpEx
−$31.6K −$6.82/SF
NOI
$38.7K $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%
$773,440
Cap Rate 7%
$552,457
Cap Rate 9%
$429,689
Alternative Uses
Best Use
Apartment 5plus
$552.5K
$483.4K – $644.5K
NOI $38,672 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,615 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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 - Tenants separately cover electricity, heat, and hot water.
Where is this apartment building located?
The property is located at 24 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: Five apartments: four 1‑bedroom units and one 2‑bedroom unit; Building contains 4,642 square feet; Walk‑up apartment building constructed in 1960
