5-Unit Walk-Up Apartment
New
For Sale
$1,299,000
24 North Street, Binghamton, NY 13905
COMMERCIAL - Binghamton, NY
Property Size4,642 SF
Lot Size0.17 Acres
Price / SF$279.84
Days on Market3
Property Features for 24 North Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
5
Rooms
Bedroom 5, Basement, Bedroom 1, Bedroom 3, Bedroom 2, Bedroom 4
Parking features
Garage
Exterior features
BlacktopDriveway
Appliances
ExhaustFan, FreeStandingRange, GasWaterHeater, Oven, Refrigerator, RangeHood
Subdivision
Murray Place
Lot features
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 on North Street next to 22 North Street.
Standard status
Active
APN
030200-160-031-0003-019-000-0000
Size
4,642 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
11472
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1960
Floors in Building
2
Number of units
5
Flooring type
Laminate, Varies
Building materials
Frame
Roof type
Asphalt
Listing Agency:
SVR Realty LLC
(607) 753-6556
Listed By:
Philip Henry · License #30HE0952053
(607) 423-3175
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 11 at 7:06PM
MLS# S1705565
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 4,642-square-foot walk-up apartment building contains five units, including four one-bedroom apartments and one two-bedroom apartment. Built in 1960, the frame property features forced-air natural gas heating, an asphalt roof, laminate and varied flooring, and a garage. The site includes a blacktop driveway and public water service.
The property is located at 24 North Street in Binghamton, near downtown. The sale includes the neighboring 22 North Street and 135 Murray Street parcels as a package. Tenants are responsible for their individual electricity, heat, and hot-water use.
The property is located at 24 North Street in Binghamton, near downtown. The sale includes the neighboring 22 North Street and 135 Murray Street parcels as a package. Tenants are responsible for their individual electricity, heat, and hot-water use.
Key Highlights
- Five‑unit apartment building with four one‑bedroom units and one two‑bedroom unit
- 4,642 square feet on 0.1687 acres
- Walk‑up configuration with garage parking and a blacktop driveway
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 - Multifamily property near downtown Binghamton with garage parking and public water service.
Where is this apartment building located?
The property is located at 24 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: Five‑unit apartment building with four one‑bedroom units and one two‑bedroom unit; 4,642 square feet on 0.1687 acres; Walk‑up configuration with garage parking and a blacktop driveway
