Three-Unit Apartment
For Sale
$205,000
242 Sly Avenue, Corning, NY 14830
Fully leased apartments offer separate utility metering, dedicated heating systems, and off-street parking.
Property Size2,588 SF
Days on Market26
Property Features for 242 Sly Avenue
General Information
Standard status
Active
Size
2,588 SF
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
2 x 1BR, 1 x 2BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,678
Building Details
Building Size
2,588 SF
Year Built
1900
Listing Agency:
Keller Williams Realty Southern Tier & Finger Lakes
Listed By:
Kenneth Leath · License #10491208664
(607) 769-8263
Source:
Griffith-realty
Added: Sep 15
Changed: Sep 24
Last Checked: Oct 10 at 2:33AM
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 Keller Williams Realty Southern Tier & Finger Lakes
Investment Insights
Based on property information with market context.
Built in 1900, this multifamily property contains three apartments: two one-bedroom units and one two-bedroom unit. All three apartments are currently rented. Each unit is supported by its own furnace and water heater, while separate gas and electric meters provide distinct utility service. Off-street parking is available for all apartments.
Recent property improvements include a new water line and PVC drain pipes. The property is located on Corning's northside, within walking distance of northside businesses and Wegmans. Its unit mix, individual utility metering, parking, and updated plumbing infrastructure create a straightforward three-unit residential configuration.
Recent property improvements include a new water line and PVC drain pipes. The property is located on Corning's northside, within walking distance of northside businesses and Wegmans. Its unit mix, individual utility metering, parking, and updated plumbing infrastructure create a straightforward three-unit residential configuration.
Key Highlights
- Three apartments: two one‑bedroom units and one two‑bedroom unit
- All three apartments are currently rented
- Three newer furnaces and three water heaters
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,514
Cap Rate
8.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$350,280
$350.3K
Cap Rate 7%
$250,200
$250.2K
Cap Rate 9%
$194,600
$194.6K
Market Conditions
NOI Build-Up for 2,588 SF
Gross rent
$26.4K $10.20/SF
− Vacancy
−$1.4K −$0.53/SF
EGI
$25.0K $9.67/SF
− OpEx
−$7.5K −$2.90/SF
NOI
$17.5K $6.77/SF
Area
Steuben County, NY
Vacancy
5.22%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$350,280
Cap Rate 7%
$250,200
Cap Rate 9%
$194,600
Alternative Uses
Best Use
Multifamily LT 5
$250.2K
$218.9K – $291.9K
NOI $17,514 @ 7.0% cap · market cap 8.54%
Second Best
Apartment 5plus
$230.6K
$201.8K – $269.0K
NOI $16,141 @ 7.0% cap · market cap 7.87%
Theoretical Best
Office A
$630.9K
$552.1K – $736.1K
NOI $44,164 @ 7.0% cap · market cap 21.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
283
Businesses Nearby
Explore this area
Business Placement
Demographics for 14830, NY
18,949
Population
9,324
Households
2
Avg Household Size
40
Median Age
41%
College-Educated
96%
High-School Grad
90.6 sq mi
ZIP Area
209
Density / Sq Mi
$73,831
Median Household Income
$48,331
Median Earnings
$997
Median Rent
$168,100
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?
Triplex - Fully leased apartments offer separate utility metering, dedicated heating systems, and off-street parking.
Where is this triplex located?
The property is located at 242 Sly Avenue Corning, NY.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: Three apartments: two one‑bedroom units and one two‑bedroom unit; All three apartments are currently rented; Three newer furnaces and three water heaters
