Three-Unit Apartment
New
For Sale
$205,000
242 Sly Avenue, Corning, NY 14830
Residential, Corning, NY
Property Size2,588 SF
Lot Size0.10 Acres
Price / SF$79.21
Days on Market1
Property Features for 242 Sly Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 4, Bathroom 1, Bathroom 4, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Basement, Bathroom 2
Appliances
GasWaterHeater
Lot features
Corner Lot, Rectangular, Rectangular Lot
Elementary school district
Corning-Painted Post
Middle school district
Corning-Painted Post
High school district
Corning-Painted Post
Subdivision
Corning-City-460300
Standard status
Active
APN
460300-299-067-0001-059-000
Size
2,588 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
5678
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Laminate, Varies, Carpet
Building materials
AluminumSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Realty Southern Tier & Finger Lakes
(607) 795-2900
Listed By:
Kenneth Leath · License #10491208664
(607) 769-8263
Added: Sep 15
Last Checked: Sep 15 at 8:06PM
MLS# R1714945
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 2,588-square-foot triplex contains three apartments: two one-bedroom units and one two-bedroom unit. All apartments are rented and have access to off-street parking. The property includes three newer furnaces, three water heaters, and separate gas and electric meters. Recent improvements include a new water line and PVC drain piping. Construction features aluminum siding, an asphalt roof, public water, natural-gas forced-air heating, and a basement. Built in 1900, the building occupies 0.0986 acres.
Located at 242 Sly Avenue in Corning, the property is within walking distance of northside businesses and Wegmans. Its residential configuration, existing occupancy, unit mix, and individual utility metering provide a clear operating profile for a multifamily buyer.
Located at 242 Sly Avenue in Corning, the property is within walking distance of northside businesses and Wegmans. Its residential configuration, existing occupancy, unit mix, and individual utility metering provide a clear operating profile for a multifamily buyer.
Key Highlights
- 2,588 square feet with three apartments
- Unit mix includes two one‑bedroom apartments and one two‑bedroom apartment
- All three apartments are rented
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
$17,514
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
8.54%
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%
$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
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
$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 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%
$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
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Open Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
318
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 occupied triplex with off-street parking and separately metered gas and electric service.
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: 2,588 square feet with three apartments; Unit mix includes two one‑bedroom apartments and one two‑bedroom apartment; All three apartments are rented
