Three-Unit Apartment
New
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 Market6
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 16
Last Checked: Sep 20 at 10:33AM
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 = 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
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
