Two-Unit Duplex with
For Sale
$209,900
Pending
252 W 2nd Street, Corning, NY 14830
Residential, Corning, NY
Property Size2,446 SF
Lot Size0.13 Acres
Days on Market517
Property Features for 252 W 2nd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 5, Bedroom 1, Bedroom 3, Basement, Bathroom 2, Bedroom 4, Bathroom 1
Appliances
ElectricWaterHeater
Lot features
Corner Lot, Rectangular, Rectangular Lot
Elementary school
Frederick Carder Elementary
Elementary school district
Corning-Painted Post
Middle school district
Corning-Painted Post
High school district
Corning-Painted Post
Subdivision
Corning-City-460300
Standard status
Pending
APN
460300-317-011-0002-050-000
Size
2,446 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
7161
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
refrigerator
range
washer and dryer
screened porch
porch
off-street parking
one-car garage
deck
Building Details
Year built
1886
Floors in Building
2
Number of units
2
Flooring type
Laminate, Varies, Vinyl, Hardwood, Carpet
Building materials
VinylSiding
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: Apr 14, 2025
Changed: Sep 11
Last Checked: Sep 12 at 4:06AM
MLS# R1599345
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 two-unit duplex at 252 W 2nd Street includes 2446 square feet of residential space on a 0.1303-acre lot. The first-floor apartment offers three bedrooms, a living room, dining room, screened rear porch, refrigerator, range, washer, and dryer. The second-floor apartment has two bedrooms, living and dining rooms, a refrigerator, range, laundry hookups, and its own porch. Interior finishes include laminate, vinyl, hardwood, and carpet, with varied flooring throughout the property.
The property also provides off-street parking via a gravel driveway, plus a one-car garage and large adjoining deck. Vinyl siding, an asphalt roof, public water, natural-gas forced-air heat, and an electric water heater are among the documented building features. Built in 1886, the duplex is located in Corning, NY 14830.
The property also provides off-street parking via a gravel driveway, plus a one-car garage and large adjoining deck. Vinyl siding, an asphalt roof, public water, natural-gas forced-air heat, and an electric water heater are among the documented building features. Built in 1886, the duplex is located in Corning, NY 14830.
Key Highlights
- Two‑unit duplex with 2446 square feet of residential space
- First‑floor apartment has 3 bedrooms; second‑floor apartment has 2 bedrooms
- Each apartment includes living and dining rooms plus a porch
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
$16,553
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
7.89%
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%
$331,060
$331.1K
Cap Rate 7%
$236,471
$236.5K
Cap Rate 9%
$183,922
$183.9K
Market Conditions
NOI Build-Up for 2,446 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
$24.9K $10.20/SF
− Vacancy
−$1.3K −$0.53/SF
EGI
$23.6K $9.67/SF
− OpEx
−$7.1K −$2.90/SF
NOI
$16.6K $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%
$331,060
Cap Rate 7%
$236,471
Cap Rate 9%
$183,922
Alternative Uses
Best Use
Multifamily LT 5
$236.5K
$206.9K – $275.9K
NOI $16,553 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$217.9K
$190.7K – $254.3K
NOI $15,256 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$596.3K
$521.8K – $695.7K
NOI $41,741 @ 7.0% cap · market cap 19.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
260
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Income property with two distinct apartments, off-street parking, porches, and a detached garage with adjacent deck.
Where is this duplex located?
The property is located at 252 W 2nd Street Corning, NY.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Two‑unit duplex with 2446 square feet of residential space; First‑floor apartment has 3 bedrooms; second‑floor apartment has 2 bedrooms; Each apartment includes living and dining rooms plus a porch
