Two-Unit Duplex with Off-Street
For Sale
$209,900
Pending
252 W 2nd Street, Corning, NY 14830
MULTI_FAMILY - Other - Corning, NY
Property Size2,446 SF
Lot Size0.13 Acres
Days on Market486
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
Basement, Bathroom 1, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 4, Bathroom 2, Bedroom 2
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
screened porch
porch
deck
Building Details
Year built
1886
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Carpet, Laminate, Varies, Hardwood
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: Aug 6
Last Checked: Aug 12 at 7:06PM
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 offers separate living spaces on the first and second floors. The first-floor apartment features three bedrooms plus a spacious living room and dining room, and includes a refrigerator and range along with a washer and dryer. A small screened porch sits off the back of the unit. The second-floor unit has two bedrooms with a spacious living room and dining room, including a refrigerator and range and laundry hookups, plus a small porch.
The property includes off-street parking via a gravel driveway and a one-car garage with a large deck next to it. Built in 1886, the home has vinyl siding, an asphalt roof, and heating systems including natural gas forced air. Public water is available.
The duplex is situated on a 0.1303-acre lot and contains 2,446 square feet. Flooring includes vinyl, carpet, hardwood, and laminate across the units.
The property includes off-street parking via a gravel driveway and a one-car garage with a large deck next to it. Built in 1886, the home has vinyl siding, an asphalt roof, and heating systems including natural gas forced air. Public water is available.
The duplex is situated on a 0.1303-acre lot and contains 2,446 square feet. Flooring includes vinyl, carpet, hardwood, and laminate across the units.
Key Highlights
- First‑floor unit: three bedrooms plus living room and dining room, with washer and dryer
- Second‑floor unit: two bedrooms plus living room and dining room, with laundry hookups
- Off‑street parking via a gravel 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
$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
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit Corning duplex with two porches, off-street gravel parking, and one-car garage with a 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: First‑floor unit: three bedrooms plus living room and dining room, with washer and dryer; Second‑floor unit: two bedrooms plus living room and dining room, with laundry hookups; Off‑street parking via a gravel driveway
