Renovated
For Sale
$260,000
3 Arthur St, Binghamton, NY 13905
Fully leased multifamily property with updated interiors and a varied unit mix.
Property Size2,220 SF
Days on Market52
Property Features for 3 Arthur St
General Information
Standard status
Active
Size
2,220 SF
Property subtype
Multifamily
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR, 2 x 1BR
Multifamily Units
3
Building Details
Building Size
2,220 SF
Year Built
1905
Buildings
1
Listing Agency:
(607) 422-5076
Listed By:
Vincent Lucenti
(607) 422-5076
Source:
Svn
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 29 at 2:54PM
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 Vincent Lucenti
Investment Insights
Based on property information with market context.
Built in 1905, this three-unit multifamily property includes one 3-bedroom apartment and two 1-bedroom apartments. The 1-bedroom units have been renovated, and the apartments feature updated finishes. All three units are currently occupied and leased.
The property is located at 3 Arthur St in Binghamton’s West Side, with access to Binghamton University, Downtown, restaurants, shopping, public transportation, major employers, and Interstate 81 described as minutes away. Its established configuration and current occupancy provide a straightforward income-property profile for an investor or 1031 exchange buyer.
The property is located at 3 Arthur St in Binghamton’s West Side, with access to Binghamton University, Downtown, restaurants, shopping, public transportation, major employers, and Interstate 81 described as minutes away. Its established configuration and current occupancy provide a straightforward income-property profile for an investor or 1031 exchange buyer.
Key Highlights
- Three‑unit property with one 3‑bedroom apartment and two 1‑bedroom apartments
- Two 1‑bedroom units have been renovated
- All apartments are fully occupied and leased
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
$19,837
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
7.63%
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%
$396,740
$396.7K
Cap Rate 7%
$283,386
$283.4K
Cap Rate 9%
$220,411
$220.4K
Market Conditions
NOI Build-Up for 2,220 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
$30.6K $13.80/SF
− Vacancy
−$2.3K −$1.04/SF
EGI
$28.3K $12.77/SF
− OpEx
−$8.5K −$3.83/SF
NOI
$19.8K $8.94/SF
Area
Broome County, NY
Vacancy
7.50%
Lease Rate
$13.80 /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%
$396,740
Cap Rate 7%
$283,386
Cap Rate 9%
$220,411
Alternative Uses
Best Use
Multifamily LT 5
$283.4K
$248.0K – $330.6K
NOI $19,837 @ 7.0% cap · market cap 7.63%
Second Best
Apartment 5plus
$264.2K
$231.2K – $308.2K
NOI $18,494 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$550.8K
$481.9K – $642.6K
NOI $38,553 @ 7.0% cap · market cap 14.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,566
Businesses Nearby
Explore this area
Business Placement
Demographics for 13905, NY
27,672
Population
13,774
Households
2
Avg Household Size
36
Median Age
37%
College-Educated
91%
High-School Grad
28.2 sq mi
ZIP Area
981
Density / Sq Mi
$53,757
Median Household Income
$30,359
Median Earnings
$993
Median Rent
$137,700
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 multifamily property with updated interiors and a varied unit mix.
Where is this triplex located?
The property is located at 3 Arthur St Binghamton, NY.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Three‑unit property with one 3‑bedroom apartment and two 1‑bedroom apartments; Two 1‑bedroom units have been renovated; All apartments are fully occupied and leased
