Rural Apartment
For Sale
$299,500
3016 New York Old 17 Route, Deposit, NY 13754
Residential Income, Deposit, NY
Property Size2,800 SF
Lot Size3.25 Acres
Price / SF$106.96
Days on Market102
Property Features for 3016 New York Old 17 Route
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
7
Full bathrooms
6
Half bathrooms
1
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 6, Bedroom 6, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 3, Bedroom 7, Bedroom 8, Bedroom 9, Bathroom 5, Bathroom 7, Bathroom 4, Bedroom 10, Bedroom 4
Parking
12
Elementary school district
Deposit
Middle school district
Deposit
High school district
Deposit
Directions
From I 86 west take exit 82 and bear left
Standard status
Active
APN
0202.1-1-.34
Size
2,800 SF
Lot size
3.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4088
Building Details
Year built
1950
Floors in Building
3
Number of units
6
Listing Agency:
Woodland Creek Real Estate - Hancock
(607) 637-4663
Listed By:
Jill Woodmansee Gorton · License #RSR002226
(607) 206-4073
Added: May 16
Changed: Aug 24
Last Checked: Aug 25 at 1:06AM
MLS# PW-261473
Copyright © 2026 Pike/Wayne Association of Realtors MLS. 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 multifamily property includes 2,800 square feet of building area on 3.25 acres. Constructed in 1950, the property contains 10 bedrooms and 7 bathrooms. Recent improvements include fresh paint and a newer sump pump, while several apartments have been remodeled and additional units are planned for renovation.
The property is located at 3016 New York Old 17 Route in Deposit, New York, with access to Route 17. Binghamton is approximately 30 minutes away. Its rural setting and apartment configuration support continued residential income use.
The property is located at 3016 New York Old 17 Route in Deposit, New York, with access to Route 17. Binghamton is approximately 30 minutes away. Its rural setting and apartment configuration support continued residential income use.
Key Highlights
- 2,800‑square‑foot multifamily property on 3.25 acres
- 10 bedrooms and 7 bathrooms
- Built in 1950
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
$23,326
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
7.79%
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%
$466,520
$466.5K
Cap Rate 7%
$333,229
$333.2K
Cap Rate 9%
$259,178
$259.2K
Market Conditions
NOI Build-Up for 2,800 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
$45.4K $16.20/SF
− Vacancy
−$2.9K −$1.05/SF
EGI
$42.4K $15.15/SF
− OpEx
−$19.1K −$6.82/SF
NOI
$23.3K $8.33/SF
Area
Broome County, NY
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$466,520
Cap Rate 7%
$333,229
Cap Rate 9%
$259,178
Alternative Uses
Best Use
Apartment 5plus
$333.2K
$291.6K – $388.8K
NOI $23,326 @ 7.0% cap · market cap 7.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$694.7K
$607.8K – $810.4K
NOI $48,626 @ 7.0% cap · market cap 16.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 13754, NY
2,912
Population
1,990
Households
1.5
Avg Household Size
47
Median Age
14%
College-Educated
94%
High-School Grad
77.9 sq mi
ZIP Area
37
Density / Sq Mi
$59,583
Median Household Income
$37,500
Median Earnings
$753
Median Rent
$126,400
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?
Apartment building - Multifamily property offering a rural setting, updated interiors, and convenient access to Route 17.
Where is this apartment building located?
The property is located at 3016 New York Old 17 Route Deposit, NY.
What is the asking price?
The asking price for this property is $299,500.
What are key features of this property?
This property features: 2,800‑square‑foot multifamily property on 3.25 acres; 10 bedrooms and 7 bathrooms; Built in 1950
