Six-Unit Apartment
For Sale
$544,900
32 Broome St, Binghamton, NY 13903
R-3 apartment property with tenant-paid gas and electric utilities, private balconies, parking, and basement laundry.
Property Size5,824 SF
Price / SF$93.56
Days on Market29
Property Features for 32 Broome St
General Information
Standard status
Active
Size
5,824 SF
Property subtype
MultiFamily Apartments
Zoning
R-3
Occupancy
100%
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Amenities
private rear balconies
coin-operated laundry
Building Details
Building Size
5,824 SF
Year Built
1975
Listing Agency:
SVN Innovative Commercial Advisors
(607) 481-5660
Listed By:
COTY LUNN · License #10401324866
(607) 481-5660
Source:
Thebrokerlist
Added: Aug 4
Changed: Aug 31
Last Checked: Aug 4 at 2:41AM
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 SVN Innovative Commercial Advisors
Investment Insights
Based on property information with market context.
This six-unit apartment building contains six 2-bedroom, 1-bath residences across 5,824 SF. Constructed in 1975 and recently renovated, the property is fully occupied and includes private rear balconies, off-street parking, and coin-operated laundry in the basement. The lower level also provides storage and utility space, with high ceilings and a concrete foundation.
Separate utility service includes 7 electric meters and 7 gas meters, allowing residents to pay their own gas and electric while ownership covers common-area utilities. The property is located in an R-3 zone, within the student housing district, and is approved for student housing. Nearby amenities include bus lines, shopping, restaurants, Binghamton University, the Chenango Riverwalk, and downtown Binghamton.
Separate utility service includes 7 electric meters and 7 gas meters, allowing residents to pay their own gas and electric while ownership covers common-area utilities. The property is located in an R-3 zone, within the student housing district, and is approved for student housing. Nearby amenities include bus lines, shopping, restaurants, Binghamton University, the Chenango Riverwalk, and downtown Binghamton.
Key Highlights
- Six 2‑bedroom, 1‑bath apartments within a 5,824 SF building
- Fully occupied property with long‑term tenants
- 7 electric meters and 7 gas meters support tenant‑paid utilities
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
$48,519
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
8.90%
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%
$970,380
$970.4K
Cap Rate 7%
$693,129
$693.1K
Cap Rate 9%
$539,100
$539.1K
Market Conditions
NOI Build-Up for 5,824 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
$94.3K $16.20/SF
− Vacancy
−$6.1K −$1.05/SF
EGI
$88.2K $15.15/SF
− OpEx
−$39.7K −$6.82/SF
NOI
$48.5K $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%
$970,380
Cap Rate 7%
$693,129
Cap Rate 9%
$539,100
Alternative Uses
Best Use
Apartment 5plus
$693.1K
$606.5K – $808.7K
NOI $48,519 @ 7.0% cap · market cap 8.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.69M
NOI $101,142 @ 7.0% cap · market cap 18.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
415
Businesses Nearby
Explore this area
Business Placement
Demographics for 13903, NY
18,140
Population
8,620
Households
2.1
Avg Household Size
41
Median Age
36%
College-Educated
92%
High-School Grad
39.5 sq mi
ZIP Area
459
Density / Sq Mi
$61,244
Median Household Income
$39,811
Median Earnings
$863
Median Rent
$144,700
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?
Apartment building - R-3 apartment property with tenant-paid gas and electric utilities, private balconies, parking, and basement laundry.
Where is this apartment building located?
The property is located at 32 Broome St Binghamton, NY.
What is the asking price?
The asking price for this property is $544,900.
What are key features of this property?
This property features: Six 2‑bedroom, 1‑bath apartments within a 5,824 SF building; Fully occupied property with long‑term tenants; 7 electric meters and 7 gas meters support tenant‑paid utilities
