Duplex with Separate
New
For Sale
$224,000
375 Prospect St, Binghamton, NY 13905
One residence is occupied, while the second unit is vacant and available for leasing or occupancy.
Property Size1,900 SF
Price / SF$117.89
Days on Market5
Property Features for 375 Prospect St
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Residential Income
Zoning
RES, RES
Additional Details
Highway Access
Yes
Individually Metered Utilities
unspecified utilities
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$4,100
Building Details
Building Size
1,900 SF
Year Built
1936
Units
2
Listing Agency:
ENTER GROUP
Listed By:
MD (Zakir) Z Hussain
(607) 327-2747
Source:
Gehlcorealty
Added: Oct 20
Changed: Oct 23
Last Checked: Oct 23 at 5:09PM
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 ENTER GROUP
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Investment Insights
Based on property information with market context.
This 1,900-square-foot duplex was built in 1936 and is zoned RES. The two residences have separate utility services; one is occupied and the other is vacant.
The property is at 375 Prospect St in Binghamton, near Walmart, local hospitals, and Binghamton University’s Pharmacy and Nursing School. Highway access is also noted.
The property is at 375 Prospect St in Binghamton, near Walmart, local hospitals, and Binghamton University’s Pharmacy and Nursing School. Highway access is also noted.
Key Highlights
- Separate utility services for the two residences
- One unit occupied; the other is vacant
- 1,900 square feet; built in 1936
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,977
Cap Rate
7.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$339,540
$339.5K
Cap Rate 7%
$242,529
$242.5K
Cap Rate 9%
$188,633
$188.6K
Market Conditions
NOI Build-Up for 1,900 SF
Gross rent
$26.2K $13.80/SF
− Vacancy
−$2.0K −$1.04/SF
EGI
$24.3K $12.77/SF
− OpEx
−$7.3K −$3.83/SF
NOI
$17.0K $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 Rate 5%
$339,540
Cap Rate 7%
$242,529
Cap Rate 9%
$188,633
Alternative Uses
Best Use
Multifamily LT 5
$242.5K
$212.2K – $283.0K
NOI $16,977 @ 7.0% cap · market cap 7.58%
Second Best
Apartment 5plus
$226.1K
$197.9K – $263.8K
NOI $15,829 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$471.4K
$412.5K – $549.9K
NOI $32,996 @ 7.0% cap · market cap 14.73%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
589
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - One residence is occupied, while the second unit is vacant and available for leasing or occupancy.
Where is this duplex located?
The property is located at 375 Prospect St Binghamton, NY.
What is the asking price?
The asking price for this property is $224,000.
What are key features of this property?
This property features: Separate utility services for the two residences; One unit occupied; the other is vacant; 1,900 square feet; built in 1936
