Remodeled Two-Family
For Sale
$280,000
Pending
4 Thorp Street, Binghamton, NY 13905
Two updated residences each offer three bedrooms and one bathroom, with R2 zoning supporting the property’s residential use.
Property Size2,574 SF
Days on Market12
Property Features for 4 Thorp Street
General Information
Standard status
Pending
Size
2,574 SF
Property subtype
Residential Income
Zoning
R2, R2
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,334
Amenities
Porch
Building Details
Building Size
2,574 SF
Year Built
1900
Units
2
Listing Agency:
EXIT REALTY HOMEWARD BOUND
Listed By:
John J. Farrell · License #30FA0760806
(607) 760-5000
Source:
Gehlcorealty
Added: Oct 20
Changed: Oct 26
Last Checked: Oct 29 at 10:16PM
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 EXIT REALTY HOMEWARD BOUND
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Investment Insights
Based on property information with market context.
This duplex contains 2,574 square feet across two three-bedroom, one-bathroom units. Both residences have been remodeled, and the property was built in 1900. The zoning is listed as R2.
Located at 4 Thorp Street in Binghamton, the property is near shopping, restaurants, services, and bus lines.
Located at 4 Thorp Street in Binghamton, the property is near shopping, restaurants, services, and bus lines.
Key Highlights
- Two units, each with 3 bedrooms and 1 bathroom
- 2,574 square feet of building area
- Both residences have been remodeled
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,000
Cap Rate
8.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$460,000
$460.0K
Cap Rate 7%
$328,571
$328.6K
Cap Rate 9%
$255,556
$255.6K
Market Conditions
NOI Build-Up for 2,574 SF
Gross rent
$35.5K $13.80/SF
− Vacancy
−$2.7K −$1.04/SF
EGI
$32.9K $12.77/SF
− OpEx
−$9.9K −$3.83/SF
NOI
$23.0K $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%
$460,000
Cap Rate 7%
$328,571
Cap Rate 9%
$255,556
Alternative Uses
Best Use
Multifamily LT 5
$328.6K
$287.5K – $383.3K
NOI $23,000 @ 7.0% cap · market cap 8.21%
Second Best
Apartment 5plus
$306.3K
$268.1K – $357.4K
NOI $21,444 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$638.6K
$558.8K – $745.0K
NOI $44,701 @ 7.0% cap · market cap 15.96%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,525
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 - Two updated residences each offer three bedrooms and one bathroom, with R2 zoning supporting the property’s residential use.
Where is this duplex located?
The property is located at 4 Thorp Street Binghamton, NY.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Two units, each with 3 bedrooms and 1 bathroom; 2,574 square feet of building area; Both residences have been remodeled
