As-Is
For Sale
$212,500
58 Leroy St, Binghamton, NY 13905
Two-unit property with R-3 zoning and renovation needs.
Property Size1,818 SF
Days on Market10
Property Features for 58 Leroy St
General Information
Standard status
Active
Size
1,818 SF
Property subtype
Multifamily
Zoning
R-3
Additional Details
Asking Price
$212,500
Multifamily Units
2
Building Details
Building Size
1,818 SF
Year Built
1910
Listing Agency:
(607) 621-0439
Listed By:
Scott Warren, CCIM, CIREC · License #NY #10491212432
(607) 621-0439
Source:
Svn
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 21 at 5:01AM
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 Scott Warren, CCIM, CIREC
Investment Insights
Based on property information with market context.
This two-unit residential property was built in 1910 and is offered in as-is condition, with renovations needed. The property carries R-3 zoning and is positioned within Binghamton’s West Side student-housing market.
The address is within walking distance of Downtown Binghamton and neighborhood amenities, providing access to established nearby services and activity. Its duplex configuration and zoning support continued evaluation as a residential income property.
The address is within walking distance of Downtown Binghamton and neighborhood amenities, providing access to established nearby services and activity. Its duplex configuration and zoning support continued evaluation as a residential income property.
Key Highlights
- Duplex configuration with two residential units
- Built in 1910
- R‑3 zoning
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
$16,245
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
7.64%
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%
$324,900
$324.9K
Cap Rate 7%
$232,071
$232.1K
Cap Rate 9%
$180,500
$180.5K
Market Conditions
NOI Build-Up for 1,818 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
$25.1K $13.80/SF
− Vacancy
−$1.9K −$1.04/SF
EGI
$23.2K $12.77/SF
− OpEx
−$7.0K −$3.83/SF
NOI
$16.2K $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%
$324,900
Cap Rate 7%
$232,071
Cap Rate 9%
$180,500
Alternative Uses
Best Use
Multifamily LT 5
$232.1K
$203.1K – $270.8K
NOI $16,245 @ 7.0% cap · market cap 7.64%
Second Best
Apartment 5plus
$216.4K
$189.3K – $252.4K
NOI $15,145 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$451.0K
$394.7K – $526.2K
NOI $31,572 @ 7.0% cap · market cap 14.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,399
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with R-3 zoning and renovation needs.
Where is this duplex located?
The property is located at 58 Leroy St Binghamton, NY.
What is the asking price?
The asking price for this property is $212,500.
What are key features of this property?
This property features: Duplex configuration with two residential units; Built in 1910; R‑3 zoning
