Duplex with Three-Bedroom
New
For Sale
$224,900
593 State St, Binghamton, NY 13901
Both apartments are leased and include private entrances, in-unit laundry, and separate utilities.
Property Size1,800 SF
Price / SF$124.94
Days on Market5
Property Features for 593 State St
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Residential Income
Zoning
R2, R2
Occupancy
100%
Financials
Gross Income
$36,000
Average Monthly Rent
$1,500
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Highway Access
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$2,073
Amenities
in-unit laundry
separate entrances
covered porches
large backyard
driveway parking
Porch
Building Details
Building Size
1,800 SF
Year Built
1910
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
eXp REALTY
Listed By:
Amity L. Deubler · License #10401395123
Source:
Gehlcorealty
Added: Oct 20
Changed: Oct 23
Last Checked: Oct 23 at 3:16PM
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 eXp REALTY
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Investment Insights
Based on property information with market context.
This two-unit property, built in 1910, contains a three-bedroom apartment on each side. Both residences have separate entrances and in-unit laundry, with utilities paid separately by tenants. Interior features include living areas, eat-in kitchens, and ample cabinetry and counter space. Covered porches, a backyard, and driveway parking serve the property. The zoning is listed as R2.
At 593 State St in Binghamton, the property is described as near major highways, shopping, employment centers, and local amenities. Both apartments are currently leased.
At 593 State St in Binghamton, the property is described as near major highways, shopping, employment centers, and local amenities. Both apartments are currently leased.
Key Highlights
- Two apartments, each with three bedrooms
- Both units are currently leased
- Separate entrances and in‑unit laundry in each apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,084
Cap Rate
7.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$321,680
$321.7K
Cap Rate 7%
$229,771
$229.8K
Cap Rate 9%
$178,711
$178.7K
Market Conditions
NOI Build-Up for 1,800 SF
Gross rent
$24.8K $13.80/SF
− Vacancy
−$1.9K −$1.04/SF
EGI
$23.0K $12.77/SF
− OpEx
−$6.9K −$3.83/SF
NOI
$16.1K $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%
$321,680
Cap Rate 7%
$229,771
Cap Rate 9%
$178,711
Alternative Uses
Best Use
Multifamily LT 5
$229.8K
$201.1K – $268.1K
NOI $16,084 @ 7.0% cap · market cap 7.15%
Second Best
Apartment 5plus
$214.2K
$187.5K – $249.9K
NOI $14,996 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$446.6K
$390.8K – $521.0K
NOI $31,260 @ 7.0% cap · market cap 13.90%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
359
Businesses Nearby
Explore this area
Business Placement
Demographics for 13901, NY
20,548
Population
10,148
Households
2
Avg Household Size
40
Median Age
26%
College-Educated
87%
High-School Grad
23.0 sq mi
ZIP Area
893
Density / Sq Mi
$54,165
Median Household Income
$36,897
Median Earnings
$806
Median Rent
$152,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Both apartments are leased and include private entrances, in-unit laundry, and separate utilities.
Where is this duplex located?
The property is located at 593 State St Binghamton, NY.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: Two apartments, each with three bedrooms; Both units are currently leased; Separate entrances and in‑unit laundry in each apartment
