Updated Two-Unit
New
For Sale
$155,000
62 - 64 Perry Avenue, Corning, NY 14830
Residential, Corning, NY
Property Size1,952 SF
Lot Size0.08 Acres
Price / SF$79.41
Days on Market2
Property Features for 62 - 64 Perry Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 2, Basement
Patio and Porch features
Porch
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Middle school
Corning-Painted Post Middle
Elementary school district
Corning-Painted Post
Middle school district
Corning-Painted Post
High school district
Corning-Painted Post
Directions
Pulteney St in Corning to Bridge St, Right on Lane, left on Decatur, right on Perry. Home on right.
Subdivision
Corning-City-460300
Standard status
Active
APN
460300-299-020-0003-021-000
Size
1,952 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
3108
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
detached storage garage/shed
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Varies, Laminate
Building materials
VinylSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Realty Southern Tier & Finger Lakes
(607) 795-2900
Listed By:
Daniel J. Mower · License #10301205665
(607) 207-6257
Added: Sep 23
Last Checked: Sep 24 at 10:06AM
MLS# R1716454
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This side-by-side duplex contains two 2 BR/1 BA residences within 1,952 square feet. Each unit has its own entrance and separate utilities, while the property includes a detached storage garage or shed. Recent work includes electrical updates with new lighting and outlets, interior painting, flooring improvements, updated bathrooms, some replacement windows, a new electric water heater, vinyl siding improvements, new gutters, and a compacted stone driveway. One residence has new LVP flooring and a new range; the other features polished hardwood floors and an updated bathroom.
The property sits on 0.08 acres at 62–64 Perry Avenue in Corning, NY 14830. It is located a short distance from Wegmans, the YMCA, parks, museums, restaurants, shops, and downtown Corning’s Gaffer District. Built in 1900, the duplex also has a public water supply, asphalt roofing, natural-gas forced-air heat, and a porch.
The property sits on 0.08 acres at 62–64 Perry Avenue in Corning, NY 14830. It is located a short distance from Wegmans, the YMCA, parks, museums, restaurants, shops, and downtown Corning’s Gaffer District. Built in 1900, the duplex also has a public water supply, asphalt roofing, natural-gas forced-air heat, and a porch.
Key Highlights
- Two 2 BR/1 BA units totaling 1,952 square feet
- Separate utilities and individual entrances for both residences
- Recent electrical, bathroom, flooring, window, siding, gutter, and water‑heater updates
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
$13,210
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
8.52%
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%
$264,200
$264.2K
Cap Rate 7%
$188,714
$188.7K
Cap Rate 9%
$146,778
$146.8K
Market Conditions
NOI Build-Up for 1,952 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
$19.9K $10.20/SF
− Vacancy
−$1.0K −$0.53/SF
EGI
$18.9K $9.67/SF
− OpEx
−$5.7K −$2.90/SF
NOI
$13.2K $6.77/SF
Area
Steuben County, NY
Vacancy
5.22%
Lease Rate
$10.20 /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%
$264,200
Cap Rate 7%
$188,714
Cap Rate 9%
$146,778
Alternative Uses
Best Use
Multifamily LT 5
$188.7K
$165.1K – $220.2K
NOI $13,210 @ 7.0% cap · market cap 8.52%
Second Best
Apartment 5plus
$173.9K
$152.2K – $202.9K
NOI $12,175 @ 7.0% cap · market cap 7.85%
Theoretical Best
Office A
$475.9K
$416.4K – $555.2K
NOI $33,311 @ 7.0% cap · market cap 21.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
449
Businesses Nearby
Explore this area
Business Placement
Demographics for 14830, NY
18,949
Population
9,324
Households
2
Avg Household Size
40
Median Age
41%
College-Educated
96%
High-School Grad
90.6 sq mi
ZIP Area
209
Density / Sq Mi
$73,831
Median Household Income
$48,331
Median Earnings
$997
Median Rent
$168,100
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
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Frequently Asked Questions
What type of property is this?
Duplex - Side-by-side residences with separate utilities, individual entrances, and recent interior and exterior improvements.
Where is this duplex located?
The property is located at 62 - 64 Perry Avenue Corning, NY.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Two 2 BR/1 BA units totaling 1,952 square feet; Separate utilities and individual entrances for both residences; Recent electrical, bathroom, flooring, window, siding, gutter, and water‑heater updates
