Renovated 4-Unit
For Sale
$374,900
71-73 Albert Street, Johnson City, NY 13790
Updated apartments provide furnished and unfurnished rental options with a four-car garage.
Property Size3,183 SF
Days on Market149
Property Features for 71-73 Albert Street
General Information
Standard status
Active
Size
3,183 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
4
Building Details
Building Size
3,183 SF
Year Built
1900
Buildings
1
Units
4
Listing Agency:
SVN | Innovative Commercial Advisors
Listed By:
Coty Lunn · License #10401324866
(607) 481-5660
Source:
Commercialcafe
Added: Apr 10
Changed: Aug 31
Last Checked: Aug 31 at 2:08AM
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 SVN | Innovative Commercial Advisors
Investment Insights
Based on property information with market context.
This 4-unit quadplex, built in 1900, has undergone extensive updates across its apartments. Three units are furnished and one is unfurnished, supporting different rental arrangements. Improvements include newer kitchens, modern bathrooms, laminate flooring, and fresh interior paint. Mechanical work includes a newer boiler serving one main apartment and a new heater in the garage apartment. The property also includes a 4-car garage that can support additional rental use.
The building is located at 71-73 Albert Street in Johnson City, just off Main Street and near Route 17 (I-86). UHS Wilson Medical Center, retail, dining, and public transportation are nearby. Its position between Johnson City and downtown Binghamton provides access to surrounding employment centers, services, and regional road connections.
The building is located at 71-73 Albert Street in Johnson City, just off Main Street and near Route 17 (I-86). UHS Wilson Medical Center, retail, dining, and public transportation are nearby. Its position between Johnson City and downtown Binghamton provides access to surrounding employment centers, services, and regional road connections.
Key Highlights
- 4‑unit quadplex with 3 furnished apartments and 1 unfurnished unit
- Updated kitchens, modern bathrooms, laminate flooring, and fresh paint
- 4‑car garage offers additional rental‑use potential
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
$28,442
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
7.59%
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%
$568,840
$568.8K
Cap Rate 7%
$406,314
$406.3K
Cap Rate 9%
$316,022
$316.0K
Market Conditions
NOI Build-Up for 3,183 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
$43.9K $13.80/SF
− Vacancy
−$3.3K −$1.04/SF
EGI
$40.6K $12.77/SF
− OpEx
−$12.2K −$3.83/SF
NOI
$28.4K $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%
$568,840
Cap Rate 7%
$406,314
Cap Rate 9%
$316,022
Alternative Uses
Best Use
Multifamily LT 5
$406.3K
$355.5K – $474.0K
NOI $28,442 @ 7.0% cap · market cap 7.59%
Second Best
Apartment 5plus
$378.8K
$331.5K – $442.0K
NOI $26,517 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$789.7K
$691.0K – $921.3K
NOI $55,277 @ 7.0% cap · market cap 14.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,005
Businesses Nearby
Explore this area
Business Placement
Demographics for 13790, NY
18,478
Population
9,585
Households
1.9
Avg Household Size
43
Median Age
29%
College-Educated
89%
High-School Grad
27.2 sq mi
ZIP Area
679
Density / Sq Mi
$54,764
Median Household Income
$37,360
Median Earnings
$985
Median Rent
$117,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Updated apartments provide furnished and unfurnished rental options with a four-car garage.
Where is this quadplex located?
The property is located at 71-73 Albert Street Johnson City, NY.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: 4‑unit quadplex with 3 furnished apartments and 1 unfurnished unit; Updated kitchens, modern bathrooms, laminate flooring, and fresh paint; 4‑car garage offers additional rental‑use potential
