Colonial Building with Redevelopment
For Sale
$690,000
71 Main St, Binghamton, NY 13905
10,472 SF building suitable for various uses.
Property Size10,472 SF
Price / SF$65.89
Days on Market272
Property Features for 71 Main St
General Information
Standard status
Active
Size
10,472 SF
Property subtype
Multifamily
Building Details
Year Built
1960
Listing Agency:
SVN Innovative Commercial Advisors
(607) 481-5660
Listed By:
Coty Lunn, CIREC · License #10301220936
(607) 481-5660
Source:
Svn
Added: Nov 21, 2025
Changed: Jul 6
Last Checked: Aug 20 at 4:56AM
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.
Located on Main Street in Binghamton, at the corner of Chapin and Main, this 10,472 square foot Colonial building presents a redevelopment opportunity. Situated within walking distance of the Court Street Bridge and Downtown Binghamton, the property benefits from a walk score of 82 and average daily traffic of 17,127. Recent zoning changes in the City of Binghamton make this location suitable for student housing, professional offices, a boutique hotel, or a private event space. The building showcases rich woodwork, five fireplaces, and multiple bathrooms. It includes a one-bedroom apartment and a three-bedroom apartment, as well as a detached brick carriage house ready for development. Additional features include a four-car garage and 22 surface parking spaces. Owner financing is available to qualified buyers at 4% with flexible terms and 20% down payment.
Key Highlights
- Prime Main St location walkable to Downtown Binghamton with high visibility and a walk score of 82.
- Owner financing available at 4% with flexible terms and 20% down payment.
- Zoned for Student Housing and other uses with great redevelopment 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
$51,274
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
7.43%
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%
$1,025,480
$1.0M
Cap Rate 7%
$732,486
$732.5K
Cap Rate 9%
$569,711
$569.7K
Market Conditions
NOI Build-Up for 10,472 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
$125.7K $12.00/SF
− Vacancy
−$17.7K −$1.69/SF
EGI
$107.9K $10.31/SF
− OpEx
−$56.7K −$5.41/SF
NOI
$51.3K $4.90/SF
Area
Broome County, NY
Vacancy
14.10%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
52.50%
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%
$1,025,480
Cap Rate 7%
$732,486
Cap Rate 9%
$569,711
Alternative Uses
Best Use
Office B
$1.94M
$1.70M – $2.27M
NOI $136,000 @ 7.0% cap · market cap 19.71%
Second Best
Apartment 5plus
$1.25M
$1.09M – $1.45M
NOI $87,241 @ 7.0% cap · market cap 12.64%
Theoretical Best
Office A
$2.60M
$2.27M – $3.03M
NOI $181,861 @ 7.0% cap · market cap 26.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,645
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 Office in Binghamton, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 10,472 SF building suitable for various uses.
Where is this apartment building located?
The property is located at 71 Main St Binghamton, NY.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Prime Main St location walkable to Downtown Binghamton with high visibility and a walk score of 82.; Owner financing available at 4% with flexible terms and 20% down payment.; Zoned for Student Housing and other uses with great redevelopment potential.
