8-Bedroom Student Housing
New
For Sale
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77 Murray Street, Binghamton, NY 13905
Fully leased duplex with in-unit laundry and recent building-system improvements.
Property Size2,696 SF
Price / SF$174.33
Days on Market6
Property Features for 77 Murray Street
General Information
Standard status
Active
Size
2,696 SF
Property subtype
Multifamily
Zoning
R3
Occupancy
100%
Financials
Gross Income
$56,160
Average Monthly Rent
$2,340
Units
Unit Mix
2 x 4BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
in-unit laundry
Building Details
Year Built
1916
Units
2
Tenancy
Multi
Listing Agency:
Kartar Realty
Listed By:
Susan Criscitello · License #10491214164
Source:
Crexi
Added: Aug 11
Changed: Aug 15
Last Checked: Aug 15 at 8:21AM
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 Kartar Realty
Investment Insights
Based on property information with market context.
This 2,696-square-foot duplex contains two four-bedroom units configured for student housing. Each unit includes in-unit laundry, while recent property work includes a newer roof, an updated water heater, and upgraded electrical service. Built in 1916, the property is zoned R3 and is currently leased for the 2026–2027 academic year.
Located at 77 Murray Street on Binghamton’s West Side, the duplex is positioned near downtown, public transportation, and area amenities. The property is occupied, and 24-hour notice is required for access.
Located at 77 Murray Street on Binghamton’s West Side, the duplex is positioned near downtown, public transportation, and area amenities. The property is occupied, and 24-hour notice is required for access.
Key Highlights
- Two four‑bedroom units totaling 8 bedrooms
- 2,696‑square‑foot duplex built in 1916
- Leases secured for the 2026–2027 academic year
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
$24,090
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
5.13%
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%
$481,800
$481.8K
Cap Rate 7%
$344,143
$344.1K
Cap Rate 9%
$267,667
$267.7K
Market Conditions
NOI Build-Up for 2,696 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
$37.2K $13.80/SF
− Vacancy
−$2.8K −$1.04/SF
EGI
$34.4K $12.77/SF
− OpEx
−$10.3K −$3.83/SF
NOI
$24.1K $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 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%
$481,800
Cap Rate 7%
$344,143
Cap Rate 9%
$267,667
Alternative Uses
Best Use
Multifamily LT 5
$344.1K
$301.1K – $401.5K
NOI $24,090 @ 7.0% cap · market cap 5.13%
Second Best
Apartment 5plus
$320.9K
$280.8K – $374.3K
NOI $22,460 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$668.9K
$585.3K – $780.3K
NOI $46,820 @ 7.0% cap · market cap 9.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,735
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
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Frequently Asked Questions
What type of property is this?
Duplex - Fully leased duplex with in-unit laundry and recent building-system improvements.
Where is this duplex located?
The property is located at 77 Murray Street Binghamton, NY.
What is the asking price?
The asking price for this property is $469,999.
What are key features of this property?
This property features: Two four‑bedroom units totaling 8 bedrooms; 2,696‑square‑foot duplex built in 1916; Leases secured for the 2026–2027 academic year
