Three-Unit Triplex with Private
For Sale
$215,500
9 Allen Street, Binghamton, NY 13901
Residential Income, Binghamton, NY
Property Size1,825 SF
Lot Size0.22 Acres
Price / SF$118.08
Days on Market11
Property Features for 9 Allen Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 1
Standard status
Active
APN
03020014406700020260000000
Lot size
0.22 Acres
Utilities
Heating system
Natural Gas, Forced Air
Amenities
washer/dryer hookups
basement storage room
fireplace
enclosed rear porches
private driveway
yard
Building Details
Year built
1900
Flooring type
Hardwood
Listing Agency:
VIOLA JESSICA A
Listed By:
Jessica Viola
(646) 256-9690
Added: Sep 25
Changed: Oct 1
Last Checked: Oct 5 at 4:06AM
MLS# 12001322
Copyright © 2026 My State MLS. 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 1900-built triplex contains three apartments totaling 1,825 SF, with a mix of one two-bedroom unit and two one-bedroom units. All are leased on month-to-month terms. Interior features include a fireplace, hardwood floors in the second and third apartments, and a remodeled kitchen with tile backsplash. Two enclosed rear porches connect to the second floor. The basement provides 912 SF, including a dedicated storage room and washer/dryer hookups. A private driveway and large yard serve the property, which occupies a 0.2167-acre lot.
Recreation Park is within walking distance, as is its historic 1925 carousel. Downtown Binghamton and the waterfront gateway project are also referenced as nearby city context.
Recreation Park is within walking distance, as is its historic 1925 carousel. Downtown Binghamton and the waterfront gateway project are also referenced as nearby city context.
Key Highlights
- Three apartments: one 2‑bedroom unit and two 1‑bedroom units
- 1,825 SF of apartment space; 912sf basement
- All three units leased on month‑to‑month terms
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
$16,307
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
7.57%
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%
$326,140
$326.1K
Cap Rate 7%
$232,957
$233.0K
Cap Rate 9%
$181,189
$181.2K
Market Conditions
NOI Build-Up for 1,825 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
$25.2K $13.80/SF
− Vacancy
−$1.9K −$1.04/SF
EGI
$23.3K $12.77/SF
− OpEx
−$7.0K −$3.83/SF
NOI
$16.3K $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%
$326,140
Cap Rate 7%
$232,957
Cap Rate 9%
$181,189
Alternative Uses
Best Use
Multifamily LT 5
$233.0K
$203.8K – $271.8K
NOI $16,307 @ 7.0% cap · market cap 7.57%
Second Best
Apartment 5plus
$217.2K
$190.1K – $253.4K
NOI $15,204 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$452.8K
$396.2K – $528.2K
NOI $31,694 @ 7.0% cap · market cap 14.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
540
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three leased apartments combine flexible month-to-month occupancy with basement storage and laundry hookups.
Where is this triplex located?
The property is located at 9 Allen Street Binghamton, NY.
What is the asking price?
The asking price for this property is $215,500.
What are key features of this property?
This property features: Three apartments: one 2‑bedroom unit and two 1‑bedroom units; 1,825 SF of apartment space; 912sf basement; All three units leased on month‑to‑month terms
