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    Property profile & analytics

    4 Florence Ave Binghamton, NY 13905

    • Dormitories
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2756637
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Dormitories

    Property Details for 4 Florence Ave

    Year built
    1940
    Property type
    Dormitories
    Property subtype
    Student housing

    Description

    This stabilized multifamily property, located at 4 Florence Ave, Binghamton, NY 13905, presents a compelling investment opportunity. The two-unit, six-bedroom building, constructed in 1940 and extensively renovated in 2020, boasts a strong rental history with a current monthly income of $3600. The property features a desirable Westside location, zoned for student housing, and is conveniently situated on a one-way street with a front porch. Each unit offers spacious and bright living areas with luxury vinyl plank flooring. The first-floor unit includes a full, new kitchen, while the upper unit features a new kitchenette and in-unit laundry (washer/dryer). Two off-street parking spaces are provided, and a nearby bus stop enhances accessibility. The property's financial performance is highlighted by a $325,000 asking price, a $43,200 net operating income (NOI), and a 13.29% capitalization rate. The price per unit is $162,500. This is an excellent opportunity for investors seeking a stable, high-yield property in a strong rental market. The property is held in an LLC and is offered for sale by owner.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Binghamton
    County
    Broome
    State
    New York
    Longitude
    -75.9197752
    Latitude
    42.0956466

    Comparable in this City

    • Contact for pricing
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      Colonial Building with Redevelopment Potential

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      Renovated Multifamily Property in Binghamton

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      Binghamton Investment Opportunity

      Fixer-upper requiring full renovation in Binghamton, New York.
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      Binghamton Multifamily Fixer-Upper Opportunity

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      7 Charlotte St, Binghamton, NY 13905
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    Similar Nearby for Sale

    • Contact for pricing
      97 SF

      Student Housing Near SUNY Binghamton

      Class-A student housing near SUNY Binghamton with high occupancy rates.
      7-9 Court St, Binghamton, NY 13905
      View Details
    • $715,000
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      Colonial Building with Redevelopment Potential

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      Renovated Multifamily Investment Opportunity

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      Four-Unit Multifamily Property with Garage

      Multifamily property featuring four units and a five-bay garage.
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      Renovated Multifamily Building in Binghamton

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      View Details
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      Renovated Multifamily Property in Binghamton

      Stabilized 6-unit building in Binghamton's West Side, ideal for investors.
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      View Details

    Similar Nearby for Lease

    • $1,000 /Mo

      Remodeled Apartment Near SUNY Broome

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      2,484 SF

      Empire Plaza Retail Storefront

      Binghamton, NY: Prime Retail Space Available
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      Former QSR with Drive-Thru

      2,915 sqft former QSR on 0.33 acres with drive-thru.
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      1,600 SF

      Retail Space in Binghamton

      Retail space available for rent in Binghamton, New York.
      10 Glenwood Ave, Binghamton, NY 13905
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    4 Florence Ave
    Binghamton, NY 13905
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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