1 Mather St - Apartments FOR SALE


Binghamton, NY 13905- Westside Binghamton
$3,699,000 USD
607-621-0439
1 Mather St, Binghamton, NY for Sale
$3,699,000 USD
Apartments - FOR SALE
1/23
null | 8.51% Cap Rate

1 Mather St
Binghamton, NY 13905
Westside Binghamton


HIGHLIGHTS

  • 51-Unit Student Housing Asset with Efficient Two-Bedroom Unit Mix
  • 8.51% In-Place Cap Rate | Approximately $314,000 NOI
  • $72,353 Price Per Unit with Meaningful Scale for the Market
  • Significant Recent Improvements Including New Roofs (Approximately $160,000)
  • Zoned for 54 Units with Immediate Expansion Potential Under Existing Zoning
  • Updated Interiors and Well-Maintained Buildings Supporting Stable Operations

OVERVIEW

Offered for sale is a well maintained and professionally operated 51-unit student housing complex located on Binghamton’s West Side, one of the area’s most consistently leased student rental submarkets. The property consists entirely of two-bedroom units across two buildings, providing operational scale and a uniform unit mix in a proven demand location. Units feature updated, durable interiors including modern cabinetry, hard surface flooring, and clean bathroom finishes, supporting tenant appeal and consistent occupancy. Both buildings also feature new roofs totaling approximately $160,000 in recent improvements, significantly reducing near term ownership risk. Utility configurations provide flexibility, with 1 Mather Street serviced by a single gas meter and separate electric meters, while 3 Mather Street includes separate gas and electric meters with individual furnaces in each unit. The site is currently zoned for 54 units, creating immediate upside through the potential addition of three basement units under existing zoning. This built-in expansion potential allows an investor to increase density and revenue without pursuing zoning approvals. This asset presents an opportunity to acquire a stabilized student housing investment with strong in-place cash flow, recent improvements, and clear pathways for future income growth.

FOR SALE DETAILS

PRICE

$3,699,000 USD

PRICE/SF

$69 USD /SF

# OF UNITS

54

PRICE/UNIT

$68,500

CAP RATE

8.51%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

1 - 3 Mather St

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1970

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.33 AC

LAND SF

14,227 SF

ZONING

Service Commercial

APN/PARCEL ID

030200-160-030-0003-025-000-0000

ASK ABOUT THIS PROPERTY

Scott WarrenSVN | Innovative Commercial AdvisorsMore Info
607-621-0439

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Scott WarrenSVN | Innovative Commercial AdvisorsMore Info
607-621-0439

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.