77 Oak St - Apartments FOR SALE


Binghamton, NY 13905- Westside Binghamton
$290,000 USD
607-621-0439
77 Oak St, Binghamton, NY for Sale
$290,000 USD
Apartments - FOR SALE
1/2
null | 13.2% Cap Rate

77 Oak St
Binghamton, NY 13905
Westside Binghamton


HIGHLIGHTS

  • Projected annual rental income of $43,500 after renovation
  • Desirable C-5 zoning
  • Attractive acquisition basis of approximately $48,333 per bed
  • Approximately 13% pro forma capitalization rate at the asking price

OVERVIEW

77 Oak Street presents a compelling value-add opportunity in the heart of Binghamton’s established West Side student-housing market. The duplex is offered in as-is condition at $290,000, or approximately $48,333 per bed, compared with an estimated market average of approximately $70,000 per bed for stabilized student-housing properties. Following renovation, the property is projected to generate annual rental income of $57,600 and pro forma net operating income of $38,269. At the asking price, this equates to an approximate 13% pro forma capitalization rate, providing an attractive acquisition basis with meaningful potential for income growth and value creation.

FOR SALE DETAILS

PRICE

$290,000 USD

PRICE/SF

$142 USD /SF

# OF UNITS

2

PRICE/UNIT

$145,000

CAP RATE

13.2%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Dormitory

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1910

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.07 AC

LAND SF

3,049 SF

ZONING

C-5

APN/PARCEL ID

030200-160-047-0003-032-000-0000

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.