Grand Ave Portfolio Multi-Family FOR SALE


Johnson City, NY
$1,950,000 USD
201-410-4268
, Johnson City, NY for Sale
$1,950,000 USD
Multi-Family - FOR SALE
1/27
null | 8.63% Cap Rate

Grand Ave Portfolio
Johnson City, NY


HIGHLIGHTS

  • 23 unit, fully performing, mixed use portfolio just minutes from Binghamton University and UHS Medical Center in Broome County New York
  • Two locations, just a minute apart, consisting of three residential and one commercial buildings.
  • Extensively upgraded over the past few years and 100% occupied.
  • 12.5% (approx) return on day one makes this an ideal plug and play opportunity, perfect to complement an existing portfolio/ first time investment
  • Great Location (walking distance to UHS Medical Center, Binghamton school of Nursing and Binghamton School of Pharmacy)
  • Commercial tenant on seven year lease with two (5 year) options.

OVERVIEW

PRICE REDUCED! Marcus & Millichap is pleased to present an opportunity to acquire a large number of units, fully performing, and meticulously upgraded over the past several years. Here are the details: 83 Grand Avenue: Two story, five unit residential building consisting of one and three bedroom apartments- all units have been upgraded and additional income is derived from the laundry. Tenants pay their own separately metered gas & electric. 200 Grand - less than 1 minute down the road from 83 Grand, this location consists of a 1 story, and highly successful, convenience store on a multi year lease. At the rear of the lot is a two story, one bedroom house. Both tenants pay their own separately metered gas & electric. 204 Grand is a three story, corner apartment building with 16 apartments: (8) one and (8) two bedroom units. All but three units have been upgraded and show pride of ownership - Tenants pay their own separately metered gas & electric. Additional income is derived from the laundry. This four building portfolio is only 5 minutes from Binghamton University and a short walk to Binghamton University School of Nursing, School of Pharmacy, the UHS Medical Center. and public transportation. A number of tenants work at the Hospital complex due to it's proximity. Unlike a majority of Binghamton/Johnson City offerings where it will take 2-3 years to turn over and upgrade units, this portfolio offers an investor a turn-key performing portfolio, and a 12.5% (approx) return from day one. Extensive library of location/unit photos available upon request.

ASK ABOUT THIS PROPERTY

Charles CollinsMarcus & MillichapMore Info
201-410-4268

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Charles CollinsMarcus & MillichapMore Info
201-410-4268

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