Downtown Binghamton Student Housing
162 Court Street Binghamton, NY 13901
For Sale
$3,625,000
Student housing asset with retail space in Downtown Binghamton.
Property Size20,372 SF
Price / SF$177.94
Days on Market320
Property Features for 162 Court Street
General Information
- Standard status
- Active
- Size
- 20,372 SF
- Property subtype
- Student Housing
Listing Agency:
Lee & Associates - New York
(646) 723-4011
Listed By:
Sean Slattery · License #10401285671
Source:
Lee-associates
Added: Sep 10, 2025
Changed: Jul 6
Last Checked: Jul 25 at 5:40AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lee & Associates - New York
Investment Insights
Based on property information with market context.
Located at the corner of Court Street and Carroll Street in Downtown Binghamton, this property features 10 units comprising 56 beds. Recent capital improvements have been completed. The property is positioned to benefit from a growing student rental market, supported by a 19% increase in undergraduate applications in 2023 at Binghamton University, which is ranked as New York’s #1 Value Public University by U.S. News & World Report. The property offers consistent residential cash flow, with the potential to add value by leasing the approximately 2,700 square feet of retail space or converting it to self-storage. The unit mix and multiple unit sizes allow for flexibility in renting to individuals or groups. The property's total size is 20,372 square feet.
Key Highlights
- Located in Downtown Binghamton, servicing Binghamton University, New York’s #1 Value Public University.
- Features 10 units consisting of 56 total beds, catering to the student housing market.
- Opportunity to add value by leasing approximately 2,700 feet of retail space or converting it to self‑storage.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $330.0k | $16.20 |
| − Vacancy | −$21.5k | −$1.05 |
| EGI | $308.6k | $15.15 |
| − OpEx | −$138.9k | −$6.82 |
| NOI | $169.7k | $8.33 |
20,372 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.42M
$2.12M – $2.83M
NOI $169,716 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.05M
$4.42M – $5.90M
NOI $353,788 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
162 Court Street
Business Service Center
FAQs
What type of property is this?
Apartment building - Student housing asset with retail space in Downtown Binghamton.
Where is this apartment building located?
The property is located at 162 Court Street Binghamton, NY.
What is the asking price?
The asking price for this property is $3,625,000.
What are key features of this property?
This property features: Located in Downtown Binghamton, servicing Binghamton University, New York’s #1 Value Public University.; Features **10 units consisting of 56 total beds**, catering to the student housing market.; Opportunity to add value by leasing approximately 2,700 feet of retail space or converting it to self‑storage.
