Downtown Binghamton Student Housing
For Sale
$1,340,000
74 Carroll St, Binghamton, NY 13901
Fully leased residential and commercial spaces near Binghamton amenities.
Property Size13,020 SF
Price / SF$102.92
Days on Market272
Property Features for 74 Carroll St
General Information
Standard status
Active
Size
13,020 SF
Property subtype
Multifamily
Building Details
Building Size
13,020 SF
Year Built
1970
Listing Agency:
SVN Innovative Commercial Advisors
(607) 621-0439
Listed By:
Scott Warren, CCIM, CIREC · License #NY #10491212432
(607) 621-0439
Source:
Svn
Added: Nov 21, 2025
Changed: Aug 8
Last Checked: Aug 8 at 3:12AM
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 SVN Innovative Commercial Advisors
Investment Insights
Based on property information with market context.
This 13,000 SF building presents an investment opportunity in Downtown Binghamton's student housing market. The property features five fully leased residential units and two commercial spaces. Residential leases are secured through the 2025–2026 academic year. The student housing component includes 25 beds with high-end finishes, central air, AC, two bathrooms per unit, and loft-style bedrooms in three of the five units. Secure coded access is provided to both the main entrance and individual units. Located one building off Court Street, the property is within walking distance of Binghamton’s restaurants, nightlife, shops, and amenities. The property includes ample off-street parking. A newly signed three-year lease with a salon supports the commercial portion. Each unit has laundry. The location combines convenience with a walkability score of 84 and a daily traffic count of 7,280. The property is accessible via SUNY bus routes. It also offers free street parking, with additional paid parking nearby.
Key Highlights
- Fully leased residential units (25 beds) secured through the 2025‑2026 academic year, providing immediate rental income.
- Prime downtown Binghamton location, one building off Court Street, with a strong walkability score and access to amenities.
- Two commercial spaces, including a newly signed three‑year lease with a salon, enhancing income diversification.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$108,468
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.09%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,169,360
$2.2M
Cap Rate 7%
$1,549,543
$1.5M
Cap Rate 9%
$1,205,200
$1.2M
Market Conditions
NOI Build-Up for 13,020 SF
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.
Gross rent
$210.9K $16.20/SF
− Vacancy
−$13.7K −$1.05/SF
EGI
$197.2K $15.15/SF
− OpEx
−$88.7K −$6.82/SF
NOI
$108.5K $8.33/SF
Area
Broome County, NY
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,169,360
Cap Rate 7%
$1,549,543
Cap Rate 9%
$1,205,200
Alternative Uses
Best Use
Retail
$1.87M
$1.64M – $2.18M
NOI $130,968 @ 7.0% cap · market cap 9.77%
Second Best
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,468 @ 7.0% cap · market cap 8.09%
Theoretical Best
Office A
$3.23M
$2.83M – $3.77M
NOI $226,111 @ 7.0% cap · market cap 16.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,001
Businesses Nearby
Explore this area
Business Placement
Demographics for 13901, NY
20,548
Population
10,148
Households
2
Avg Household Size
40
Median Age
26%
College-Educated
87%
High-School Grad
23.0 sq mi
ZIP Area
893
Density / Sq Mi
$54,165
Median Household Income
$36,897
Median Earnings
$806
Median Rent
$152,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased residential and commercial spaces near Binghamton amenities.
Where is this apartment building located?
The property is located at 74 Carroll St Binghamton, NY.
What is the asking price?
The asking price for this property is $1,340,000.
What are key features of this property?
This property features: Fully leased residential units (25 beds) secured through the 2025‑2026 academic year, providing immediate rental income.; Prime downtown Binghamton location, one building off Court Street, with a strong walkability score and access to amenities.; Two commercial spaces, including a newly signed three‑year lease with a salon, enhancing income diversification.
