Student Housing Building with
For Sale
$5,195,000
123 Court Street, Binghamton, NY 13901
Well-designed student housing with NYC-style loft interiors and a sizable street-level retail component on the first floor.
Property Size28,000 SF
Price / SF$185.54
Days on Market150
Property Features for 123 Court Street
General Information
Standard status
Active
Size
28,000 SF
Property subtype
Residential Income / Apartment
Zoning
Downtown Business Distric
Net Operating Income
$403,431
Additional Details
Clear Height
12 ft
Taxes and HOA fees
Annual Taxes
$46,385
Amenities
Yes, CentralAir
ForcedAir, Yes
Carpet, Hardwood, Tile, Vinyl
Dryer, Dishwasher, GasWaterHeater, Microwave, Oven, Range, Refrigerator, RangeHood, Washer
CARBON MONOXIDE DETECTOR,LIGHTING FIXTURE,MIRRORS-Perm affixed,SECURITY SYSTEM,SHADES/BLINDS ONLY,SMOKE DETECTORS
25
54
WalkInClosets
Apartment
Other
Basement
Building Details
Year Built
1960
Listing Agency:
MACZKO REALTY
Listed By:
John Maczko · License #40MA0657731
(607) 760-2898
Source:
Compass
Added: May 24
Changed: Oct 10
Last Checked: Oct 19 at 8:56AM
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 MACZKO REALTY
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Investment Insights
Based on property information with market context.
Introducing 123 Court St, a student housing and mixed-use building offering 54 beds arranged across 4-, 6-, 8-, and 10-bedroom apartment layouts. The property was completely redeveloped approximately 10 years ago and features a New York City-style loft design with exposed brick walls, hardwood floors, spiral ductwork, oversized bedrooms, and expansive common living areas. A portion of the building also includes a first-floor commercial space with 12 ft+ ceiling heights and brick wall finishes.
The building is positioned in the heart of Downtown Binghamton, placing residents within immediate reach of restaurants, coffee shops, nightlife, and university transportation.
For buyers and operators, the combination of apartment-style student housing and a dedicated ground-floor retail component can support a mixed-use strategy with both residential and commercial income potential. The unit mix is designed around shared living arrangements, and the interior finishes are purposefully consistent throughout the property, including prominent exposed brick and hardwood flooring. The commercial space on the first floor provides additional flexibility for retail tenants that benefit from walk-in activity from the downtown area and daily building traffic. For a confidential conversation, contact the listing agent.
The building is positioned in the heart of Downtown Binghamton, placing residents within immediate reach of restaurants, coffee shops, nightlife, and university transportation.
For buyers and operators, the combination of apartment-style student housing and a dedicated ground-floor retail component can support a mixed-use strategy with both residential and commercial income potential. The unit mix is designed around shared living arrangements, and the interior finishes are purposefully consistent throughout the property, including prominent exposed brick and hardwood flooring. The commercial space on the first floor provides additional flexibility for retail tenants that benefit from walk-in activity from the downtown area and daily building traffic. For a confidential conversation, contact the listing agent.
Key Highlights
- Downtown Binghamton student housing built in 1960 with 54 beds in 4-, 6-, 8-, and 10‑bedroom apartment layouts
- About 10 years ago, the property was completely redeveloped
- NYC‑style loft interiors include exposed brick walls, hardwood floors, spiral ductwork, and expansive common living areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$281,652
Cap Rate
5.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,633,040
$5.6M
Cap Rate 7%
$4,023,600
$4.0M
Cap Rate 9%
$3,129,467
$3.1M
Market Conditions
NOI Build-Up for 28,000 SF
Gross rent
$420.0K $15.00/SF
− Vacancy
−$17.6K −$0.63/SF
EGI
$402.4K $14.37/SF
− OpEx
−$120.7K −$4.31/SF
NOI
$281.7K $10.06/SF
Area
Broome County, NY
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,633,040
Cap Rate 7%
$4,023,600
Cap Rate 9%
$3,129,467
Alternative Uses
Best Use
Retail
$4.02M
$3.52M – $4.69M
NOI $281,652 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$3.33M
$2.92M – $3.89M
NOI $233,264 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$6.95M
$6.08M – $8.10M
NOI $486,259 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
12 ft
Clear height
Location Intelligence
Trade Area within ½ mile
2,143
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Well-designed student housing with NYC-style loft interiors and a sizable street-level retail component on the first floor.
Where is this apartment building located?
The property is located at 123 Court Street Binghamton, NY.
What is the asking price?
The asking price for this property is $5,195,000.
What are key features of this property?
This property features: Downtown Binghamton student housing built in 1960 with 54 beds in 4-, 6-, 8-, and 10‑bedroom apartment layouts; About 10 years ago, the property was completely redeveloped; NYC‑style loft interiors include exposed brick walls, hardwood floors, spiral ductwork, and expansive common living areas
