Retail or Office
2 Mitchell Avenue Binghamton, NY 13903
2 Mitchell Avenue, Binghamton, NY, 13903
$315,000
For Sale
$315,000
Former laundromat space offers 2,752 sq. ft. with equipment sold as-is and existing income from a tobacco shop tenant.
Property Size2,752 SF
Price / SF$114.46
Days on Market494
Property Features for 2 Mitchell Avenue
General Information
- Standard status
- Active
- Size
- 2,752 SF
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 1970
Listing agency
HOWARD HANNA
(607) 427-5610
Listed by
George E. Hoch · License #10401200284
(607) 427-5610
Source
Exitrealty
Added: Mar 17, 2025 Updated: Jul 23 at 12:14AM Checked: Jul 23 at 12:14AM
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 HOWARD HANNA
Investment Insights
Based on property information with market context.
This commercial property at 2 Mitchell Avenue in Binghamton, New York includes a versatile storefront building formerly used as a laundromat. The offering comprises 2,752 square feet of space, and all laundry equipment is included on an “as-is” basis and will remain in place with the property. The sale is being offered “as is.”
The property is described as being in the heart of the South Side and provides access to a high-activity commercial setting. Public remarks indicate the building is near UHS and that nearby businesses include Dunkin’ Donuts, Family Dollar, and restaurants.
In addition to the former laundromat space, the property includes an established tobacco shop at the end of the building that is generating $1,850 in monthly rent, creating two income streams under one roof as presented in the public remarks.
The property is described as being in the heart of the South Side and provides access to a high-activity commercial setting. Public remarks indicate the building is near UHS and that nearby businesses include Dunkin’ Donuts, Family Dollar, and restaurants.
In addition to the former laundromat space, the property includes an established tobacco shop at the end of the building that is generating $1,850 in monthly rent, creating two income streams under one roof as presented in the public remarks.
Key Highlights
- Former laundromat commercial space at 2 Mitchell Avenue in Binghamton, NY
- 2,752 sq. ft. versatile interior for retail or office use
- All laundry equipment is "As Is" and will remain in place
Local Financial Insights For Retail
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 | $41.3k | $15.00 |
| − Vacancy | −$1.7k | −$0.63 |
| EGI | $39.5k | $14.37 |
| − OpEx | −$11.9k | −$4.31 |
| NOI | $27.7k | $10.06 |
2,752 SF · lease $15.00/SF/yr · vacancy 4.20% · expense 30.00%
Alternative Uses
Best Use
Healthcare Medical
$518.9K
$454.1K – $605.4K
NOI $36,326 @ 7.0% cap · market cap 11.53%
Second Best
Office B
$510.6K
$446.8K – $595.7K
NOI $35,740 @ 7.0% cap · market cap 11.35%
Theoretical Best
Office A
$682.7K
$597.4K – $796.5K
NOI $47,792 @ 7.0% cap · market cap 15.17%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Laundromat
(Bike/Boat/Book/etc) Store
BC Broome County ...
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
Similar Off Market Nearby
- Just breath cannabis dispensary — 75 Court St, Binghamton, NY 13901
FAQs
What type of property is this?
Storefront property - Former laundromat space offers 2,752 sq. ft. with equipment sold as-is and existing income from a tobacco shop tenant.
Where is this storefront property located?
The property is located at 2 Mitchell Avenue Binghamton, NY.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Former laundromat commercial space at 2 Mitchell Avenue in Binghamton, NY; 2,752 sq. ft. versatile interior for retail or office use; All laundry equipment is "As Is" and will remain in place
