Student Housing Apartment
For Sale
$2,999,000
135 141 and 151 Front St, Binghamton, NY 13905
Well-maintained multifamily properties with oversized bedrooms, off-street parking, and walkable access to downtown amenities.
Property Size19,345 SF
Days on Market72
Property Features for 135 141 and 151 Front St
General Information
Standard status
Active
Size
19,345 SF
Property subtype
Multifamily
Building Details
Building Size
19,345 SF
Year Built
1900
Listed By:
Scott Warren, CCIM, CIREC · License #NY #10491212432
(607) 621-0439
Source:
Svn
Added: Jun 29
Changed: Sep 1
Last Checked: Sep 7 at 7:20AM
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 Scott Warren, CCIM, CIREC
Investment Insights
Based on property information with market context.
This multifamily portfolio includes properties at 135, 141, and 151 Front Street in Binghamton. The buildings provide spacious residential units with oversized bedrooms and ample off-street parking, supporting their established student housing use. The portfolio was built in 1900.
The properties are within walking distance of Downtown Binghamton, with access to restaurants, entertainment, public transportation, and other downtown amenities. Their location also places them near the Clinton Street Bridge and Court Street Bridge, connecting the portfolio to surrounding areas and transportation routes.
The combination of generous bedroom dimensions, on-site parking, and proximity to downtown defines the portfolio’s practical appeal for student-oriented residential occupancy.
The properties are within walking distance of Downtown Binghamton, with access to restaurants, entertainment, public transportation, and other downtown amenities. Their location also places them near the Clinton Street Bridge and Court Street Bridge, connecting the portfolio to surrounding areas and transportation routes.
The combination of generous bedroom dimensions, on-site parking, and proximity to downtown defines the portfolio’s practical appeal for student-oriented residential occupancy.
Key Highlights
- Three‑property portfolio at 135, 141 and 151 Front St, Binghamton, NY 13905
- Student housing portfolio with spacious residential units
- Oversized bedrooms support student‑oriented layouts
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
$161,160
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
5.37%
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%
$3,223,200
$3.2M
Cap Rate 7%
$2,302,286
$2.3M
Cap Rate 9%
$1,790,667
$1.8M
Market Conditions
NOI Build-Up for 19,345 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
$313.4K $16.20/SF
− Vacancy
−$20.4K −$1.05/SF
EGI
$293.0K $15.15/SF
− OpEx
−$131.9K −$6.82/SF
NOI
$161.2K $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%
$3,223,200
Cap Rate 7%
$2,302,286
Cap Rate 9%
$1,790,667
Alternative Uses
Best Use
Apartment 5plus
$2.30M
$2.01M – $2.69M
NOI $161,160 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.80M
$4.20M – $5.60M
NOI $335,953 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,230
Businesses Nearby
Explore this area
Business Placement
Demographics for 13905, NY
27,672
Population
13,774
Households
2
Avg Household Size
36
Median Age
37%
College-Educated
91%
High-School Grad
28.2 sq mi
ZIP Area
981
Density / Sq Mi
$53,757
Median Household Income
$30,359
Median Earnings
$993
Median Rent
$137,700
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?
Multifamily property - Well-maintained multifamily properties with oversized bedrooms, off-street parking, and walkable access to downtown amenities.
Where is this multifamily property located?
The property is located at 135 141 and 151 Front St Binghamton, NY.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: Three‑property portfolio at 135, 141 and 151 Front St, Binghamton, NY 13905; Student housing portfolio with spacious residential units; Oversized bedrooms support student‑oriented layouts
