Renovated Student Housing
For Sale
$849,000
139 Murray Street, Binghamton, NY 13905
Student housing complex near SUNY bus lines and downtown Binghamton.
Property Size8,134 SF
Price / SF$104.38
Days on Market272
Property Features for 139 Murray Street
General Information
Standard status
Active
Size
8,134 SF
Property subtype
Multifamily
Building Details
Year Built
1960
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: Jul 6
Last Checked: Aug 20 at 5:56AM
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 SVN Innovative Commercial Advisors
Investment Insights
Based on property information with market context.
This student housing complex is located on Binghamton's West Side, one block from the SUNY Bus lines and four blocks from Downtown Binghamton, offering walking distance to restaurants, shops, and amenities. The building and its units have been renovated and features a new roof, new kitchens, and a laundry room. The property includes a spacious parking lot for off-street parking and is fully separately metered. Safety features include a full sprinkler system and a solid steel fire escape. Outdoor amenities include a barbeque area. The building is secured. Located in an R-3 Zone approved for students, the property is positioned to benefit from changes in the City of Binghamton Zoning laws and the shifting student housing population. Additional features include a strong rent roll, excellent rental history, and coin-operated laundry. The property size is 8134 square feet.
Key Highlights
- Excellent location: one block from SUNY bus lines and four blocks from Downtown Binghamton.
- Recent renovations: new roof, new kitchens, and laundry room.
- Ample off‑street parking with a spacious parking lot.
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
$67,763
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
7.98%
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%
$1,355,260
$1.4M
Cap Rate 7%
$968,043
$968.0K
Cap Rate 9%
$752,922
$752.9K
Market Conditions
NOI Build-Up for 8,134 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
$131.8K $16.20/SF
− Vacancy
−$8.6K −$1.05/SF
EGI
$123.2K $15.15/SF
− OpEx
−$55.4K −$6.82/SF
NOI
$67.8K $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%
$1,355,260
Cap Rate 7%
$968,043
Cap Rate 9%
$752,922
Alternative Uses
Best Use
Apartment 5plus
$968.0K
$847.0K – $1.13M
NOI $67,763 @ 7.0% cap · market cap 7.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.02M
$1.77M – $2.35M
NOI $141,258 @ 7.0% cap · market cap 16.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,976
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?
Apartment building - Student housing complex near SUNY bus lines and downtown Binghamton.
Where is this apartment building located?
The property is located at 139 Murray Street Binghamton, NY.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Excellent location: one block from SUNY bus lines and four blocks from Downtown Binghamton.; Recent renovations: **new roof, new kitchens, and laundry room.**; Ample off‑street parking with a spacious parking lot.
