Student Housing Apartment
For Sale
Contact for pricing
5 Mather St, Binghamton, NY 13905
Nine-unit apartment building with in-building laundry and by-the-room leasing for 1- and 3-bedroom units.
Property Size8,556 SF
Price / SF$110.92
Days on Market162
Property Features for 5 Mather St
General Information
Standard status
Active
Size
8,556 SF
Property subtype
Multifamily
Zoning
R-3
Additional Details
Business Included
Yes
Multifamily Units
9
Building Details
Year Built
1965
Stories
3
Units
12
Tenancy
Multi
Listing Agency:
Elmira-Howard Hanna Real Estate Services Inc
Listed By:
Keith Arnold · License #NY 10401289330
Source:
Crexi
Added: May 19
Changed: Oct 26
Last Checked: Oct 26 at 3:29PM
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 Elmira-Howard Hanna Real Estate Services Inc
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Investment Insights
Based on property information with market context.
This apartment building offers nine units totaling 8,556 SF, currently configured with a by-the-room leasing model focused on three-bedroom unit layouts. The unit mix includes six 1-bedroom units and three 3-bedroom units. Building systems in place include two boilers, three water heaters, and six electric meters, along with two sets of in-building laundry. On-site maintenance is also included with the offering.
The property is located in the West Side student housing district near Main Street and Downtown, with SUNY bus lines serving Binghamton University directly.
The building is zoned for 12 units. The existing infrastructure is described as supporting the addition of six additional bedrooms, with expansion potential under the current zoning. A listing agent can provide the full offering memorandum; proof of funds or pre-qualification is required to schedule showings, and 72-hour advance notice is required.
The property is located in the West Side student housing district near Main Street and Downtown, with SUNY bus lines serving Binghamton University directly.
The building is zoned for 12 units. The existing infrastructure is described as supporting the addition of six additional bedrooms, with expansion potential under the current zoning. A listing agent can provide the full offering memorandum; proof of funds or pre-qualification is required to schedule showings, and 72-hour advance notice is required.
Key Highlights
- Nine‑unit apartment building totaling 8,556 SF built in 1965.
- Unit mix: six 1‑bedroom units and three 3‑bedroom units with by‑the‑room leasing.
- Two boilers, three water heaters, six electric meters, plus two sets of in‑building laundry.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,279
Cap Rate
7.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,425,580
$1.4M
Cap Rate 7%
$1,018,271
$1.0M
Cap Rate 9%
$791,989
$792.0K
Market Conditions
NOI Build-Up for 8,556 SF
Gross rent
$138.6K $16.20/SF
− Vacancy
−$9.0K −$1.05/SF
EGI
$129.6K $15.15/SF
− OpEx
−$58.3K −$6.82/SF
NOI
$71.3K $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 Rate 5%
$1,425,580
Cap Rate 7%
$1,018,271
Cap Rate 9%
$791,989
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$891.0K – $1.19M
NOI $71,279 @ 7.0% cap · market cap 7.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,587 @ 7.0% cap · market cap 15.66%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
9
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,645
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Nine-unit apartment building with in-building laundry and by-the-room leasing for 1- and 3-bedroom units.
Where is this apartment building located?
The property is located at 5 Mather St Binghamton, NY.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Nine‑unit apartment building totaling 8,556 SF built in 1965.; Unit mix: six 1‑bedroom units and three 3‑bedroom units with by‑the‑room leasing.; Two boilers, three water heaters, six electric meters, plus two sets of in‑building laundry.
