Student Housing Apartment
5 Mather St Binghamton, NY 13905
5 Mather St, Binghamton, NY, 13905
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For Sale
Contact for pricing
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 Market66
Property Features for 5 Mather St
General Information
- Standard status
- Active
- Size
- 8,556 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1965
Listing agency
Elmira-Howard Hanna Real Estate Services Inc
Listed by
Keith Arnold · License #NY 10401289330
Source
Crexi
Added: May 19 Updated: Jul 21 at 4:02AM Checked: Jul 22 at 2:12PM
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
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.
Local Financial Insights For Apartment 5plus
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 | $138.6k | $16.20 |
| − Vacancy | −$9.0k | −$1.05 |
| EGI | $129.6k | $15.15 |
| − OpEx | −$58.3k | −$6.82 |
| NOI | $71.3k | $8.33 |
8,556 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
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.
