Stabilized Student Housing
For Sale
Contact for pricing
Pending
51 Seminary Ave, Binghamton, NY 13905
Student housing property with strong rental demand and stable cashflow.
Property Size2,335 SF
Days on Market170
Property Features for 51 Seminary Ave
General Information
Standard status
Pending
Size
2,335 SF
Class
C
Property subtype
Multifamily
Zoning
R-3
Investment Type
Core+
Building Details
Year Built
1900
Units
2
Listing Agency:
SVN Innovative Commercial Advisors
(607) 621-0439
Listed By:
Scott Warren · License #10301220936
Source:
Crexi
Added: Mar 3
Changed: Aug 8
Last Checked: Jul 24 at 3:14PM
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 stabilized student housing asset is located in the core of Binghamton’s West Side, within the most established and consistently leased student corridor in the market. The property features six bedrooms and two full bathrooms with a functional layout that supports consistent student occupancy and efficient leasing. Situated within the City’s R-3 zoning district, which supports higher density residential use, the property aligns with the surrounding student housing concentration south of Main Street. This location is desirable for student tenants due to its proximity to downtown amenities and established transportation routes. Leases for the upcoming semester are secured at $625 per bed. The asset is projected to deliver a 9.03% capitalization rate based on current operating expense ratios. The property is within walking distance of the SUNY bus line, providing direct connectivity to Binghamton University, and also walkable to Downtown Binghamton’s restaurants, retail, and entertainment venues. The combination of R-3 zoning, established student density, transportation access, and downtown proximity supports continued rental demand, strong occupancy levels, and long term asset stability. The property size is 2335 square feet.
Key Highlights
- Stabilized student housing asset in Binghamton's prime West Side student corridor.
- Strong in‑place yield with a projected 9.03% capitalization rate.
- Leases secured for the upcoming semester at $625 per bed.
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
$19,453
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
5.42%
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%
$389,060
$389.1K
Cap Rate 7%
$277,900
$277.9K
Cap Rate 9%
$216,144
$216.1K
Market Conditions
NOI Build-Up for 2,335 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
$37.8K $16.20/SF
− Vacancy
−$2.5K −$1.05/SF
EGI
$35.4K $15.15/SF
− OpEx
−$15.9K −$6.82/SF
NOI
$19.5K $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%
$389,060
Cap Rate 7%
$277,900
Cap Rate 9%
$216,144
Alternative Uses
Best Use
Apartment 5plus
$277.9K
$243.2K – $324.2K
NOI $19,453 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$579.3K
$506.9K – $675.9K
NOI $40,551 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,566
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 - Student housing property with strong rental demand and stable cashflow.
Where is this multifamily property located?
The property is located at 51 Seminary Ave Binghamton, NY.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: Stabilized student housing asset in Binghamton's prime West Side student corridor.; Strong in‑place yield with a projected 9.03% capitalization rate.; Leases secured for the upcoming semester at $625 per bed.
