12-Unit Brick Apartment
For Sale
$770,000
7 Tremont Ave, Binghamton, NY 13903
R3-zoned property approved for student housing with off-street parking and renovated units.
Property Size5,712 SF
Days on Market241
Property Features for 7 Tremont Ave
General Information
Standard status
Active
Size
5,712 SF
Property subtype
MultiFamily Apartments
Zoning
R3
Units
Unit Mix
12 x 1BR
Multifamily Units
12
Additional Details
Highway Access
Yes
Building Details
Building Size
5,712 SF
Year Built
1965
Buildings
1
Construction
brick
Listing Agency:
Warren Real estate
Listed By:
Scott Warren
(439) 439-0439
Source:
Thebrokerlist
Added: Feb 18
Changed: Oct 13
Last Checked: Oct 16 at 5:47AM
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 Warren Real estate
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Investment Insights
Based on property information with market context.
This solid brick apartment property contains 12 one-bedroom units and includes off-street parking. Renovations have been completed to the building and individual apartments, and the property was constructed in 1965.
Located at 7 Tremont Ave. in Binghamton, the building sits across from the State Street Bridge interchange, providing access to Downtown Binghamton and major highway connections. South Side Veterans Park, the Exchange Street Bridge, downtown shops, restaurants, and other amenities are within walking distance.
The property is in an R3 Zone and is approved for student housing, providing a defined residential use profile for its 12-unit configuration.
Located at 7 Tremont Ave. in Binghamton, the building sits across from the State Street Bridge interchange, providing access to Downtown Binghamton and major highway connections. South Side Veterans Park, the Exchange Street Bridge, downtown shops, restaurants, and other amenities are within walking distance.
The property is in an R3 Zone and is approved for student housing, providing a defined residential use profile for its 12-unit configuration.
Key Highlights
- 12 one‑bedroom apartment units
- Solid brick building constructed in 1965
- R3 Zone with approval for student housing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,586
Cap Rate
6.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$951,720
$951.7K
Cap Rate 7%
$679,800
$679.8K
Cap Rate 9%
$528,733
$528.7K
Market Conditions
NOI Build-Up for 5,712 SF
Gross rent
$92.5K $16.20/SF
− Vacancy
−$6.0K −$1.05/SF
EGI
$86.5K $15.15/SF
− OpEx
−$38.9K −$6.82/SF
NOI
$47.6K $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%
$951,720
Cap Rate 7%
$679,800
Cap Rate 9%
$528,733
Alternative Uses
Best Use
Apartment 5plus
$679.8K
$594.8K – $793.1K
NOI $47,586 @ 7.0% cap · market cap 6.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,197 @ 7.0% cap · market cap 12.88%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
12
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,914
Businesses Nearby
Explore this area
Business Placement
Demographics for 13903, NY
18,140
Population
8,620
Households
2.1
Avg Household Size
41
Median Age
36%
College-Educated
92%
High-School Grad
39.5 sq mi
ZIP Area
459
Density / Sq Mi
$61,244
Median Household Income
$39,811
Median Earnings
$863
Median Rent
$144,700
Median Home Value
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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 - R3-zoned property approved for student housing with off-street parking and renovated units.
Where is this apartment building located?
The property is located at 7 Tremont Ave Binghamton, NY.
What is the asking price?
The asking price for this property is $770,000.
What are key features of this property?
This property features: 12 one‑bedroom apartment units; Solid brick building constructed in 1965; R3 Zone with approval for student housing
