29 Court St Binghamton, NY 13901

Property Details for 29 Court St

Year built

1910

Lot size

0.03 lot acres

Property size

4,144 SF

Property type

Investment properties

Property subtype

Live-work space

APN

030200 160.40-2-18.2

APU

30200160402182

Description

This exceptional investment opportunity presents a fully occupied, five-unit apartment building located at 29-31 Court Street in Binghamton, New York. The property, boasting 15,356 square feet, is situated in the heart of Binghamton's vibrant Downtown Business District, a prime location known for its high walkability score of 90 and proximity to approximately 1,300 student beds. The building's strategic position, just steps from Water Street, benefits from a daily traffic count of 5,391 vehicles, ensuring high visibility and accessibility. Built in 1910, this charming building features a mix of ground-floor retail space and upper-level apartments, catering to the strong rental demand in this sought-after student housing area. The property's current 100% occupancy rate generates a substantial net operating income (NOI) of $103,702.63, resulting in an attractive 7.83% cap rate. The asking price is $1,325,000, or $265,000 per unit. The building features updated electrical and plumbing systems, a secure entry system, and renovated units and common areas, offering modern amenities while retaining its historic charm. The property is zoned for Downtown Business District use, providing flexibility for future development or expansion. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a thriving urban environment.

Location Insight

City

Binghamton

County

Broome

State

New York

Longitude

-75.9142

Latitude

42.0989

CBSA code

13780

CBSA name

BINGHAMTON, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments