111 Glenwood Ave Binghamton, NY 13905
- Commercial real estate
- 2,223 SF
Current Use by Public Records
- Commercial real estate
Property Details for 111 Glenwood Ave
- Year built
- 1922
- Property size
- 2,223 SF
- Property type
- Commercial real estate
Description
This three-unit apartment building at 111 Glenwood Avenue in Binghamton, New York, presents a compelling investment opportunity. Priced at $199,999, this property boasts a strong 9.37% cap rate and a net operating income (NOI) of $18,740. Each of the three units is currently leased, contributing to a price per unit of $66,666. The building, constructed in 1922, sits on a 6,304 square foot lot and offers a total of 2,223 square feet of living space. Recent upgrades include a new roof and siding installed in 2019, and a new furnace in 2023, minimizing future maintenance concerns. On-site laundry adds convenience for tenants. Its prime location on Glenwood Avenue provides easy access to Clinton Street and the I-86 interchange, allowing quick access to the entire Binghamton Metropolitan Statistical Area (MSA). This advantageous location fuels high rental demand. Furthermore, the property is situated within a Federal Opportunity Zone, offering potential tax advantages for qualified investors. This well-maintained, fully leased multifamily property represents a solid investment with significant upside potential. The permitted zoning is Federal Opportunity.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Binghamton
- County
- Broome
- State
- New York
- Longitude
- -75.941005
- Latitude
- 42.1154253
