123 Park Ave Binghamton, NY 13903
- Commercial real estate
- 10,000 SF
- 0.20 lot acres
Current Use by Public Records
- Wood Writing & Design / Typing Service
Property Details for 123 Park Ave
- Year built
- 1950
- Lot size
- 0.20 lot acres
- Property size
- 10,000 SF
- Property type
- Commercial real estate
Description
This exceptional 12-unit apartment building, located at 123 Park Ave in Binghamton, NY, presents a compelling investment opportunity. Boasting 10,000 square feet on a 0.2-acre lot, this Class B property, built in 1950, offers a strong 9.66% cap rate and a pro-forma NOI of $62,811.51. The asking price is $650,000, translating to $65 per square foot and $54,167 per unit. Situated in a prime South Side location, this multifamily property benefits from its proximity to Binghamton General Hospital, downtown Binghamton (approximately one mile away), and major transportation routes including Vestal Ave, NYS Route 434, and the Brandywine highway interchange. Convenient access to local amenities further enhances its appeal. The building features 13 bedrooms across its 12 units, each equipped with a separate furnace. Residents enjoy the convenience of separate meters, off-street parking, and a fully sprinklered building. Public transportation is readily available, with a bus line running directly in front. The property is zoned for residential multi-unit dwellings, ensuring its continued viability as a rental property. This is a fully leased building with strong rental demand in a desirable location.
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
- -75.9148177
- Latitude
- 42.0797244
