126 Murray St Binghamton, NY 13905
- Dormitories
- 4,914 SF
Current Use by Public Records
- Dormitories
Property Details for 126 Murray St
- Year built
- 1960
- Property size
- 4,914 SF
- Property type
- Dormitories
- Property subtype
- Student housing
Description
This exceptional investment opportunity presents a fully renovated, three-story multifamily property located at 126 Murray St, Binghamton, NY 13905. The 4,914 square foot building, constructed in 1960 and completely renovated in 2023, boasts four spacious units, each offering modern appeal and functional layouts. The property sits on a 6,771 square foot lot and features twelve bedrooms across the four units. Recent renovations include new plumbing, water heaters, a furnace, updated kitchens and bathrooms. Currently operating at 58% occupancy, the property generates a Net Operating Income (NOI) of $36,792, with a projected NOI of $67,348. This translates to a current cap rate of 5.89% and a pro-forma cap rate of 10.78%. The asking price is $625,000, or $156,250 per unit. This turnkey investment is ideally situated in Binghamton, offering strong rental income potential and proximity to key amenities, making it a highly desirable student rental property. The property's Class C designation reflects its solid construction and recent upgrades. This is a rare opportunity to acquire a well-maintained, high-potential income-generating asset in a thriving student market.
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
- -75.9205588
- Latitude
- 42.1003054
