14 Clarke St Binghamton, NY 13905
- Commercial real estate
- 2,825 SF
- 0.17 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 14 Clarke St
- Year built
- 1960
- Lot size
- 0.17 lot acres
- Property size
- 2,825 SF
- Property type
- Commercial real estate
Description
This well-maintained six-unit apartment building presents a compelling investment opportunity in Binghamton, New York. Located on Clarke Street, this property boasts a prime West Side location, within walking distance of Seton Catholic High School and Recreation Park, offering convenient access to amenities and public transportation. The building, constructed in 1960 and situated on a 0.17-acre lot, comprises 2,825 square feet and features six one-bedroom units, making it ideal for student housing given its proximity to the school and bus lines. Recent updates include a new front porch portico, rear roof replacement, and structural renovations completed in 2024, along with the installation of two new hot water heaters in 2022. The property benefits from separate meters for each unit and is currently generating a Net Operating Income (NOI) of $33,699, representing a 9.39% capitalization rate. The asking price is $359,000, translating to $59,833 per unit and $127 per square foot. This property offers a strong potential for rental income growth due to its below-market rents and desirable location. The R1 zoning permits one-bedroom units, further enhancing its suitability for student housing. This is a turnkey investment opportunity with significant upside potential.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Binghamton
- County
- Broome
- State
- New York
- Longitude
- -75.929561
- Latitude
- 42.1001569
