151 Oak St Binghamton, NY 13905
- Commercial real estate
- 13,360 SF
- 0.28 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 151 Oak St
- Year built
- 1960
- Lot size
- 0.28 lot acres
- Property size
- 13,360 SF
- Property type
- Commercial real estate
Description
This exceptional 12-unit apartment building presents a compelling investment opportunity in Binghamton, New York. Boasting 13,360 square feet on a 0.28-acre lot, this property offers a strong net operating income (NOI) of $73,330.20, translating to a 10.11% capitalization rate. The asking price is $725,000, representing a price per square foot of $54.27. Built in 1960, the building is zoned R3, making it suitable for student housing, a significant advantage given its proximity to public transportation, including bus lines, and the vibrant downtown area. The property's walkability score of 76 further enhances its appeal. The unit mix comprises eleven 1-bedroom apartments and one 2-bedroom apartment, providing a diverse rental base. Convenient off-street parking and a six-bay garage offer additional income potential. Recent improvements include the replacement of one boiler in 2022. Tenants are responsible for their own electricity costs. This prime location, coupled with the building's strong financial performance and potential for further value enhancement, makes this an attractive investment prospect for discerning buyers. The property's address is 151 Oak St, Binghamton, NY 13905.
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
- -75.9190695
- Latitude
- 42.102315
