24 Centenary St Binghamton, NY 13901
- Commercial real estate
- 6,878 SF
- 0.04 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 24 Centenary St
- Year built
- 1965
- Lot size
- 0.04 lot acres
- Property size
- 6,878 SF
- Property type
- Commercial real estate
Description
This 11-unit apartment building at 24 Centenary St, Binghamton, NY 13901, presents a compelling investment opportunity. Built in 1965, this solid brick structure boasts 6,878 square feet on a 0.04-acre lot, situated in the Downtown Business District. The property features a mix of unit sizes, including one 2-bedroom and ten 1-bedroom apartments, catering to the high demand student housing market. Its prime location, just two buildings from Court Street and near the Koffman Southern Tier Incubator, offers easy access to SUNY bus lines and downtown amenities. The building enjoys a strong rental history with minimal vacancies, resulting in a Net Operating Income (NOI) of $63,786 and a 7.10% cap rate. The asking price is $875,000, translating to $81,727 per unit and $130.71 per square foot. This property offers a rare chance to capitalize on the robust student housing market in a highly desirable downtown Binghamton location. The building's solid construction and consistent occupancy make it an attractive investment with significant potential for future growth.
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
- -75.9086206
- Latitude
- 42.0990852
