26 North St Binghamton, NY 13905
- Commercial real estate
- 3,093 SF
- 0.17 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 26 North St
- Year built
- 1960
- Lot size
- 0.17 lot acres
- Property size
- 3,093 SF
- Property type
- Commercial real estate
Description
This exceptional four-unit apartment building at 26 North St, Binghamton, NY 13905, presents a compelling investment opportunity. Priced at $199,999 ($50,000 per unit), this 3,093 square foot property boasts a strong 8.91% cap rate and a pro-forma NOI of $17,826. Built in 1960, the property sits on a 0.17-acre lot and is zoned R3, allowing for student housing, a significant advantage given its location on Binghamton's West Side, a popular area for students with high rental demand. The property is conveniently located within walking distance of the bus line and downtown Binghamton, boasting a walkability score of 73. Three garage stalls are available for rent, generating additional income, and a coin-operated laundry hookup adds further revenue potential. All units, except one, have undergone recent renovations. Separate meters for each unit provide efficient utility management. Current rents are below market, offering immediate potential for increased profitability. This property represents a rare chance to acquire a well-situated multifamily building with significant upside in a developing area. The property's features, combined with its strategic location and zoning, make it an ideal investment for both seasoned and aspiring real estate investors.
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
- -75.9208872
- Latitude
- 42.1016196
