272 Main St Binghamton, NY 13905
- Dormitories
- 5,700 SF
- 0.23 lot acres
Current Use by Public Records
- Dormitories
Property Details for 272 Main St
- Year built
- 1960
- Lot size
- 0.23 lot acres
- Property size
- 5,700 SF
- Property type
- Dormitories
- Property subtype
- Student housing
Description
This exceptional investment opportunity presents a fully leased, 12-unit multifamily property situated at 272 Main Street in Binghamton, New York. The property, built in 1960, boasts 5,700 square feet on a 0.23-acre lot and features a mix of six two-bedroom and six one-bedroom units, each equipped with a separate electric meter. Recent capital improvements include a new boiler (2022), a new aluminum roof coating (2023), and upgraded security systems, ensuring long-term value and reduced maintenance costs. The property enjoys a prime location directly across from a new commercial development, providing convenient access to public and student bus lines, and a walkability score of 79. Its proximity to numerous restaurants, shops, and amenities, coupled with a daily traffic count of 12,654, contributes to strong rental demand and high occupancy rates. The property's commercial zoning allows for multifamily or student housing use, making it an ideal investment for those seeking consistent cash flow and significant growth potential. With a current asking price of $639,000, a net operating income (NOI) of $70,448.98, and a cap rate of 11.02%, this property offers a compelling return on investment. The price per unit is $53,250, and the price per square foot is $112. This is a turnkey operation with a proven track record of success.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Binghamton
- County
- Broome
- State
- New York
- Longitude
- -75.9579358
- Latitude
- 42.1825615
