7 Tompkins St Binghamton, NY 13903
- Commercial real estate
- 9,744 SF
Current Use by Public Records
- NRG'ẞThrifty consortium / Thrift Store
Property Details for 7 Tompkins St
- Year built
- 1970
- Property size
- 9,744 SF
- Property type
- Commercial real estate
- APN
- 160.36-1-2
Description
This exceptional investment opportunity presents a five-building, 20-unit apartment complex located at 7 Tompkins St, Binghamton, NY 13903. The property, built in 1970, boasts a total of 9,744 square feet on a 33,998 square foot lot (APN: 160.36-1-2). Currently operating at 95% occupancy, the property generates a substantial net operating income (NOI) of $127,139, yielding an attractive 11.56% cap rate. The asking price is $1,100,000, translating to $112.89 per square foot. Each building comprises one two-bedroom and four one-bedroom apartments. Amenities include a convenient parking lot with 10 garage spaces (renting at $50/month) and coin-operated laundry in the basement, providing additional income streams. Recent updates include a new roof on one building and replacement windows in two others. Heating systems are a mix of electric baseboard and forced hot air, with tenants responsible for electricity and the landlord covering gas costs. The property's prime location near downtown Binghamton and its proximity to public transportation make it highly desirable. The property's strong performance and potential for future growth make it an ideal addition to any investment portfolio. The current lease type is modified, with a remaining term of one year on the existing tenancy. The property is conveniently located on the bus line and within walking distance of Court Street. The all-brick exterior ensures durability and curb appeal. Currently, there is only one vacant unit, expected to be filled shortly.
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
- -75.8957675
- Latitude
- 42.1005307
