7 Tremont Ave Binghamton, NY 13903

Property Details for 7 Tremont Ave

Year built

1965

Property size

5,712 SF

Property type

Commercial real estate

Description

This exceptional 12-unit apartment building, located at 7 Tremont Ave in Binghamton, NY, presents a compelling investment opportunity. The property boasts 5,712 square feet on a 6,922 square foot lot, offering a strong 8.23% cap rate and a substantial net operating income (NOI) of $67,898. Priced at $825,000 ($144/sq ft and $68,750/unit), this solid brick structure, built in 1965, comprises twelve one-bedroom units, each benefiting from convenient off-street parking. Its prime West Side location provides easy access to downtown Binghamton and major highways, placing residents within walking distance of South Side Veterans Park, the Exchange Street Bridge, and the vibrant downtown area's amenities. Zoned R3 and approved for student housing, this property capitalizes on high rental demand in a versatile location. Recent renovations have enhanced both the building's exterior and the individual units' interiors, ensuring a turnkey investment with minimal immediate capital expenditure needs. This property is ideally suited for investors seeking a strong return in a thriving rental market. The property's location, combined with its recent upgrades and high occupancy potential, makes it an attractive proposition for both seasoned and new investors. The building's solid construction and desirable location contribute to its long-term value and potential for appreciation. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a sought-after Binghamton neighborhood.

Location Insight

City

Binghamton

County

Broome

State

New York

Longitude

-75.9095022

Latitude

42.0918147