860 Vestal Rd Vestal, NY 13850

Property Details for 860 Vestal Rd

Year built

1975

Lot size

5.06 lot acres

Property size

80,139 SF

Zone code

RC

Property type

Assisted living facilities

Property subtype

Retirement homes

APN

034800 157.58-2-6

APU

348001575826

Description

This exceptional redevelopment opportunity presents a 100,000 square foot, three-story brick building situated on a 5.06-acre lot in Vestal, New York. Previously approved for conversion into a 128-unit multifamily development, this former nursing home offers significant potential for various uses, including market-rate or student housing. Its prime location in Vestal, a highly desirable community, provides easy access to major highway systems and is approximately 3.7 miles from Binghamton University. The substantial existing structure, built in 1990, minimizes initial construction costs, while the ample land provides flexibility for future expansion or additional amenities. The asking price is $2,395,000, translating to $23.95 per square foot. This property represents a unique chance to capitalize on a strong location and a substantial existing building, offering a compelling return on investment for a developer seeking a high-impact project in a thriving upstate New York community. The property's history as a long-standing nursing home provides a solid foundation for a variety of redevelopment scenarios. Its proximity to Binghamton University makes it particularly attractive for student housing, while its size and location also lend themselves to market-rate apartments. The existing infrastructure significantly reduces the upfront costs associated with new construction, allowing for a faster return on investment. This is a rare opportunity to acquire a large-scale property with significant upside potential in a desirable location.