95 Mitchell Ave Binghamton, NY 13903

Property Details for 95 Mitchell Ave

Lot size

0.27 lot acres

Property size

5,920 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents two adjacent, four-unit apartment buildings totaling eight units, situated on a 0.27-acre lot in Binghamton, New York's desirable Southside neighborhood. The property boasts a total of 5,920 square feet, with each unit commanding a price of $81,125. The buildings are fully leased, generating a strong net operating income (NOI) of $58,886, resulting in an attractive 9.07% capitalization rate. The asking price for this turnkey investment is $649,000, translating to a price per square foot of $109.63. Located near Binghamton General Hospital and within a mile of the downtown area, this property benefits from excellent access to major roadways including Vestal Avenue, NYS Route 434, and the Brandywine Highway interchange. The convenient location provides tenants with easy access to a variety of amenities, including dining, shopping, and entertainment options, contributing to high rental demand and occupancy. Recent renovations have been completed, and the property is meticulously maintained, ensuring a smooth transition for the new owner. Separate utilities for each unit further enhance the operational efficiency and potential for increased profitability. This is a rare opportunity to acquire a well-performing, fully leased multifamily property in a thriving rental market. The property's strong financials, prime location, and recent renovations make it an ideal investment for both seasoned and new investors seeking a stable and profitable addition to their portfolio. The address is 95-97 Mitchell Ave, Binghamton, NY 13903.

Location Insight

City

Binghamton

County

Broome

State

New York

Longitude

-75.9136396

Latitude

42.082338