Student Housing
10 Unit Dormitory | $3,625,000 ($362,500/Unit) | 9% Cap Rate | Binghamton, NY 13901
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,625,000
- Property Type
-
Multifamily
- Square Feet
- 20,372 SF
Listing Contacts
Sean Slattery
Verified Profile
Ben Tapper
Verified Profile
George Steffani
Verified Profile
- Property Info
Property Overview
Lee & Associates is pleased to present exclusively for sale the student housing asset located at 162 Court Street, Binghamton, NY 13901 (the “Property”). Located on the corner of Court Street and Carroll Street in the heart of Downtown Binghamton, the Property features 10 units consisting of 56 total beds. With recent capital programs completed in the building coupled with a 19% increase in undergraduate applications in 2023, the Property is poised to see outsized returns in a flourishing student rental market that continues to grow year-over-year. The Property will provide an investor with consistency and growth through residential cashflow with the opportunity to add value by leasing the approximately 2,700 feet of retail, or converting the space to self-storage.
Located in Downtown Binghamton, servicing Binghamton University, New York’s #1 Value Public University named by U.S. News & World Report
56 beds across 10 units with multiple unit sizes allows for flexibility in renting to individuals or groups
Consistent demand from student groups look
Located in Downtown Binghamton, servicing Binghamton University, New York’s #1 Value Public University named by U.S. News & World Report
56 beds across 10 units with multiple unit sizes allows for flexibility in renting to individuals or groups
Consistent demand from student groups look
Property Details
- Class
- C
- Year Built
- 1980
- Stories
- 4
- Property Subtype
- Dormitory, Storefront Retail/Residential
- Lot Size (sq. ft)
- 6,098 SF
- Units
- 10
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