73 Court StBinghamton, NY 13901

For Sale
$1,100,000

Binghamton, NY: 6-unit value-add apartment building

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional six-unit apartment building, located at 73 Court Street in Binghamton, New York, presents a compelling value-add investment opportunity. The property boasts 19,880 square feet and sits on a 0.09-acre lot in the Downtown Business District, enjoying high visibility and foot traffic (7,687 average daily vehicles) with a walk score of 87. Built in 1970, this five-story Class B building currently features six units and approximately 5,500 square feet of turnkey retail space, along with 13 furnished student beds. Detailed blueprints exist for a significant expansion, adding 24 more beds, showcasing substantial upside potential. The property includes a substantial $450,000 green roof investment, enhancing both sustainability and aesthetic appeal. The asking price is $1,100,000, representing a price per unit of $333,166 and an 8.90% cap rate based on a net operating income (NOI) of $65,638. The property's prime location offers convenient access to SUNY bus lines and all downtown amenities. Financial information provided is pro forma. This is a rare chance to acquire a well-positioned multifamily property with immediate cash flow and significant long-term growth prospects.

Highlights

  • Prime Court Street location in Binghamton's Downtown Business District.
  • Walking distance to SUNY bus lines and downtown amenities.
  • Binghamton, NY location.
  • $450,000 green roof investment.
  • Significant value-add opportunity with expansion plans adding 24 beds.

Property Details for 73 Court St

Property type
Multifamily properties, Apartment buildings
Square Feet
19,880 SF
Class
B
Year Built
1970
Buildings
1
Stories
5
Lot Size (sq. ft)
3,920 SF
Units
6

Location Insight

City
Binghamton
County
Broome
State
New York
Latitude
42.0989227
Longitude
-75.9118006
73 Court St, Binghamton, New York

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73 Court St
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