296 Main StBinghamton, NY 13905

For Sale
$675,000

9-Unit Apartment Complex, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional investment opportunity presents a 9-unit apartment building located at 296 Main St, Binghamton, NY 13905. The property, encompassing 13,548 square feet on a 0.41-acre lot, consists of two buildings constructed in 1930. The main building features six spacious 3-bedroom units, while a rear duplex offers two 1-bedroom units, totaling 21 beds. Currently operating at 100% occupancy with a gross lease structure, the property boasts a strong net operating income (NOI) of $52,379.17, resulting in an 8.38% cap rate. The asking price is $675,000, or $78,125 per unit and $46 per square foot. Benefiting from a prime Main Street location directly across from a new commercial development, the property enjoys high visibility and a walkability score of 79. Its proximity to public and student bus lines, restaurants, shops, and amenities makes it highly attractive to tenants. The property includes ample off-street parking, separate utilities for each unit, and has recently undergone improvements including foundation repair in 2024 and the installation of many new appliances. Tenants are responsible for their own electricity. The property is zoned for multifamily use, making it ideal for student housing or a traditional multifamily investment. This is a single tax parcel.

Highlights

  • 9-unit multifamily property with 21 bedrooms across two buildings.
  • Single tax parcel.
  • Abundant off-street parking.
  • Conveniently located on student and public bus routes.
  • Foundation re-parged in 2024.
  • Recently updated with numerous new appliances.

Property Details for 296 Main St

Property type
Other retail properties, Multifamily properties
Square Feet
13,548 SF
Year Built
1930
Buildings
2
Lot Size (sq. ft)
17,860 SF
Units
9

Location Insight

City
Binghamton
County
Broome
State
New York
Latitude
42.109441
Longitude
-75.940931
296 Main St, Binghamton, New York

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296 Main St
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