7 Tompkins StBinghamton, NY 13903

For Sale
$1,100,000

20-Unit Apartment Complex, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional investment opportunity presents a five-building, 20-unit apartment complex located at 7 Tompkins St, Binghamton, NY 13903. The property, built in 1970, boasts a total of 9,744 square feet on a 33,998 square foot lot (APN: 160.36-1-2). Currently operating at 95% occupancy, the property generates a substantial net operating income (NOI) of $127,139, yielding an attractive 11.56% cap rate. The asking price is $1,100,000, translating to $112.89 per square foot. Each building comprises one two-bedroom and four one-bedroom apartments. Amenities include a convenient parking lot with 10 garage spaces (renting at $50/month) and coin-operated laundry in the basement, providing additional income streams. Recent updates include a new roof on one building and replacement windows in two others. Heating systems are a mix of electric baseboard and forced hot air, with tenants responsible for electricity and the landlord covering gas costs. The property's prime location near downtown Binghamton and its proximity to public transportation make it highly desirable. The property's strong performance and potential for future growth make it an ideal addition to any investment portfolio. The current lease type is modified, with a remaining term of one year on the existing tenancy. The property is conveniently located on the bus line and within walking distance of Court Street. The all-brick exterior ensures durability and curb appeal. Currently, there is only one vacant unit, expected to be filled shortly.

Highlights

  • Excellent Downtown Binghamton proximity, convenient bus access.
  • Ten off-street parking spaces available.
  • Currently 95% occupied, with one vacancy soon to be leased.

Property Details for 7 Tompkins St

Property type
Other retail properties, Multifamily properties
Square Feet
9,744 SF
Year Built
1970
Buildings
5
Units
20

Location Insight

City
Binghamton
County
Broome
State
New York
Latitude
42.1005307
Longitude
-75.8957675
7 Tompkins St, Binghamton, New York

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7 Tompkins St
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