For Sale
$359,000

21 Floral AveBinghamton, NY 13905

Three-tenant building, high potential.

Overview

Added:
Dec 11, 2024
Days on market:
115
This mixed-use property at 21 Floral Ave, Binghamton, NY 13905, presents a compelling investment opportunity. The 3,120 square foot building, constructed in 1960 with renovations in 2002, sits on a 0.04-acre lot and is zoned Comm-482. Currently, the property boasts three occupied one-bedroom apartments and a large, recently updated commercial space on the ground floor. The commercial area features high ceilings, new recessed lighting, a drop ceiling tile system, an open floor plan with a private back room, new flooring and drywall, updated plumbing and light fixtures, two renovated bathrooms, fresh paint, newer countertops, and a dry-locked basement. The building enjoys abundant natural light. The current occupancy is 75%, generating a net operating income (NOI) of $12,000, with a pro-forma NOI of $47,660 and a pro-forma cap rate of 13.28%. The asking price is $359,000, resulting in a price per square foot of $115.06 and a current cap rate of 3.34%. Leases are month-to-month, offering potential for increased rental income. The property's prime location, on a corner lot near Main Street and public transportation, ensures high visibility and foot traffic. The commercial space is adaptable, potentially suitable for various uses, including student housing (subject to city approval). This property offers significant upside potential for a savvy investor. Addendum D is available upon request.

Highlights

  • Three fully rented residential units above ground floor commercial space.
  • Ground floor corner lot commercial space, ideal for conversion to student housing (city approval required).
  • High traffic and visibility.
  • Vacant commercial space available.
  • Solid building structure.
  • Excellent investment potential.

Property Details for 21 Floral Ave

Property type
Retail properties, Restaurants
Square Feet
3,120 SF
Year Built/Renovated
1960/2
Buildings
1
Stories
2
Lot Size (sq. ft)
1,742 SF

Location Insight

City
Binghamton
County
Broome
State
New York
Latitude
42.1096316
Longitude
-75.9465183
21 Floral Ave, Binghamton, New York

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21 Floral Ave
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