For Sale
$2,395,000

860 Vestal RdVestal, NY 13850

128-Unit Potential, 5 Acres, Prime Location

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional redevelopment opportunity presents a 100,000 square foot, three-story brick building situated on a 5.06-acre lot in Vestal, New York. Previously approved for conversion into a 128-unit multifamily development, this former nursing home offers significant potential for various uses, including market-rate or student housing. Its prime location in Vestal, a highly desirable community, provides easy access to major highway systems and is approximately 3.7 miles from Binghamton University. The substantial existing structure, built in 1990, minimizes initial construction costs, while the ample land provides flexibility for future expansion or additional amenities. The asking price is $2,395,000, translating to $23.95 per square foot. This property represents a unique chance to capitalize on a strong location and a substantial existing building, offering a compelling return on investment for a developer seeking a high-impact project in a thriving upstate New York community. The property's history as a long-standing nursing home provides a solid foundation for a variety of redevelopment scenarios. Its proximity to Binghamton University makes it particularly attractive for student housing, while its size and location also lend themselves to market-rate apartments. The existing infrastructure significantly reduces the upfront costs associated with new construction, allowing for a faster return on investment. This is a rare opportunity to acquire a large-scale property with significant upside potential in a desirable location.

Highlights

  • $2,395,000 asking price for this redevelopment opportunity.
  • 100,000 square foot, three-story apartment building on a 5.06-acre lot.
  • Located at 860 Vestal Rd, Vestal, NY 13850, approximately 3.7 miles from Binghamton University.
  • Previously approved for conversion into a 128-unit multifamily development; suitable for market-rate or student housing.
  • Existing 100,000+/- square foot brick structure built in 1990, offering significant redevelopment potential.

Property Details for 860 Vestal Rd

Property type
Apartment buildings
Square Feet
100,000 SF
Year Built
1990
Stories
3
Lot Size (sq. ft)
220,414 SF

Location Insight

City
Vestal
County
Broome
State
New York
Latitude
42.093429
Longitude
-76.038768
860 Vestal Rd, Vestal, New York

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860 Vestal Rd
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