110 Walnut StBinghamton, NY 13905

Property Details for 110 Walnut St

Year built

1880

Property size (Sq ft)

3,452 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a well-maintained, four-unit apartment building situated at 110 Walnut Street in Binghamton, New York. The property, comprised of two buildings totaling 3,452 square feet on a 6,007 square foot lot, boasts a strong 9.74% cap rate and a substantial net operating income (NOI) of $26,196. Priced at $269,000 ($67,250 per unit and $77.93 per square foot), this property offers significant potential for return on investment. Built in 1880, the buildings have undergone recent upgrades, including the installation of two new boilers and the replacement of all hot water heaters within the last five years. The property is conveniently located on the West Side of Binghamton, within walking distance of bus lines and downtown, making it highly attractive to students. Zoned R3, it's permissible for student housing, a rapidly developing market in this area. The property is fully leased, with tenants responsible for all utilities except water and sewer. Laundry hookups are available in the rear building and common areas. The conversion to natural gas in 2019 further enhances efficiency and reduces operating costs. This is a turnkey investment ready for immediate cash flow.

Location Insight

City

Binghamton

County

Broome

State

New York

Latitude

42.1027

Longitude

-75.9222

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