21 Mather StBinghamton, NY 13905

Property Details for 21 Mather St

Year built

1960

Property size (Sq ft)

3,578 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 5-unit apartment building, located at 21 Mather St, Binghamton, NY 13905 (APN 160.31-1-6), presents a compelling investment opportunity. The property, built in 1960 and extensively renovated in 2023, boasts a total of 3,578 square feet and offers a strong 7.60% cap rate with a net operating income (NOI) of $22,799. The asking price is $350,000, translating to $60,000 per unit and $83.85 per square foot. Significant improvements completed in 2023 include a new roof, updated plumbing and sewer lines, updated electrical systems, updated HVAC systems, and new water heaters in all five units. This well-maintained building is situated minutes from downtown Binghamton and all its amenities, offering significant upside potential due to rents currently below market value. The property is a solid investment for those seeking a multifamily property with strong cash flow and appreciation potential in a desirable location. This is a turnkey opportunity with minimal deferred maintenance. All units are currently occupied.

Location Insight

City

Binghamton

County

Broome

State

New York

Latitude

42.1026

Longitude

-75.9243

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