296 Main StBinghamton, NY 13905

Property Details for 296 Main St

Year built

1930

Lot size

0.41 AC

Property size (Sq ft)

13,548 SF

Property type

Residential income properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a 9-unit apartment building located at 296 Main St, Binghamton, NY 13905. The property, encompassing 13,548 square feet on a 0.41-acre lot, consists of two buildings constructed in 1930. The main building features six spacious 3-bedroom units, while a rear duplex offers two 1-bedroom units, totaling 21 beds. Currently operating at 100% occupancy with a gross lease structure, the property boasts a strong net operating income (NOI) of $52,379.17, resulting in an 8.38% cap rate. The asking price is $675,000, or $78,125 per unit and $46 per square foot. Benefiting from a prime Main Street location directly across from a new commercial development, the property enjoys high visibility and a walkability score of 79. Its proximity to public and student bus lines, restaurants, shops, and amenities makes it highly attractive to tenants. The property includes ample off-street parking, separate utilities for each unit, and has recently undergone improvements including foundation repair in 2024 and the installation of many new appliances. Tenants are responsible for their own electricity. The property is zoned for multifamily use, making it ideal for student housing or a traditional multifamily investment. This is a single tax parcel.

Location Insight

City

Binghamton

County

Broome

State

New York

Latitude

42.1094

Longitude

-75.9409

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