123 Park AveBinghamton, NY 13903

Property Details for 123 Park Ave

Year built

1950

Lot size

0.20 AC

Property size (Sq ft)

10,000 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 12-unit apartment building, located at 123 Park Ave in Binghamton, NY, presents a compelling investment opportunity. Boasting 10,000 square feet on a 0.2-acre lot, this Class B property, built in 1950, offers a strong 9.66% cap rate and a pro-forma NOI of $62,811.51. The asking price is $650,000, translating to $65 per square foot and $54,167 per unit. Situated in a prime South Side location, this multifamily property benefits from its proximity to Binghamton General Hospital, downtown Binghamton (approximately one mile away), and major transportation routes including Vestal Ave, NYS Route 434, and the Brandywine highway interchange. Convenient access to local amenities further enhances its appeal. The building features 13 bedrooms across its 12 units, each equipped with a separate furnace. Residents enjoy the convenience of separate meters, off-street parking, and a fully sprinklered building. Public transportation is readily available, with a bus line running directly in front. The property is zoned for residential multi-unit dwellings, ensuring its continued viability as a rental property. This is a fully leased building with strong rental demand in a desirable location.

Location Insight

City

Binghamton

County

Broome

State

New York

Latitude

42.0797

Longitude

-75.9148

FAQs

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