21 Floral AveBinghamton, NY 13905

Property Details for 21 Floral Ave

Year built

1960

Lot size

0.05 AC

Property size (Sq ft)

3,120 SF

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

030200 143.74-3-32

APU

3020014374332

Description

This mixed-use property at 21 Floral Ave, Binghamton, NY 13905, presents a compelling investment opportunity. The 3,120 square foot building, constructed in 1960 with renovations in 2002, sits on a 0.04-acre lot and is zoned Comm-482. Currently, the property boasts three occupied one-bedroom apartments and a large, recently updated commercial space on the ground floor. The commercial area features high ceilings, new recessed lighting, a drop ceiling tile system, an open floor plan with a private back room, new flooring and drywall, updated plumbing and light fixtures, two renovated bathrooms, fresh paint, newer countertops, and a dry-locked basement. The building enjoys abundant natural light. The current occupancy is 75%, generating a net operating income (NOI) of $12,000, with a pro-forma NOI of $47,660 and a pro-forma cap rate of 13.28%. The asking price is $359,000, resulting in a price per square foot of $115.06 and a current cap rate of 3.34%. Leases are month-to-month, offering potential for increased rental income. The property's prime location, on a corner lot near Main Street and public transportation, ensures high visibility and foot traffic. The commercial space is adaptable, potentially suitable for various uses, including student housing (subject to city approval). This property offers significant upside potential for a savvy investor. Addendum D is available upon request.

• CAP approach

  CAP return

  Valuation

  6%

  $481,572

  6.5%

  $444,528

  7%

  $412,776

• Comparable approach

  Method

  Valuation

  Relative Method

  $239,240

  Geo Method

  $407,659

• Alternative Use

  Use

  Valuation

  Residential

  $551,215

  Hospitality

  $504,910

  Educational

  $420,079

  Medical

  $434,526

  Retail

  $653,456

Location Insight

City

Binghamton

County

Broome

State

New York

Latitude

42.1096

Longitude

-75.9465

CBSA code

13780

CBSA name

BINGHAMTON, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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