1 – 3 Mather St
- 51-Unit Student Housing Asset with Efficient Two-Bedroom Unit Mix
- 8.51% In-Place Cap Rate | Approximately $314,000 NOI
- $72,353 Price Per Unit with Meaningful Scale for the Market
- Significant Recent Improvements Including New Roofs (Approximately $160,000)
- Zoned for 54 Units with Immediate Expansion Potential Under Existing Zoning
- Updated Interiors and Well-Maintained Buildings Supporting Stable Operations
Property Description
Offered for sale is a 51-unit student housing complex consisting entirely of two-bedroom apartments across two well-maintained buildings in Binghamton's established West Side rental market. The property has benefited from ongoing capital improvements and features updated interiors throughout many units, including modern cabinetry, hard surface flooring, and refreshed bathroom finishes. Ownership has completed significant recent exterior improvements, including approximately $160,000 in new roofing. The property's utility configuration supports operational flexibility, with 3 Mather Street featuring separately metered electric service and individual furnaces for each unit, while 1 Mather Street operates under a master-metered utility structure. The offering also includes 98 Main Street, which provides parking necessary to support the complex. In addition to strong in-place income, the property offers future upside through existing zoning that permits up to 54 units, creating the potential to add three additional apartments. Positioned near Main Street, SUNY transportation routes, Downtown Binghamton, and neighborhood retail and service amenities, the property benefits from consistent student and workforce housing demand in one of the city's most established rental corridors.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $3,699,000 |
| No. of Units: | 51 |
| Year Built: | 1970 |
| Lot Size: | 0.33 Acres |
| Opportunity Zone: | No |
| Price per unit: | $72,529 |
| Property Website | Click Here |
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