75.5 Pine Street
- -Exceptional Cash Flow: Generates $34,915.75 NOI with professional management included (12.98% cap rate), with the potential to increase to approximately $40,017 NOI (14.9% cap rate) through self-management.
- -Turnkey Investment: Fully occupied 5-unit property with a proven rental history, separately metered utilities (6 electric / 5 gas), recent inspection, completed repairs, and a $287,000 appraisal with no repairs required.
- -Prime Rental Location: Minutes from Downtown Binghamton, near Mirabito Stadium, public transportation, Binghamton University, and major healthcare employers, supporting consistent tenant demand and long-term occupancy.
Property Description
Strong cash flow and immediate upside define this fully occupied 5-unit multifamily investment. The property generates a Net Operating Income (NOI) of $34,915.75, delivering an impressive 12.98% cap rate with professional property management expenses included. For owner-operators who choose to self-manage, the NOI increases to approximately $40,017, resulting in an estimated 14.9% cap rate. The building is efficiently configured with 6 electric meters and 5 gas meters, helping minimize owner-paid utility expenses. Conveniently located just minutes from Downtown Binghamton, Binghamton University, major healthcare employers, shopping, and public transportation, the property benefits from strong rental demand from students, healthcare professionals, and the local workforce. To provide added confidence, the seller is offering a recent inspection report, a list of completed repairs, and a recent appraisal valuing the property at $287,000 with no repairs required—more than $17,000 above the asking price. Whether you're looking to expand your portfolio or complete a 1031 exchange, 75.5 Pine Street offers a rare combination of strong in-place cash flow, immediate equity, and stable long-term performance in one of Binghamton's most active rental markets.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $269,000 |
| No. of Units: | 5 |
| Opportunity Zone: | No |
| Price per unit: | $53,800 |
| Property Website | Click Here |
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