13 Walnut St
- Two three-bedroom units with six total beds
- Desirable R-3 zoning
- Delivered vacant, allowing immediate renovation and repositioning
- Attractive acquisition basis of $42,500 per bed
- Projected rent of $725 per bed per month after renovation
- Stabilized pro forma NOI of $33,423 annually
- Approximately 13% pro forma capitalization rate at the asking price
- Below the approximately $60,000-per-bed average for stabilized student housing in the market
- Convenient West Side location near the Court Street Bridge and Downtown Binghamton
Property Description
13 Walnut Street presents a compelling value-add opportunity in Binghamton’s established West Side student-housing market. The R-3-zoned property consists of two three-bedroom units and will be delivered vacant, providing a new owner with the opportunity to renovate and reposition the property. Offered at $255,000, or approximately $42,500 per bed, the property is priced below the approximately $60,000-per-bed average for stabilized student-housing properties in the market. Based on projected rents of $725 per bed per month, the stabilized pro forma estimates annual net operating income of $33,423, representing an approximate 13% capitalization rate at the asking price. This offering provides an attractive acquisition basis with meaningful potential for income growth and value creation.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $255,000 |
| No. of Units: | 2 |
| Year Built: | 1920 |
| Lot Size: | 0.08 Acres |
| Opportunity Zone: | No |
| Price per unit: | $127,500 |
| Property Website | Click Here |
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