77 Oak St
- Duplex in Binghamton’s established West Side student-housing market
- Desirable C-5 zoning
- Asking price of $290,000
- Attractive acquisition basis of approximately $48,333 per bed
- Value-add opportunity with renovations needed
- Projected annual rental income of $43,500 after renovation
- Stabilized pro forma NOI of $38,269
- Approximately 13% pro forma capitalization rate at the asking price
- Walking distance to Downtown Binghamton and neighborhood amenities
Property Description
77 Oak Street presents a compelling value-add opportunity in the heart of Binghamton’s established West Side student-housing market. The duplex is offered in as-is condition at $290,000, or approximately $48,333 per bed, compared with an estimated market average of approximately $70,000 per bed for stabilized student-housing properties. Following renovation, the property is projected to generate annual rental income of $57,600 and pro forma net operating income of $38,269. At the asking price, this equates to an approximate 13% pro forma capitalization rate, providing 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: | $290,000 |
| No. of Units: | 2 |
| Year Built: | 1910 |
| Lot Size: | 0.07 Acres |
| Opportunity Zone: | No |
| Price per unit: | $145,000 |
| Property Website | Click Here |
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