111 Oak St
- 12 Units | 18 Beds: Six 1-bedroom and six 2-bedroom apartments
- Fully Renovated: Extensive improvements completed throughout the property
- Lease-Up Control: Only one unit currently occupied, allowing strategic repositioning at current market rents
- Turnkey at Closing: Seller to complete remaining renovations prior to closing
- R-3 Multifamily Zoning: Located within the City's higher-density residential zoning district Binghamton City Government
- Walkable West Side Location: Just off Main Street with convenient access to Downtown, transit, dining and daily amenities
Property Description
111 Oak Street is a fully renovated 12-unit brick multifamily property comprising six 1-bedroom and six 2-bedroom apartments, totaling 18 beds across approximately 8,640 SF. The property has undergone substantial improvements throughout, including renovated apartment interiors, a complete remodel of the building's right wing, replacement of main basement beams and installation of a new rear fire escape. Renovations are expected to be completed by the seller prior to closing, providing the incoming owner with a substantially turnkey asset and limited immediate capital requirements. With only one unit currently occupied, the property provides a new owner with significant control over initial lease-up, tenant selection and rental positioning. The unit mix supports both student and traditional multifamily demand, while the property's R-3 multifamily zoning provides additional residential flexibility subject to applicable City approvals and occupancy requirements. Based on the current pro forma, the property projects NOI of approximately $83,834 at stabilization, providing a clear path from lease-up to stabilized income generation.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $900,000 |
| No. of Units: | 12 |
| Year Built: | 1965 |
| Lot Size: | 0.10 Acres |
| Opportunity Zone: | No |
| Price per unit: | $75,000 |
| Property Website | Click Here |
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