116 Murray St
- Offered at approximately $42,500 per bed
- Delivered vacant and in as-is condition
- Located in Binghamton’s established West Side student-housing market
- Value-add opportunity with renovation and lease-up potential
- Projected market rent of approximately $700 per bed
- Stabilized pro forma NOI of $39,111 annually
- Approximately 11.5% pro forma capitalization rate at the asking price
- Attractive acquisition basis with potential for income growth and value appreciation
Property Description
116 Murray Street presents a compelling value-add opportunity in Binghamton’s established West Side student-housing market. The property will be delivered vacant and sold in as-is condition, allowing a new owner to renovate and lease the property according to their investment strategy. Offered at approximately $42,500 per bed, it is priced below the approximately $60,000-per-bed benchmark for well-maintained and fully occupied student properties in the West Side market. Once renovated and stabilized at a projected market rent of approximately $700 per bed, the pro forma estimates annual net operating income of $39,111, representing an approximate 11.5% capitalization rate at the asking price. This offering provides investors with an attractive acquisition basis and 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: | $340,000 |
| No. of Units: | 2 |
| Year Built: | 1905 |
| Lot Size: | 0.24 Acres |
| Opportunity Zone: | No |
| Price per unit: | $170,000 |
| Property Website | Click Here |
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