139 Murray Street
- Value-add student housing opportunity with limited capital expenditure required
- Recently renovated asset featuring updated units, new kitchens, and dedicated laundry room
- Immediate upside through rental optimization rather than costly building renovations
- Pro forma financials reflect achievable income growth supported by the property’s location, condition, and student housing demand
- Desirable unit mix consisting of six 3-bedroom units and three studio apartments, providing multiple rental income streams
- Strong student housing fundamentals with walkability to the SUNY bus line, Downtown Binghamton, restaurants, shops, and amenities
- Operationally efficient property with separately metered utilities, helping reduce owner expense exposure
- Ample off-street parking, a highly desirable feature for student tenants and a competitive advantage in the market
- Fully sprinklered and secured building with a solid steel fire escape, supporting tenant safety and marketability
- Opportunity to increase revenue through management, leasing strategy, and market rent growth rather than significant physical improvements
- Turnkey physical condition with value-add economics, offering investors the ability to improve returns without undertaking a major renovation program
- Well-positioned asset for investors seeking stabilized student housing with remaining upside
Property Description
Offered for sale is an exceptional student housing investment opportunity located on Binghamton’s West Side. 139 Murray Street features a desirable unit mix consisting of six 3-bedroom units and three studio apartments, positioned in an excellent location just one block from the SUNY bus line and approximately four blocks from Downtown Binghamton. The property is within walking distance of restaurants, shops, services, entertainment, and other downtown amenities, making it highly attractive to student tenants. The building and units have been beautifully renovated, with recent improvements including updated kitchens, and a dedicated laundry room. The property also offers strong operational advantages, including separate utility metering, a fully sprinklered building, a secure entry, a solid steel fire escape, and ample off-street parking with a spacious parking lot. Tenants also benefit from an outdoor barbecue area, adding to the property’s appeal and livability. With its renovated condition, student-oriented layout, strong location, parking, safety features, and proximity to transportation and downtown amenities, 139 Murray Street represents a compelling opportunity for investors seeking a well-positioned student housing asset in the Binghamton market. Financials are presented on a pro forma basis.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $849,000 |
| No. of Units: | 9 |
| Year Built: | 1960 |
| Lot Size: | 0.18 Acres |
| Opportunity Zone: | No |
| Price per unit: | $94,333 |
| Property Website | Click Here |
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