161 Court St
- Actual 9% Cap Rate: Fully leased student apartments with low operating expenses and an easy-to-manage setup.
- Completely Renovated: Six apartments totaling 15 beds, a common student lounge, and leases being signed for the next academic year.
- Prime Location & Income Potential: Downtown student housing corridor on the bus line, plus vacant commercial space actively being marketed to interested prospects.
Property Description
Completely renovated mixed-use investment opportunity in Binghamton’s sought-after downtown student housing market, offering an actual 9% cap rate, low operating expenses, and easy management. 161 Court Street features six apartments with a mix of two- and three-bedroom layouts totaling 15 beds, all fully leased to students, with leases currently being signed for the next academic year. Electric is separately metered, with the landlord covering the first $60 per apartment per month and tenants responsible for any charges above that cap. A common student lounge on the first floor adds to the building’s appeal. The property also includes two commercial spaces with one vacancy that is actively being marketed, with interested prospective tenants, offering potential for additional rental income. Positioned at the corner of Court and Carroll Streets, the building benefits from bus-line access and walking distance to downtown restaurants, shops, and entertainment.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,390,000 |
| No. of Units: | 7 |
| Year Built: | 1915 |
| Lot Size: | 0.09 Acres |
| Opportunity Zone: | No |
| Price per unit: | $198,571 |
| Property Website | Click Here |
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