24 Mather Street
- Great income potential
- Poised on Binghamtons West Side
- In the heart of student rentals
- In the R3 zoning district for students
- 18 existing bedrooms
- 8 existing bathrooms
Property Description
This 3-family property presents a high-impact value-add opportunity in a proven student housing market, located within the R3 zoning district allowing for this use. Configured for 18–20 bedrooms, the asset supports a scalable per-bed rental model. Projected gross income of approximately $140,000 to $156,000 annually, based on $650 per bedroom, with additional income potential from washers and dryers. The property features a strong existing layout, having historically operated as a student rental, with clear upside through higher-end renovations and finishes to drive rent growth. Ownership has begun improvements, including new, upgraded electrical/panel and brand-new tile and renovation materials are already on-site and included in the sale, reducing upfront capital. A large basement, previously used as a common area with a bar, can be restored as a shared tenant space, further enhancing appeal, retention, and overall NOI growth potential. Call today!
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $234,900 |
| No. of Units: | 3 |
| Year Built: | 1917 |
| Lot Size: | 0.19 Acres |
| Opportunity Zone: | No |
| Price per unit: | $78,300 |
| Property Website | Click Here |
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