52 Leroy St
- Duplex in Binghamton’s established West Side student-housing market
- Desirable R-3 zoning
- Asking price of $212,500
- Attractive acquisition basis of approximately $42,500 per bed
- Below the estimated $60,000-per-bed average for stabilized student housing
- Offered in as-is condition
- Value-add opportunity with renovations needed
- Projected annual rental income of $43,500 after renovation
- Stabilized pro forma NOI of $24,528
- Approximately 11.5% pro forma capitalization rate at the asking price
- Walking distance to Downtown Binghamton and neighborhood amenities
Property Description
52 Leroy Street presents a compelling value-add opportunity in the heart of Binghamton’s established West Side student-housing market. The duplex is offered in as-is condition at $212,500, or approximately $42,500 per bed, compared with an estimated market average of approximately $60,000 per bed for stabilized student-housing properties. Following renovation, the property is projected to generate annual rental income of $43,500 and pro forma net operating income of $24,528. At the asking price, this equates to an approximate 11.54% pro forma capitalization rate, providing an attractive acquisition basis with 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: | $212,500 |
| No. of Units: | 2 |
| Year Built: | 1920 |
| Lot Size: | 0.15 Acres |
| Opportunity Zone: | No |
| Price per unit: | $106,250 |
| Property Website | Click Here |
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