Alfred Apartments Student Housing

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Address: 134 N Main St, Alfred, NY 14802, USA
Created date: January 9, 2024
Date last updated: April 7, 2024

96 bed student housing apartments in 45 apartments in 15 properties with all separate utilities

Alfred is home to both Alfred University and Alfred State College

The Washington Post awarded Alfred the 2023 #1 College Town in America

Alfred is at the center of the US Northeast, a convenient and attractive college town for students from a wide region and around the world

Alfred University possesses an international reputation in ceramic engineering.

Property Description

Alfred Apartments in Alfred, NY; 96 beds in 45 apartments in 15 properties in the village of Alfred.  Both 12 month and semester leases are accepted. Furnishings are available on a first come first serve basis. All the apartment utilities are separate including the heat, electric, and water. The student beds will be leased through the end of the Spring 2024 semester. The property has had 100% occupancy for 10+ years. The Village of Alfred is the quintessential historic New York college town in the foothills of the Allegheny Mountains in New York State’s southern tier, 60 miles south of Rochester. Alfred is home to both Alfred State College and Alfred University together with a total student population of 5,000. The Washington Post awarded Alfred the 2023 #1 College Town in America. Alfred University possesses an international reputation in ceramics engineering and research and is home to the Ceramic Corridor, a high-tech incubator project designed to take advantage of the emerging ceramics industry. Alfred University has announced plans to develop a new sports complex in the town of Alfred, the Saxon Hill project, will increase the University’s intercollegiate athletic offerings, boost student recruitment and retention, and increase enrollment. Alfred University was also recently awarded an Emerson Foundation Grant to support the construction of a new foundry to support the art and design and engineering programs.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Property Types: Apartment Buildings | Student Housing
Price: $3,300,000
No. of Units: 45
Cap Rate: 9.2%
Average Occupancy: 100
Building Size: 42,480 Sq ft
Opportunity Zone: No
Price per unit: $73,333
Address: 134 N Main St, Alfred, NY 14802, USA

FINANCIAL DETAILS

Income/expense info: Pro Forma
Financial year: 2024
Gross income: 527574
Effective Gross income: 510695
Operating expenses: 208394
Net operating income: 302301

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