13 Walnut, Binghamton, NY 13905

Property Description

13 Walnut Street presents a compelling value-add opportunity in Binghamton’s established West Side student-housing market. The R-3-zoned property consists of two three-bedroom units and will be delivered vacant, providing a new owner with the opportunity to renovate and reposition the property. Offered at $255,000, or approximately $42,500 per bed, the property is priced below the approximately $60,000-per-bed average for stabilized student-housing properties in the market. Based on projected rents of $725 per bed per month, the stabilized pro forma estimates annual net operating income of $33,423, representing an approximate 13% capitalization rate at the asking price. This offering provides an attractive acquisition basis with meaningful potential for income growth and value creation.