58 Leroy, Binghamton, NY 13905

Property Description

58 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 $28,180. At the asking price, this equates to an approximate 13% pro forma capitalization rate, providing an attractive acquisition basis with meaningful potential for income growth and value creation.