116 Murray St
$340,000
116 Murray St, Binghamton, NY 13905
3,605 sqft
Building Size
0.2396 acres
Lot Area
Details:
Highlights:
- Offered at approximately $42,500 per bed
- Delivered vacant and in as-is condition
- Located in Binghamton’s established West Side student-housing market
- Value-add opportunity with renovation and lease-up potential
- Projected market rent of approximately $700 per bed
- Stabilized pro forma NOI of $39,111 annually
- Approximately 11.5% pro forma capitalization rate at the asking price
- Attractive acquisition basis with potential for income growth and value appreciation
Description:
116 Murray Street presents a compelling value-add opportunity in Binghamton’s established West Side student-housing market. The property will be delivered vacant and sold in as-is condition, allowing a new owner to renovate and lease the property according to their investment strategy. Offered at approximately $42,500 per bed, it is priced below the approximately $60,000-per-bed benchmark for well-maintained and fully occupied student properties in the West Side market. Once renovated and stabilized at a projected market rent of approximately $700 per bed, the pro forma estimates annual net operating income of $39,111, representing an approximate 11.5% capitalization rate at the asking price. This offering provides investors with an attractive acquisition basis and meaningful potential for income growth and value creation.
116 Murray Street is ideally positioned in the heart of Binghamton’s West Side student-housing market. Located just off Main Street and within walking distance of the Court Street Bridge and Downtown Binghamton, the property offers convenient access to shopping, dining, public transportation, and neighborhood amenities. Its R-3 zoning supports multifamily and student-housing potential, subject to applicable municipal approvals and code requirements.
Documents:
| Title | ||
|---|---|---|
| 116_Murray_St._-_2_Page_Flyer_8.2026.pdf |
Location
Gallery
