13 Walnut St

Highlights:

• Two three-bedroom units with six total beds
• Desirable R-3 zoning
• Delivered vacant, allowing immediate renovation and repositioning
• Attractive acquisition basis of $42,500 per bed
• Projected rent of $725 per bed per month after renovation
• Stabilized pro forma NOI of $33,423 annually
• Approximately 13% pro forma capitalization rate at the asking price
• Below the approximately $60,000-per-bed average for stabilized student housing in the market
• Convenient West Side location near the Court Street Bridge and Downtown Binghamton

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.

13 Walnut Street is conveniently located in Binghamton’s West Side neighborhood, within walking distance of the Court Street Bridge and Downtown Binghamton. The property’s R-3 zoning supports residential uses and makes the location well suited for student or multifamily housing. Its proximity to downtown employment, dining, entertainment, public transportation, and local amenities provides residents with convenient access to the surrounding community.

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