58 Leroy St

Highlights:

• Duplex in Binghamton’s established West Side student-housing market
• Desirable R-3 zoning
• Asking price of $212,500
• Attractive acquisition basis of approximately $42,500 per bed
• Below the estimated $60,000-per-bed average for stabilized student housing
• Value-add opportunity with renovations needed
• Projected annual rental income of $43,500 after renovation
• Stabilized pro forma NOI of $28,180
• Approximately 13% pro forma capitalization rate at the asking price
• Walking distance to Downtown Binghamton and neighborhood amenities

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.

58 Leroy Street is centrally located in the heart of Binghamton’s established West Side student-housing market. The property is situated within the R-3 zoning district, making it well suited for student and multifamily housing uses. Its walkable proximity to Downtown Binghamton provides convenient access to employment, dining, entertainment, public transportation, and other community amenities.

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