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24 Mather Street

$239,000

24 Mather Street, Binghamton, NY 13905

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Last Updated: 07/09/2026

6,654 sqft

Building Size

0.19 acres

Lot Area

Details:
Building Size:    6,654 sqft
Lot Area:    0.19 acres
Units:    3
Year Built:    1917
Highlights:
  • Great income potential
  • Poised on Binghamtons West Side
  • In the heart of student rentals
  • In the R3 zoning district for students
  • 18 existing bedrooms
  • 8 existing bathrooms
Description:

This 3-family property presents a high-impact value-add opportunity in a proven student housing market, located within the R3 zoning district allowing for this use. Configured for 18–20 bedrooms, the asset supports a scalable per-bed rental model. Projected gross income of approximately $140,000 to $156,000 annually, based on $650 per bedroom, with additional income potential from washers and dryers. The property features a strong existing layout, having historically operated as a student rental, with clear upside through higher-end renovations and finishes to drive rent growth. Ownership has begun improvements, including new, upgraded electrical/panel and brand-new tile and renovation materials are already on-site and included in the sale, reducing upfront capital. A large basement, previously used as a common area with a bar, can be restored as a shared tenant space, further enhancing appeal, retention, and overall NOI growth potential. Call today!

Positioned on Binghamton’s established West Side, 1–3 Mather Street is located just off Main Street and within walking distance of the Court Street Bridge, providing direct connectivity between the neighborhood and Downtown Binghamton’s employment, dining, and entertainment districts.

The property is serviced by both SUNY and public transportation routes and benefits from a Walk Score of 83, supporting strong demand from students and residents who prioritize walkable, transit-accessible locations. Main Street traffic counts of approximately 12,690 vehicles per day contribute to visibility and neighborhood activity.

The combination of Downtown proximity, transportation access, and established residential density positions this location within one of Binghamton’s most consistently leased areas.

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