111 Oak Street
$900,000
111 Oak St, Binghamton, NY 13905
8,640 sqft
Building Size
0.0973 acres
Lot Area
Details:
Highlights:
- 12 Units | 18 Beds: Six 1-bedroom and six 2-bedroom apartments
- Fully Renovated: Extensive improvements completed throughout the property
- Lease-Up Control: Only one unit currently occupied, allowing strategic repositioning at current market rents
- Turnkey at Closing: Seller to complete remaining renovations prior to closing
- R-3 Multifamily Zoning: Located within the City's higher-density residential zoning district Binghamton City Government
- Walkable West Side Location: Just off Main Street with convenient access to Downtown, transit, dining and daily amenities
Description:
111 Oak Street is a fully renovated 12-unit brick multifamily property comprising six 1-bedroom and six 2-bedroom apartments, totaling 18 beds across approximately 8,640 SF. The property has undergone substantial improvements throughout, including renovated apartment interiors, a complete remodel of the building's right wing, replacement of main basement beams and installation of a new rear fire escape. Renovations are expected to be completed by the seller prior to closing, providing the incoming owner with a substantially turnkey asset and limited immediate capital requirements.
With only one unit currently occupied, the property provides a new owner with significant control over initial lease-up, tenant selection and rental positioning. The unit mix supports both student and traditional multifamily demand, while the property's R-3 multifamily zoning provides additional residential flexibility subject to applicable City approvals and occupancy requirements. Based on the current pro forma, the property projects NOI of approximately $83,834 at stabilization, providing a clear path from lease-up to stabilized income generation.
111 Oak Street is positioned just off Main Street on Binghamton's West Side, immediately adjacent to Downtown and within an established concentration of multifamily and student-oriented housing. The location provides convenient pedestrian access to Downtown Binghamton's restaurants, entertainment, retail and services, along with access to transportation serving Binghamton University. The property carries a Walk Score in the mid-80s, reflecting the walkable nature of the surrounding neighborhood.
The location also provides access to a broader employment and renter base beyond the student market. Downtown employment, healthcare facilities and neighborhood services are readily accessible from the property, while Main Street provides direct connectivity through Binghamton's West Side. This combination of university-related demand, employment access and proximity to Downtown supports the property's ability to serve both student and traditional multifamily tenants.
Documents:
| Title | ||
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| NEW_STYLE_-_Offering_Memorandum__L_.pdf |
Location
Gallery
