161 Court St
$1,390,000
161 Court St, Binghamton, NY 13901
7,438 sqft
Building Size
0.0902 acres
Lot Area
Details:
Highlights:
- Actual 9% Cap Rate: Fully leased student apartments with low operating expenses and an easy-to-manage setup.
- Completely Renovated: Six apartments totaling 15 beds, a common student lounge, and leases being signed for the next academic year.
- Prime Location & Income Potential: Downtown student housing corridor on the bus line, plus vacant commercial space actively being marketed to interested prospects.
Description:
Completely renovated mixed-use investment opportunity in Binghamton’s sought-after downtown student housing market, offering an actual 9% cap rate, low operating expenses, and easy management. 161 Court Street features six apartments with a mix of two- and three-bedroom layouts totaling 15 beds, all fully leased to students, with leases currently being signed for the next academic year. Electric is separately metered, with the landlord covering the first $60 per apartment per month and tenants responsible for any charges above that cap. A common student lounge on the first floor adds to the building’s appeal. The property also includes a vacant commercial space actively being marketed, with interested prospective tenants, offering potential for additional rental income. Positioned at the corner of Court and Carroll Streets, the building benefits from bus-line access and walking distance to downtown restaurants, shops, and entertainment.
Situated at the corner of Court and Carroll Streets, 161 Court Street offers 15 student housing beds and one vacant commercial space in a densely student-populated area of Binghamton. Located on the bus line and within walking distance of downtown restaurants, shops, and entertainment, the property provides convenient access to transportation and everyday amenities. A Walk Score of 82/100 (“Very Walkable”) enhances its appeal for student residents, while nearby Court Street traffic of approximately 7,395 vehicles daily provides exposure for the commercial space. The surrounding student population and downtown activity create a potential customer base for a future commercial tenant.
Location
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