28 Lydia St

Highlights:

• • Four-unit property with major upgrades complete—new roof, furnace, water heaters, electric, plumbing, and windows.
• • Strong returns with projected NOI of $37,000, 18% cap rate, 48% ROI, DSCR of 2.48, and GRM of 4.19.
• • Utilities can be allocated using RUBS. Laundry hookups in basement offer added income.
• • Located in Binghamton’s First Ward, a focus of $10M in state revitalization and additional local funding.
• • Eligible for grants including Restore NY, T-HIP, Broome County IDA, and NYSERDA energy programs.

Description:

Solid cash flow potential with major upgrades already completed, including a new roof, newer furnace, updated plumbing/electrical, and vinyl windows. Remaining work needed includes ~$30K in interior finishes and ~$10K in porch repairs. Pro forma financials show a projected GOI of $48,960 and NOI of $37,000, with an 18% post-renovation cap rate. Priced at $165K with $40K in renovations with 80/100 LTV bridge loan ($172K), a 2.48 DSCR, 48% ROI, and a 4.19 GRM. Tenant utility costs can be fairly allocated via RUBS, and there's potential for added income through coin-op laundry. With strong fundamentals and location, this is a high-yield opportunity in a growing market.

Located in a designated redevelopment zone, the property benefits from access to significant public and private funding sources. The First Ward was recently awarded $10 million through New York State’s Downtown Revitalization Initiative (DRI), focused on housing improvements, infrastructure, and small business growth along Clinton Street. Broome County has also applied for up to $3 million in Restore NY funds for scattered-site renovations in the First Ward, while local initiatives such as the First Ward Action Council offer up to $5 million in grants for critical home repairs. Additional support is available through the Broome County IDA (offering grants up to $50,000 per business) and NYSERDA’s EmPower NY program for energy efficiency upgrades.