28 Lydia St

Highlights:

• -High-Yield Investment: Projected 16.8% cap rate, 32% Year 1 cash-on-cash return, and 37.84% IRR, delivering exceptional cash flow and ROI for multifamily investors.
• -Turnkey & Fully Renovated: Comprehensive upgrades including a new roof (2024), updated plumbing and electrical, new appliances, and modern interior finishes ensure a low-maintenance, move-in-ready property.
• -Prime Location: Minutes from Downtown Binghamton, Binghamton University, Wilson Hospital, and major highways (I-81, I-86, Route 17)—ideal for both student and workforce housing demand.
• -Flexible Income Potential: Utilities can be billed using RUBS, with opportunity for additional laundry income and leasing support available immediately after closing.

Description:

Fully renovated 4-unit multifamily investment property in Binghamton’s First Ward, ideally located just minutes from Downtown Binghamton, Binghamton University, Wilson Hospital, and major highways (I-81, I-86, Route 17). This turnkey rental property is perfect for real estate investors, house hackers, or those seeking high cap rate and strong cash flow opportunities in a growing Southern Tier rental market. The property features a complete interior renovation, new roof (2024), newer furnace (2019), two hot water heaters, updated plumbing and electrical systems, vinyl replacement windows, and modern kitchens with new appliances, offering a truly low-maintenance investment. Currently vacant and ready to rent, the property provides immediate income potential with leasing assistance available post-closing. Pro forma highlights include a Gross Operating Income (GOI) of $48,000, Net Operating Income (NOI) of $33,246, and a projected cap rate of 16.8%, with an ROI of 43%, DSCR of 2.46, IRR of 37.84%, Year 1 cash-on-cash return of 32%, and a GRM of 4. Utilities can be allocated using RUBS (Ratio Utility Billing System) to optimize returns, with potential for additional laundry income. Located near restaurants, Antique Row, parks, shopping, and public transportation, this cash-flowing multifamily property is an exceptional opportunity for Binghamton investors and student housing operators seeking a high-yield, income-producing real estate asset with easy access to downtown amenities and Binghamton University.

Located in a designated redevelopment zone, this 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.

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