Grand Ave Portfolio

$1,950,000

196 Grand Avenue, Johnson City, NY 13790

For Sale

Mixed Use Residential/Retail

Active

Last Updated: 06/06/2025

Details:

Cap Rate: 8.63%

NOI: $168,348

Pro Forma Cap Rate : 8.74%

Building Size: 18,250 sqft

Lot Area: 0.53 acres

Occupancy: 100%

Units: 23

Lease Type: Modified Gross

Year Built: 1965

Price Per Unit: $91,304

Tenancy: Multiple

Floors: 3

Parking Spots: 16

Year Last Renovated: 2020-2023

Construction Status: existing

Offered by

Chip Collins

First Vice President investments

Marcus & Millichap

#NJ 0016571 / NY 10401230649 / PA RSR001965

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Highlights:

23 unit, fully performing, mixed use portfolio just minutes from Binghamton University and UHS Medical Center in Broome County New York
Two locations, just a minute apart, consisting of three residential and one commercial buildings.
Extensively upgraded over the past few years and 100% occupied.
12.5% (approx) return on day one makes this an ideal plug and play opportunity, perfect to complement an existing portfolio or as a first time investment.
Location (walking distance to UHS Medical Center, Binghamton school of Nursing and Binghamton School of Pharmacy) is why a number of tenants are in the medical profession.
Commercial tenant on seven year lease with two (5 year) options.

Description:

PRICE REDUCED!
Marcus & Millichap is pleased to present an opportunity to acquire a large number of units, fully performing, and meticulously upgraded over the past several years. Here are the details:

83 Grand Avenue: Two story, five unit residential building consisting of one and three bedroom apartments- all units have been upgraded and additional income is derived from the laundry. Tenants pay their own separately metered gas & electric.

200 Grand - less than 1 minute down the road from 83 Grand, this location consists of a 1 story, and highly successful, convenience store on a multi year lease. At the rear of the lot is a two story, one bedroom house. Both tenants pay their own separately metered gas & electric.

204 Grand is a three story, corner apartment building with 16 apartments: (8) one and (8) two bedroom units. All but three units have been upgraded and show pride of ownership - Tenants pay their own separately metered gas & electric. Additional income is derived from the laundry.

This four building portfolio is only 5 minutes from Binghamton University and a short walk to Binghamton University School of Nursing, School of Pharmacy, the UHS Medical Center. and public transportation. A number of tenants work at the Hospital complex due to it's proximity.

Unlike a majority of Binghamton/Johnson City offerings where it will take 2-3 years to turn over and upgrade units, this portfolio offers an investor a turn-key performing portfolio, and a 12.5% (approx) return from day one.

Extensive library of location/unit photos available upon request.