Grand Ave Portfolio

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.
• 10.5% (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:

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For SaleMixed UseNYJohnson CityGrand Ave Portfolio
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Grand Ave Portfolio
Mixed Use Portfolio | 4 buildings/2 locations | Fully performing | Extensively updated
Listing Contacts
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Chip Collins
License: PA RSR001965, NY 10401230649, NJ 0016571
Phone Number: Call
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Asking Price:
$2,100,000
Deposit:
5% min.
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Property
Due Diligence
My Notes
Address
204 Grand Avenue, Johnson City, NY 13790
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Date Added
Apr 11, 2025
Days on Market
0 days
Time Since Last Update
19 seconds
Details
Property Type
Mixed Use, Multifamily, Retail
Subtype
Apartment Building
Investment Type
Stabilized
Lease Type
Modified
Tenancy
Single
Square Footage
18,250
Net Rentable (sq ft)
18,250
Price/Sq Ft
$115.07
Cap Rate
8.02%
Pro-Forma Cap Rate
8.12%
Occupancy
100%
NOI
$168,348
Pro-Forma NOI
$170,439
Units
23
Years Built
1960,1970
Year Renovated
2020-2023
Buildings
4
Stories
2
Lot Size (acres)
0.53
Broker Co-Op
Yes
Price/Unit
$91,304
Ownership
Private
Marketing Description
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 10.5% (approx) return from day one.

Extensive library of location/unit photos available upon request.

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