860 Vestal Rd

Description:

Offered for sale is this rare Vestal development opportunity. This is an approved development of a 128 Unit 55+ community in Vestal, NY. The existing structure is approximately 86,867 Square Feet the development plans call for increasing the square footage to approximately 135,597 Square Feet. The average income in Vestal is 44% higher for Households than the remainder of Broome County and 35% higher for families. This site is directly on Old Vestal Rd. with 531.76 ft of Vestal Rd frontage. This site is very close to the I86, State Route 434 and State Route 26 interchanges. This project has a low barrier to entry. At the asking price there is immediate equity. With an estimated end market value of $40,415,416. Estimated time to project completion is 18 months.

 


Strategically located on the Vestal side of the Route 26 Bridge to Endicott, this site offers unmatched visibility and convenience. With direct access to I-86, I-81, and State Route 434, the property is exceptionally well-connected to regional highways and transportation networks. Residents will enjoy a quick 15-minute drive to all corners of the Greater Binghamton MSA, making it an ideal location for senior living or other residential development. Its central positioning ensures accessibility while maintaining proximity to shopping, healthcare, and recreational amenities.

 


Approved for 128 senior housing units
Projected NOI: $2.42M (post-renovation)
Estimated Market Value: $40.4M (post-renovation)
High-Yield Metrics: 151.65% cap rate | 10.10% Year 1 CoC return (post-renovation)
Low cost basis: $12,492 per unit | $18/SF
Strong Market: Household incomes 44% above Broome County average
Visible Location: Seen from Route 26 Bridge with 15-min access to entire Binghamton MSA
Expedited Development: 18-month completion timeline
Excellent Accessibility: Near I-86, I-81, and State Route 434

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