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123 Court St 9 Unit Apartment Building $5,750,000 ($638,889/Unit) 7.02% Cap Rate Binghamton, NY 13901
Investment Highlights
- Beautiful Hardwood Floors
- New York City Style Loft Apartments
- Gorgeous Exposed Brick Walls
Executive Summary
Introducing 123 Court St, a rare opportunity to acquire one of Downtown Binghamton's premier student housing assets. Serving the ever-growing Binghamton University market, this exceptional property offers 54 beds across spacious 4, 6, 8, and 10-bedroom apartment layouts. Students are drawn to the building's authentic New York City-style loft design featuring exposed brick walls, hardwood floors, spiral ductwork, oversized bedrooms, and expansive common living areas. Completely redeveloped approx. 10 years ago, the property offers a unique living experience rarely found in student housing. Located in the heart of Downtown Binghamton, residents enjoy immediate access to restaurants, coffee shops, nightlife, and University transportation. Contact the listing agent who also happens to be the designer and builder from day one of this investment for a confidential conversation. Building highlighted by a 7,000 SF commercial 1st Fl with 12 Ft + ceiling heights and beautiful brick walls.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$561,480
|
$19.50
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$561,480
|
$19.50
|
| Taxes |
$46,384
|
$1.61
|
| Operating Expenses |
$111,665
|
$3.88
|
| Total Expenses |
$158,049
|
$5.49
|
| Net Operating Income |
$403,431
|
$14.01
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $561,480 |
| Annual Per SF | $19.50 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $561,480 |
| Annual Per SF | $19.50 |
| Taxes | |
|---|---|
| Annual | $46,384 |
| Annual Per SF | $1.61 |
| Operating Expenses | |
|---|---|
| Annual | $111,665 |
| Annual Per SF | $3.88 |
| Total Expenses | |
|---|---|
| Annual | $158,049 |
| Annual Per SF | $5.49 |
| Net Operating Income | |
|---|---|
| Annual | $403,431 |
| Annual Per SF | $14.01 |
Property Facts
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Storage Space
- Public Transportation
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+2 | 5 | - | - |
| 6+3 | 1 | - | - |
| 8+4 | 1 | - | - |
| 10+4 | 2 | - | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 030200-160-041-0002-009-000-0000 | Total Assessment | $500,000 |
| Land Assessment | $32,000 | Annual Taxes | $46,384 ($1.66/SF) |
| Improvements Assessment | $468,000 | Tax Year | 2025 |
Property Taxes
Parcel Number
030200-160-041-0002-009-000-0000
Land Assessment
$32,000
Improvements Assessment
$468,000
Total Assessment
$500,000
Annual Taxes
$46,384 ($1.66/SF)
Tax Year
2025
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