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139 Murray St 9 Unit Apartment Building $849,000 ($94,333/Unit) 12.42% Cap Rate Binghamton, NY 13905
Investment Highlights
- Value-add student housing opportunity with limited capital expenditure required
- Immediate upside through rental optimization rather than costly building renovations
- Strong student housing fundamentals with walkability to the SUNY bus line, Downtown Binghamton, restaurants, shops, and amenities
- Recently renovated asset featuring updated units, new kitchens, and dedicated laundry room
- Desirable unit mix consisting of six 3-bedroom units and three studio apartments, providing multiple rental income streams
- Operationally efficient property with separately metered utilities, helping reduce owner expense exposure
Executive Summary
Offered for sale is an exceptional student housing investment opportunity located on Binghamton’s West Side. 139 Murray Street features a desirable unit mix consisting of six 3-bedroom units and three studio apartments, positioned in an excellent location just one block from the SUNY bus line and approximately four blocks from Downtown Binghamton.
The property is within walking distance of restaurants, shops, services, entertainment, and other downtown amenities, making it highly attractive to student tenants. The building and units have been beautifully renovated, with recent improvements including updated kitchens, and a dedicated laundry room.
The property also offers strong operational advantages, including separate utility metering, a fully sprinklered building, a secure entry, a solid steel fire escape, and ample off-street parking with a spacious parking lot. Tenants also benefit from an outdoor barbecue area, adding to the property’s appeal and livability.
With its renovated condition, student-oriented layout, strong location, parking, safety features, and proximity to transportation and downtown amenities, 139 Murray Street represents a compelling opportunity for investors seeking a well-positioned student housing asset in the Binghamton market.
Financials are presented on a pro forma basis.
The property is within walking distance of restaurants, shops, services, entertainment, and other downtown amenities, making it highly attractive to student tenants. The building and units have been beautifully renovated, with recent improvements including updated kitchens, and a dedicated laundry room.
The property also offers strong operational advantages, including separate utility metering, a fully sprinklered building, a secure entry, a solid steel fire escape, and ample off-street parking with a spacious parking lot. Tenants also benefit from an outdoor barbecue area, adding to the property’s appeal and livability.
With its renovated condition, student-oriented layout, strong location, parking, safety features, and proximity to transportation and downtown amenities, 139 Murray Street represents a compelling opportunity for investors seeking a well-positioned student housing asset in the Binghamton market.
Financials are presented on a pro forma basis.
Financial Summary (Pro Forma - 2027) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$146,295
|
$17.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$146,295
|
$17.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$40,833
|
$5.02
|
| Net Operating Income |
$105,462
|
$12.97
|
Financial Summary (Pro Forma - 2027)
| Gross Rental Income | |
|---|---|
| Annual | $146,295 |
| Annual Per SF | $17.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $146,295 |
| Annual Per SF | $17.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $40,833 |
| Annual Per SF | $5.02 |
| Net Operating Income | |
|---|---|
| Annual | $105,462 |
| Annual Per SF | $12.97 |
Property Facts
| Price | $849,000 | Building Class | C |
| Price Per Unit | $94,333 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 8,134 SF |
| Cap Rate | 12.42% | Average Occupancy | 95% |
| No. Units | 9 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 0.61/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | Residential Multi-Unit Dw | ||
| Price | $849,000 |
| Price Per Unit | $94,333 |
| Sale Type | Investment |
| Cap Rate | 12.42% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 8,134 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1960 |
| Parking Ratio | 0.61/1,000 SF |
| Zoning | Residential Multi-Unit Dw |
Amenities
Unit Amenities
- Microwave
- Tile Floors
- Kitchen
- Granite Countertops
- Hardwood Floors
- Stainless Steel Appliances
- Grill
Site Amenities
- 24 Hour Access
- Fenced Lot
- Laundry Facilities
- Picnic Area
- Furnished Units Available
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 9 | - | - |
1 1
Moderately walkable
60/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 030200-160-031-0003-016-000-0000 | Improvements Assessment | $109,500 (2025) |
| Land Assessment | $7,500 (2025) | Total Assessment | $117,000 (2025) |
Property Taxes
Parcel Number
030200-160-031-0003-016-000-0000
Land Assessment
$7,500 (2025)
Improvements Assessment
$109,500 (2025)
Total Assessment
$117,000 (2025)
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