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140 Chapin St 6 Unit Apartment Building $725,000 ($120,833/Unit) Binghamton, NY 13905
Investment Highlights
- Prime West Side location within walking distance to the SUNY bus line and Downtown Binghamton
- Roof and boiler replaced in 2019
- Off street parking
- Eleven units totaling fourteen beds and eleven baths
- Strong cash flow with all rents positioned below market for immediate upside
- Secure building with controlled access
Executive Summary
Introducing 140 Chapin St, a prime investment opportunity in Binghamton, NY. This 6,117 SF building, boasting 11 units, presents a lucrative student housing investment in an excellent location in Binghamton's West Side.
The property enjoys a high 92.8% occupancy rate, ensuring immediate income generation. Zoned R-3, it offers flexibility for future development. Situated in one of the most established areas for student housing in the Binghamton market and walking distance to Downtown Binghamton ensures a steady occupancy and cash flow. Many of the rents are below market rent creating an opportunity for significant value add without the large renovation costs.
The property enjoys a high 92.8% occupancy rate, ensuring immediate income generation. Zoned R-3, it offers flexibility for future development. Situated in one of the most established areas for student housing in the Binghamton market and walking distance to Downtown Binghamton ensures a steady occupancy and cash flow. Many of the rents are below market rent creating an opportunity for significant value add without the large renovation costs.
Property Facts
| Price | $725,000 | Building Class | C |
| Price Per Unit | $120,833 | Lot Size | 0.19 AC |
| Sale Type | Investment | Building Size | 6,117 SF |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1970 |
| Property Subtype | Apartment | Parking Ratio | 1.31/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | COM | ||
| Price | $725,000 |
| Price Per Unit | $120,833 |
| Sale Type | Investment |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 6,117 SF |
| No. Stories | 3 |
| Year Built | 1970 |
| Parking Ratio | 1.31/1,000 SF |
| Zoning | COM |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | - |
1 1
Walk Score®
Very Walkable (81)
Bike Score®
Very Bikeable (73)
Property Taxes
| Parcel Number | 030200-160-039-0002-029-000-0000 | Improvements Assessment | $114,000 |
| Land Assessment | $20,000 | Total Assessment | $134,000 |
Property Taxes
Parcel Number
030200-160-039-0002-029-000-0000
Land Assessment
$20,000
Improvements Assessment
$114,000
Total Assessment
$134,000
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140 Chapin St
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