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Crandall Hall Apartments 2 Crandall St 24 Unit Apartment Building $2,100,000 ($87,500/Unit) 7.43% Cap Rate Binghamton, NY 13905
INVESTMENT HIGHLIGHTS
- Fully renovated 24-unit apartment building
- Elevator, updated hot water systems, in-unit and hallway sprinklers
- Prime West Side location with strong tenant demand, 83 Walk Score, and direct SUNY bus access
- New roof with 23 years of warranty remaining
- Separately metered electric heat, high-speed internet, and off-street parking
EXECUTIVE SUMMARY
For sale is a fully renovated, 100% occupied 24-unit apartment building on Binghamton’s West Side, offering investors immediate, stable income with minimal capital requirements.
The property has undergone comprehensive upgrades, including a new roof with 23 years remaining on the warranty, modern hot water systems, hallway and in-unit sprinklers, high-speed internet, and an elevator for tenant convenience. Each unit is separately metered with electric heat, ensuring efficient operations and predictable expenses. Off-street parking and a landscaped picnic area further enhance tenant satisfaction and long-term retention.
With its strong occupancy history and no immediate CAPEX needs, this building provides both security and the potential for future value growth.
The property has undergone comprehensive upgrades, including a new roof with 23 years remaining on the warranty, modern hot water systems, hallway and in-unit sprinklers, high-speed internet, and an elevator for tenant convenience. Each unit is separately metered with electric heat, ensuring efficient operations and predictable expenses. Off-street parking and a landscaped picnic area further enhance tenant satisfaction and long-term retention.
With its strong occupancy history and no immediate CAPEX needs, this building provides both security and the potential for future value growth.
PROPERTY FACTS
| Price | $2,100,000 | Building Class | C |
| Price Per Unit | $87,500 | Lot Size | 0.28 AC |
| Sale Type | Investment | Building Size | 14,430 SF |
| Cap Rate | 7.43% | Average Occupancy | 100% |
| No. Units | 24 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1964/2022 |
| Property Subtype | Apartment | Parking Ratio | 0.83/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | Commercial | ||
| Price | $2,100,000 |
| Price Per Unit | $87,500 |
| Sale Type | Investment |
| Cap Rate | 7.43% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 14,430 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1964/2022 |
| Parking Ratio | 0.83/1,000 SF |
| Zoning | Commercial |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- High Speed Internet Access
- Tub/Shower
- Grill
- Family Room
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Fenced Lot
- Laundry Facilities
- Playground
- Tenant Controlled HVAC
- Smoke Free
- Elevator
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 24 | - | 550 |
Walk Score®
Very Walkable (82)
PROPERTY TAXES
| Parcel Number | 030200-160-030-0002-023-000-0000 | Improvements Assessment | $172,100 |
| Land Assessment | $7,900 | Total Assessment | $180,000 |
PROPERTY TAXES
Parcel Number
030200-160-030-0002-023-000-0000
Land Assessment
$7,900
Improvements Assessment
$172,100
Total Assessment
$180,000
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Crandall Hall Apartments | 2 Crandall St
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