250 Chenango St - 248-250 Chenango Street 7 Unit Apartment Building Offered at $480,000 at a 7.18% Cap Rate Binghamton, NY 13901

An exceptional opportunity rarely brought to market: a income producing- mixed-use landmark spanning approximately 9,500 square feet and delivering a 7.18% cap rate on in-place income — fundamentals well beneath replacement cost, and the kind serious investors wait years to find.
This distinguished building is performing across seven income-producing units. Five residential apartments thrive in active occupancy, while two coveted ground-floor commercial spaces are secured on leases with escalating rents - an effortless, built-in runway for growing returns year over year. The next owner steps seamlessly into day-one cash flow and additional upside.
The true allure lies in what comes next. Zoning approvals are already in hand for three additional residential units on the third floor: a fully permitted invitation to expand, elevate, and unlock substantial new value. A deeded right of way from Doubleday Street offers parking for three vehicles and up to five when thoughtfully arranged.
The story is one of quiet confidence: seven units already producing, stabilized tenancy, escalating leases, a basis beneath replacement cost, and approved upside still to be realized. A redevelopment opportunity with a 7.18% base on existing income alone, and attractive assignable seller finance, before the three approved units are ever built: this is a refined, turnkey investment for the discerning buyer who appreciates both immediate reward and remarkable potential.