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257 Washington St 16 Unit Apartment Building $1,600,000 ($100,000/Unit) 7.78% Cap Rate Binghamton, NY 13901
INVESTMENT HIGHLIGHTS
- 12,544 SF building
- Historic 1926 construction
- 18 units for multifamily/mid-rise investment
- Zoned CI for commercial and residential use
EXECUTIVE SUMMARY
257 Washington Street is a historic 1926 building in Downtown Binghamton offering 12,544 SF across 18 units. Zoned CI, it is strategically located within the Binghamton MSA and presents a strong opportunity for multifamily or mid-rise investors. Eleven units are already finished and leased, providing income stability with additional upside through completing the remaining units.
Extensive upgrades include automatic locks, separate utilities and HVAC for each unit, a full sprinkler system, an elevator, and a modern security system. Historic tax credits are also available, creating valuable financial incentives. With its prime location, strong tenant base, and remaining value-add potential, this asset is well positioned for long-term growth.
Extensive upgrades include automatic locks, separate utilities and HVAC for each unit, a full sprinkler system, an elevator, and a modern security system. Historic tax credits are also available, creating valuable financial incentives. With its prime location, strong tenant base, and remaining value-add potential, this asset is well positioned for long-term growth.
PROPERTY FACTS Under Contract
| Price | $1,600,000 | Apartment Style | Low-Rise |
| Price Per Unit | $100,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.42 AC |
| Cap Rate | 7.78% | Building Size | 12,544 SF |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1926/2016 |
| Property Subtype | Apartment | Parking Ratio | 1.5/1,000 SF |
| Zoning | CI - commercial and residential use | ||
| Price | $1,600,000 |
| Price Per Unit | $100,000 |
| Sale Type | Investment |
| Cap Rate | 7.78% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.42 AC |
| Building Size | 12,544 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1926/2016 |
| Parking Ratio | 1.5/1,000 SF |
| Zoning | CI - commercial and residential use |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Microwave
- Heating
- Security System
- Tile Floors
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Oven
- Range
- Wi-Fi
- Island Kitchen
- Loft Layout
- Wheelchair Accessible (Rooms)
- Window Coverings
SITE AMENITIES
- Controlled Access
- Laundry Facilities
- Property Manager on Site
- Security System
- Video Patrol
- Furnished Units Available
- Gas Range
- Vintage Building
- Elevator
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 6 | - | 380 |
| 1+1 | 4 | - | 625 - 850 |
| 2+1 | 5 | - | 875 - 1,375 |
| 3+2 | 1 | - | 1,275 - 1,375 |
Walk Score®
Very Walkable (86)
PROPERTY TAXES
| Parcel Number | 030200-160-033-0001-007-000-0000 | Improvements Assessment | $712,800 |
| Land Assessment | $39,100 | Total Assessment | $751,900 |
PROPERTY TAXES
Parcel Number
030200-160-033-0001-007-000-0000
Land Assessment
$39,100
Improvements Assessment
$712,800
Total Assessment
$751,900
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257 Washington St
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