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High-Yield Multifamily Portfolio 4 Multifamily Properties Online Auction Sale Endicott, NY
INVESTMENT HIGHLIGHTS
- High-yield multifamily portfolio with 30 units in four buildings on contiguous lots totaling 0.73 acres, with extensive recent CapEx completed.
- Over $278K in recent upgrades to several apartments, doors, appliances, HVAC, water heaters, flooring, painting, and roof repairs.
- 5-mile population of more than 86,000 residents, 42% of whom are currently renting homes, provides robust support for a new owner of the portfolio.
- Just off the high traffic interchange of Route 26, Interstate 86, and Route 434, drawing tenants with excellent connectivity to the greater region.
- Within a rapidly developing area, near a new battery manufacturer and solar manufacturer, set to benefit from a recent $160M R&D grant.
EXECUTIVE SUMMARY
Acquire a cash-flowing multifamily portfolio with value-add potential in the heart of Broome County—featuring properties which have had many renovations and upgrades at 1606–1608 Tracy Street and 408–410 Roosevelt Avenue in Endicott, NY. Offering a total of 30 apartments, currently 73% occupied, this rare offer provides a high-yield investment with added value-add potential for a new owner.
This four-building mid-rise complex is situated on contiguous lots totaling 0.73 acres, with a combined footprint of 22,752 square feet. The buildings have received extensive capital improvements during the past few years, totaling over $278,000. Upgrades include repairs to several apartment units, doors, appliances, HVAC, water heaters, flooring, painting, and roof repairs. A new owner will be able to complete remaining unit upgrades and capture growing rents in the local submarket.
Situated in a rapidly developing area, the portfolio benefits from recent area developments, including a new battery manufacturer and a new solar manufacturer. In addition, a $160 million research and development grant has been announced for central New York, which will contribute to the area’s economic growth. The assets are in an easily accessible position, near the interchange of NYS Route 26, Interstate 86, and Route 434. The area is a dense retail hub, and tenants are attracted by the portfolio’s easy access to national brands such as Walmart Supercenter, Lowe’s, Target, Sam's Club, PetSmart, CVS, Starbucks, Chili’s, Outback Steakhouse, and more. The area also offers fantastic opportunities for outdoor recreation, including En-Joie Golf Club, the Binghamton Country Club, and Traditions at the Glen.
Presenting a strong climate for multifamily investment, the Greater Binghamton Multifamily Submarket offers a competitive environment with vacancies sitting at just 5.7% and a five-year annual average rent growth of 3.5%. The elevated demand in the area is thanks in part to steady population gains, with more than 86,000 residents living within 5 miles, and over 42% currently renting their homes. No new inventory has been delivered over the past 12 months, lending strength to renovated housing options like the subject properties. Once stabilized, a new owner will be able to easily capture the added value thanks to the submarket’s excellent liquidity, with 26 sales and $26.8 million in sales volume during the past year.
Don’t miss the opportunity to acquire a high-yield multifamily investment with this income-producing and comprehensively renovated portfolio at 1606-1608 Tracy Street and 408-410 Roosevelt Avenue.
Property tours are by appointment only. Please contact the listing broker to schedule.
This four-building mid-rise complex is situated on contiguous lots totaling 0.73 acres, with a combined footprint of 22,752 square feet. The buildings have received extensive capital improvements during the past few years, totaling over $278,000. Upgrades include repairs to several apartment units, doors, appliances, HVAC, water heaters, flooring, painting, and roof repairs. A new owner will be able to complete remaining unit upgrades and capture growing rents in the local submarket.
Situated in a rapidly developing area, the portfolio benefits from recent area developments, including a new battery manufacturer and a new solar manufacturer. In addition, a $160 million research and development grant has been announced for central New York, which will contribute to the area’s economic growth. The assets are in an easily accessible position, near the interchange of NYS Route 26, Interstate 86, and Route 434. The area is a dense retail hub, and tenants are attracted by the portfolio’s easy access to national brands such as Walmart Supercenter, Lowe’s, Target, Sam's Club, PetSmart, CVS, Starbucks, Chili’s, Outback Steakhouse, and more. The area also offers fantastic opportunities for outdoor recreation, including En-Joie Golf Club, the Binghamton Country Club, and Traditions at the Glen.
Presenting a strong climate for multifamily investment, the Greater Binghamton Multifamily Submarket offers a competitive environment with vacancies sitting at just 5.7% and a five-year annual average rent growth of 3.5%. The elevated demand in the area is thanks in part to steady population gains, with more than 86,000 residents living within 5 miles, and over 42% currently renting their homes. No new inventory has been delivered over the past 12 months, lending strength to renovated housing options like the subject properties. Once stabilized, a new owner will be able to easily capture the added value thanks to the submarket’s excellent liquidity, with 26 sales and $26.8 million in sales volume during the past year.
Don’t miss the opportunity to acquire a high-yield multifamily investment with this income-producing and comprehensively renovated portfolio at 1606-1608 Tracy Street and 408-410 Roosevelt Avenue.
Property tours are by appointment only. Please contact the listing broker to schedule.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Miscellaneous
- Leases
MARKET ANALYTICS Click Here to Access
PROPERTY FACTS
| Sale Condition | Auction Sale | Number of Properties | 4 |
| Type of Ownership | Fee Simple | Total Building Size | 22,752 SF |
| Sale Type | Investment | Total Land Area | 0.73 AC |
| Status | Active |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 4 |
| Total Building Size | 22,752 SF |
| Total Land Area | 0.73 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT |
|---|---|---|---|
| 1608 Tracy St, Endicott, NY 13760 | Multifamily | 5,688 SF | 1970 |
| 408 Roosevelt Ave, Endicott, NY 13760 | Multifamily | 5,688 SF | 1965 |
| 410 Roosevelt Ave, Endicott, NY 13760 | Multifamily | 5,688 SF | 1970 |
| 1606 Tracy St, Endicott, NY 13760 | Multifamily | 5,688 SF | 1970 |
SALE ADVISOR
SALE ADVISOR
Scott Warren, CCIM, CRE Team Lic. RE Salesperson, Member NYSCAR
Scott has had a great career in sales and marketing. Scott began a financial services career in 1986. After several years as an agent, field manager, and district manager, he began as a regional sales director for Columbian Mutual Life Insurance Company. He started with the territory of upstate NY and eventually was in charge of the entire Northeast. He then, at a young age, moved into a Corporate Executive position and prior to leaving the company in 2005 was the Second Vice President of Agency Development, handling all home office management for three sales divisions and approximately 16,000 agents. Much of the growth of Columbian Life Insurance Company can be attributed to Scott’s sales and marketing efforts. Scott then began an independent marketing organization, Niche Market Insurers. With the help and much credit going to his two partners, Scott built an independent marketing organization from scratch to one with a nationwide footprint of 7,000 agents and over $5 million dollars a year in new annual premium. This gave Scott a very solid foundation for Investment analysis as well as in sales and marketing. Scott sold his share of the marketing organization to fully involve himself in the commercial real estate field. Starting his career with Pyramid Brokerage Company/Cushman and Wakefield in a very short time Scott made an immediate impact in the Binghamton Market. Scott has been involved in the sale of commercial buildings, a number of investment-based sales, redevelopment projects, and most notably the sale of the Grand Royal Hotel in Downtown Binghamton. Scott currently represents some of the area’s largest investors and developers. Scott has earned certificates through the CCIM Institute in foundations in commercial real estate, financial analysis, reliable valuations, 1031 exchange, and negotiations. Scott is also currently enrolled in and working towards a certificate in commercial real estate from the prestigious Cornell University’s SC Johnson School of business.
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AUCTION CONTACT
Kevin Loudy
Contact
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000
Maximum Transaction Fee
$300,000
Example Calculation
Winning Bid Amount
$5,000,000
Transaction Fee
$150,000 (3%)
Total Purchase Price
$5,150,000
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High-Yield Multifamily Portfolio
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High-Yield Multifamily Portfolio
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