49-51 Park Ave 11 Unit Apartment Building $840,000 ($76,364/Unit) 8.97% Cap Rate Binghamton, NY 13903

Offered for sale is a well-maintained 11-unit multifamily investment located at 49 - 51 Park Avenue on Binghamton’s South Side. The property consists of two buildings with a total of eleven units, including five units at 49 Park Avenue and six units at 51 Park Avenue, with a unit mix of nine two-bedroom apartments and two one-bedroom apartments. The asset benefits from strong in-place occupancy and professional management, providing immediate cash flow and stable operations. Its location within walking distance of UHS and approximately a half-mile from Downtown Binghamton supports consistent tenant demand driven by access to employment, healthcare, and amenities.
Current rents are below Broome County Fair Market Rent, creating a clear path for income growth through lease turnover. With a proven operating history, reliable occupancy, and measurable upside, the property offers a balanced investment profile suited for both yield and long-term appreciation. Offered at an 8.86% cap rate, this is a straightforward opportunity to acquire a performing asset with built-in growth potential.
49 and 51 Park Avenue are located on Binghamton’s South Side, a well-established residential submarket known for its accessibility and consistent rental demand. The property sits within close proximity to UHS Binghamton General Hospital, one of the area’s largest employers, providing a steady tenant base tied to healthcare and related services. Downtown Binghamton is approximately a half mile away, offering convenient access to retail, dining, and entertainment options along Court Street and the central business district.
The location also benefits from strong connectivity to major roadways including Route 17/I-86 and Route 11, allowing for easy regional travel throughout Broome County and the surrounding Southern Tier. Public transportation routes service the area, further enhancing accessibility for tenants. With its proximity to employment centers, healthcare, and downtown amenities, the South Side continues to support stable occupancy and long-term rental demand.