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5 Mather St 12 Unit Apartment Building $949,000 ($79,083/Unit) 7.53% Cap Rate Binghamton, NY 13905
Investment Highlights
- R-3 Student Zoning
- close to Binghamton University Bus Line
- Zoned for 12 units
Executive Summary
One of Binghamton's most proven West Side student housing addresses. 5 Mather Street is a 9-unit income-producing property located in the R-3 Multi-Residential zone — Binghamton's designated student housing district — steps from Main Street, Downtown, and SUNY bus lines with direct service to Binghamton University.
The property features six 1-bedroom/1-bath units and three 3-bedroom/3-bath units across 8,556 SF, with by-the-room leasing on the 3-bedroom units driving maximum revenue per square foot. In-place gross annual income of $116,400 with a pro forma of $126,600 at full occupancy. Estimated cap rate of approximately 7.5% on pro forma income.
Infrastructure includes two boilers, three water heaters, six electric meters, and two full sets of in-building laundry. On-site maintenance management currently in place and available to convey. The property is zoned for 12 units and currently operates 9 — representing a clear, approvable path to add three additional income units without rezoning.
Binghamton University received 74,725 applications in the most recent admissions cycle — a historic high — providing a sustained and growing tenant pipeline for West Side student housing assets.
72-hour advance notice required. Proof of funds or pre-qualification letter required prior to scheduling. Contact listing agent for full Offering Memorandum.
The property features six 1-bedroom/1-bath units and three 3-bedroom/3-bath units across 8,556 SF, with by-the-room leasing on the 3-bedroom units driving maximum revenue per square foot. In-place gross annual income of $116,400 with a pro forma of $126,600 at full occupancy. Estimated cap rate of approximately 7.5% on pro forma income.
Infrastructure includes two boilers, three water heaters, six electric meters, and two full sets of in-building laundry. On-site maintenance management currently in place and available to convey. The property is zoned for 12 units and currently operates 9 — representing a clear, approvable path to add three additional income units without rezoning.
Binghamton University received 74,725 applications in the most recent admissions cycle — a historic high — providing a sustained and growing tenant pipeline for West Side student housing assets.
72-hour advance notice required. Proof of funds or pre-qualification letter required prior to scheduling. Contact listing agent for full Offering Memorandum.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Amenities
Unit Amenities
- Heating
- Kitchen
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Furnished Units Available
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | $975.00 | 600 |
| 3+1 | 2 | $1,800 | 800 |
1 1
Moderately walkable
60/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 030200-160-030-0003-024-000-0000 | Total Assessment | $175,000 |
| Land Assessment | $7,400 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $167,600 | Tax Year | 2025 |
Property Taxes
Parcel Number
030200-160-030-0003-024-000-0000
Land Assessment
$7,400
Improvements Assessment
$167,600
Total Assessment
$175,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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5 Mather St
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