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High-Yield & Value-Add MFR 2 Multifamily Properties Online Auction Sale Endicott, NY
Investment Highlights
- High-yield multifamily portfolio with 18 units in two buildings on contiguous lots totaling 0.34 acres, with extensive recent CapEx completed.
- 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.
- Within a rapidly developing area, near a new battery manufacturer and solar manufacturer, set to benefit from a recent $160M R&D grant.
- Just off the high traffic interchange of Route 26, Interstate 86, and Route 434, drawing tenants with excellent connectivity to the greater region.
- Thousands in recent upgrades to several apartments, doors, appliances, HVAC, water heaters, flooring, painting, and roof repairs.
Executive Summary
Claim a cash-flowing, renovated multifamily portfolio at the heart of Broome County with this unique opportunity to acquire the fee-simple interest in 1606-1608 Tracy Street in Endicott, New York. Offering 18 apartments, most occupied, this rare opportunity provides a high-yield investment with added value-add potential for a new owner.
This two-building midrise complex is placed on contiguous lots totaling 0.17 acres with a combined footprint of 11,376 square feet. The buildings were part of a larger portfolio over the past few years that received extensive capital improvements totaling over $278,000. Upgrades include repairs to several apartment units, doors, appliances, HVAC systems, water heaters, flooring, painting, and roofs. 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 1606-1608 Tracy Street benefits from recent 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 site is easily accessible, 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 capture the added value easily, thanks to the submarket’s excellent liquidity, with 26 sales totaling $26.8 million in 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.
Property tours are by appointment only. Please contact the listing broker to schedule.
This two-building midrise complex is placed on contiguous lots totaling 0.17 acres with a combined footprint of 11,376 square feet. The buildings were part of a larger portfolio over the past few years that received extensive capital improvements totaling over $278,000. Upgrades include repairs to several apartment units, doors, appliances, HVAC systems, water heaters, flooring, painting, and roofs. 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 1606-1608 Tracy Street benefits from recent 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 site is easily accessible, 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 capture the added value easily, thanks to the submarket’s excellent liquidity, with 26 sales totaling $26.8 million in 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.
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
- Third Party Reports
Market Analytics Click Here to Access
Property Facts
| Sale Condition | Auction Sale | Number of Properties | 2 |
| Type of Ownership | Fee Simple | Total Building Size | 11,376 SF |
| Sale Type | Investment | Total Land Area | 0.34 AC |
| Status | Active |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Total Building Size | 11,376 SF |
| Total Land Area | 0.34 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built |
|---|---|---|---|
| 1608 Tracy St, 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.
About the Auction Technology
Auctions by Ten-X are the #1 transaction technology powering commercial real estate transactions online. With over $34B in total transactions, these auctions use best-in-class technology and real-time asset intelligence to put listings in the best position to find the perfect buyer. The expedited auction timeline, comprehensive due diligence, and buyer qualification make transactions twice as fast and twice as certain for brokers, owners, and investors.
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Auction Contact
Kevin Loudy
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Auctioneer License:
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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
Contact the Sale Advisor
High-Yield & Value-Add MFR
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