1-3 Mather Street, Binghamton NY 13905
Offered at $3,699,000

I have completed full underwriting on this asset and can provide additional financial breakdown upon request.

Property Overview

• 51 Units

• 102 Beds

• All two bedroom units

• 54,000 SF

• Two solid brick buildings

• 100 percent leased

• Fully student rental

• Prime location serving Binghamton University

• Walking distance to Court Street Bridge and Downtown Binghamton

• Served by SUNY and public bus lines

• Strong long term student housing demand

Must be sold with 98 Main Street which provides on site and off site parking.

Financials

Current Rent Roll: $44,975 per month
Market Rent: $66,250 per month

Gross Annual Scheduled Income: $582,900
Vacancy: $17,487
Effective Gross Income: $565,413

Operating Expenses: $250,622

NOI: $314,791
Cap Rate: 8.51% at asking price

Expense Breakdown

Management: $45,233
Taxes: $69,075
Electric and Gas: $45,380
Water and Sewer: $20,937
Internet: $2,000
Insurance: $45,380
Maintenance, Trash, Repairs, Misc: $22,617

Recent Capital Improvements

Approximately 160,000 in recent improvements including new roofs on both buildings.

Value Add Opportunity

Current rents are significantly below market for student housing in this location. Based on underwriting, stabilized rents support meaningful NOI growth with proper management and lease optimization.

This is a large scale student housing asset with proven demand and strong upside.

Property is currently for sale. Contact me directly for underwriting package, rent roll, or additional information.