±$210k In-Place NOI | Four Value-Add Office / Retail Buildings (Colonial Plaza) | Binghamton, NY

Investment Highlights

• ±66,000 SF, four-building office/retail portfolio (Colonial Plaza) located in Binghamton, New York
• In-Place NOI = ±$210,000
• Substantial value-add potential: ALL tenants are currently paying well-below market rents with all operating expense included
• Currently ±63% occupied by a mix of longstanding office/retail tenants
• On-site parking lots included in the sale
• ±100,000 people reside within 5-miles of the property (plus Binghamton University)
• Two new multi-use properties are in the planning/construction stages next to and across from the subject property

 

Property Overview

Friedman Real Estate and RI Marketplace are pleased to offer for sale Colonial Plaza (30-32 W State Street & 457-477 State Street), a ±66,000 SF four-building office / retail portfolio located in Binghamton, New York (the “property”). The property is currently ±63% occupied by a mix of longstanding professional office and retail tenants. The property offers outstanding value and endless options for new ownership to focus on raising rents, restructuring leases, and charging for parking. Colonial Plaza is located ±5 minutes from downtown Binghamton, and ±10 minutes from Binghamton University (±20,000 students & staff).
 

Location Overview

Binghamton, New York, is a vibrant city that boasts numerous strengths and has carved out a unique identity in the southern region of the state. Known as the "Parlor City" and the "Valley of Opportunity," Binghamton offers a rich history, diverse culture, and a range of strengths that contribute to its appeal. One of Binghamton's key strengths lies in its educational institutions. The city is home to Binghamton University, a renowned public research university consistently ranked among the top in the nation. The university attracts students from all over the world and fosters a dynamic academic environment. Its presence contributes to a vibrant intellectual and cultural atmosphere, with a steady influx of bright minds and innovative ideas.

Binghamton also benefits from a robust healthcare sector, which serves as a pillar of the local economy. The city is home to several prestigious medical institutions, including the Lourdes Hospital and the United Health Services Hospitals, providing comprehensive medical care, and serving as regional centers for specialized treatments.

The city's strategic location is another advantage. Binghamton's proximity to major metropolitan areas such as New York City, Philadelphia, and Boston allows for convenient access to diverse markets, fostering business opportunities and collaborations. The presence of major highways and an efficient transportation infrastructure further enhances connectivity, making Binghamton an attractive hub for commerce and industry.

In summary, Binghamton, New York, thrives on its strengths as a hub of education, healthcare, connectivity, community, culture, natural beauty, and innovation. These factors combined make Binghamton an appealing place to live, work, study, and explore, contributing to its status as a dynamic and thriving city in the Southern Tier region.