Double-Digit Cap Rate | Colonial Plaza | 49% Occupied | $144K NOI

Investment Highlights

• ±66,045 SF, Four Building Retail/Office Portfolio in Binghamton, NY | 49% Occupied
• In-Place NOI = $144,551 | Double-Digit Cap Rate
• 49% Occupied by a Mix of Longstanding Retail & Office Tenants
• Near Signalized Intersection of W Sate St (±8,582 VPD) and Chenango St (±8,600 VPD) in Main Commercial Corridor
• Substantial Value-Add Opportunity to Increase In-Place Rents | Cash Flow Upside Via Vacancy Absorption and Month to Month Tenant Renewals
• Attractive 2024 Demographics with Population of ±99,624 and Annual Household Income of ±$72,120 (5-Mile)
• Great Location Minutes from Downtown, I-86 (±71K VPD), I-81, and Binghamton University

 

Offering Summary

Marcus & Millichap and RI Marketplace are pleased to offer for sale Colonial Plaza (the “Property”), a four-building retail and office portfolio located at 30 W State St, 32 W State St, 477 State St, and 457 State Street in Binghamton, New York. The Property provides the exceptional opportunity to acquire a highly visible investment property with strong cash flow.

Colonial Plaza comprises four buildings totaling ±66,045 square feet, situated on seven parcels covering 3.4 acres. The Property offers excellent visibility, convenient access, and ample surface parking for both tenants and visitors. Located near the signalized intersection of W State Street and Chenango Street, it benefits from building and monument signage along W State Street, with traffic counts of 8,582 vehicles per day. The Property has a history of strong occupancy, with 76% of tenants having been there for over five years, and several recent lease renewals.

Binghamton is located in the Southern Tier region of New York near the Pennsylvania border and serves as a key hub for regional economic activity. The city is home to Binghamton University (SUNY Binghamton), a renowned public research university consistently ranked among the top in the nation and home to over 18,000 students. Today, while there is a continued concentration of high-tech firms, Binghamton is emerging as a healthcare- and education-focused city, with Binghamton University acting as much of the driving force behind the city’s revitalization. The area is characterized by compelling demographics, with a 2024 population of approximately 99,624 people and an average annual household income of approximately $72,120 within a 5-mile radius.