116 Murray St

Investment Overview

116 Murray Street presents a compelling value-add opportunity in Binghamton’s established West Side student-housing market. The property will be delivered vacant and sold in as-is condition, allowing a new owner to renovate and lease the property according to their investment strategy. Offered at approximately $42,500 per bed, it is priced below the approximately $60,000-per-bed benchmark for well-maintained and fully occupied student properties in the West Side market. Once renovated and stabilized at a projected market rent of approximately $700 per bed, the pro forma estimates annual net operating income of $39,111, representing an approximate 11.5% capitalization rate at the asking price. This offering provides investors with an attractive acquisition basis and meaningful potential for income growth and value creation.

Investment Highlights

• Offered at approximately $42,500 per bed
• Delivered vacant and in as-is condition
• Located in Binghamton’s established West Side student-housing market
• Value-add opportunity with renovation and lease-up potential
• Projected market rent of approximately $700 per bed
• Stabilized pro forma NOI of $39,111 annually
• Approximately 11.5% pro forma capitalization rate at the asking price
• Attractive acquisition basis with potential for income growth and value appreciation