13 Walnut St

Investment Overview

13 Walnut Street presents a compelling value-add opportunity in Binghamton’s established West Side student-housing market. The R-3-zoned property consists of two three-bedroom units and will be delivered vacant, providing a new owner with the opportunity to renovate and reposition the property. Offered at $255,000, or approximately $42,500 per bed, the property is priced below the approximately $60,000-per-bed average for stabilized student-housing properties in the market. Based on projected rents of $725 per bed per month, the stabilized pro forma estimates annual net operating income of $33,423, representing an approximate 13% capitalization rate at the asking price. This offering provides an attractive acquisition basis with meaningful potential for income growth and value creation.

Investment Highlights

• Two three-bedroom units with six total beds
• Desirable R-3 zoning
• Delivered vacant, allowing immediate renovation and repositioning
• Attractive acquisition basis of $42,500 per bed
• Projected rent of $725 per bed per month after renovation
• Stabilized pro forma NOI of $33,423 annually
• Approximately 13% pro forma capitalization rate at the asking price
• Below the approximately $60,000-per-bed average for stabilized student housing in the market
• Convenient West Side location near the Court Street Bridge and Downtown Binghamton