58 Leroy St

Investment Overview

58 Leroy Street presents a compelling value-add opportunity in the heart of Binghamton’s established West Side student-housing market. The duplex is offered in as-is condition at $212,500, or approximately $42,500 per bed, compared with an estimated market average of approximately $60,000 per bed for stabilized student-housing properties. Following renovation, the property is projected to generate annual rental income of $43,500 and pro forma net operating income of $28,180. At the asking price, this equates to an approximate 13% pro forma capitalization rate, providing an attractive acquisition basis with meaningful potential for income growth and value creation.

Investment Highlights

• Duplex in Binghamton’s established West Side student-housing market
• Desirable R-3 zoning
• Asking price of $212,500
• Attractive acquisition basis of approximately $42,500 per bed
• Below the estimated $60,000-per-bed average for stabilized student housing
• Value-add opportunity with renovations needed
• Projected annual rental income of $43,500 after renovation
• Stabilized pro forma NOI of $28,180
• Approximately 13% pro forma capitalization rate at the asking price
• Walking distance to Downtown Binghamton and neighborhood amenities