17 Thorp and 24 Mather

Investment Overview

Two-property multifamily portfolio at 17 Thorp Street and 24 Mather Street in Binghamton, New York. The existing layouts total 8 units, 37 bedrooms and 15 bathrooms across approximately 12,764 SF. Both properties are described as fully vacant and located in the R-3 student housing district. 17 THORP STREET This solid 5-family, 19-bedroom, 7-bathroom property sits in the R3 student housing district and is fully vacant and completely gutted, offering a clean canvas for an investor ready to execute a finish plan. Brand-new electrical and plumbing systems have already been installed throughout the building, and the roof was recently replaced, so the major infrastructure work is complete and the property is ready for cosmetic finishes that match the buyer’s vision. Some kitchens and bathrooms have also been added. The classic design retains its character while the updated systems provide the reliability expected of a modern rental asset. The building can be positioned in two ways. It can be converted to student housing, with architectural plans already drawn for that layout, giving a clear path for an investor who wants to pursue the student rental market and the associated cash-flow potential in this location. Alternatively, it can be restored as a conventional five-family suited to a range of tenant types, preserving flexibility for owners who prefer traditional multifamily occupancy. Either approach benefits from the completed systems work. With the heavy lifting on electrical, plumbing, and roofing already finished, remaining work is limited to finishes and any unit reconfiguration required by the chosen strategy. The result is a prime candidate for a high-yield rental portfolio, whether the end use is student housing or a standard five-unit building. Floor plans are included to support underwriting of either path. 24 MATHER STREET This 3-family, 18 bedroom, 8 bathroom sits in the R3 student housing district and is fully vacant, located within the R3 zoning district allowing for student housing. The existing layout has 18 bedrooms and 8 bathrooms. Projected gross income of approximately $140,400 annually, based on $650 per bedroom, with additional income potential from paid washers and dryers. The property features a strong existing layout, having historically operated as a student rental, with clear upside through higher-end renovations and finishes to drive rent growth. Ownership has begun improvements, including new, upgraded electrical/panel and brand-new tile and renovation materials are already on-site and included in the sale, reducing upfront capital. A large basement, previously used as a common area with a bar, can be restored as a shared tenant space, further enhancing appeal, retention, and overall NOI growth potential. SOURCE PROJECTIONS The current individual listing projections total $286,800 in annual gross rent: $146,400 for 17 Thorp and $140,400 for 24 Mather. These are projected stabilized figures, not current leases or collections. At the source 5% vacancy assumption, projected effective gross income is $272,460. Combined source operating expenses are $81,629 and projected NOI is $190,831. Renovation costs, timing, legal occupancy, permits and rents require independent verification. Package asking price is to be confirmed.

Investment Highlights

• Two Binghamton R-3 multifamily properties
• 8 existing units: 5 at 17 Thorp and 3 at 24 Mather
• 37 bedrooms and 15 bathrooms combined
• 12,764 SF combined building area: 6,110 SF Thorp and 6,654 SF Mather
• Both properties described as fully vacant
• Thorp: new electrical and plumbing systems, recently replaced roof, and student housing architectural plans
• Mather: upgraded electrical/panel, renovation materials on-site, and basement common-area potential
• Flexible renovation and student housing repositioning opportunity
• Projected annual gross rent of $286,800 from current source listings, not actual income
• Package price and all underwriting assumptions subject to confirmation