Listed by Lee & Associates - New York
Unpriced
41 Chenango Street
Details
Property Type Multifamily
Sub Type Student Housing
Square Footage 37,000
Units 20
Beds 79
Occupancy 97%
Year Renovated 2019
SUNY Binghamton Student Housing | 79 Beds
Marketing description
Lee & Associates NYC is pleased present for sale, the student-housing asset at 41 Chenango Street in Binghamton, New York. Redeveloped in 2019, the building measures over 37,000 square feet and is positioned near the core of Downtown Binghamton.
Servicing the off-campus student population of Suny Binghamton, the building delivers 79 beds across 20 units, 4,716 square feet of commercial space, and 5,994 square feet of common amenity space. The property offers tenants a discount to top-of- market rents, while providing a high-quality living experience that the wider market fails to deliver. The recent amenity upgrades include fitness space, a student lounge, private study rooms, as well as rare on-site parking. Additionally, the diverse unit-mix attracts both groups and individuals, widening the potential tenant base during each leasing cycle.
Investors have an opportunity to operate a quality asset at an attractive basis, capitalize on upside in commercial leasing, and benefit from positive rent growth in the near-term.
Downtown Binghamton
Investment highlights
- Unmated leasing velocity - excess demand
- 100% occupied for 2024-2025
- 97% Pre-Leased
- Projected 100% occupancy for upcoming school year
- Value-add opportunity
- Upgrade amenities that exist to boost potential residential rent
- Conversion and outsourcing of excess amenity space (potential fitness-use)
- Successfully passed back electric to 10 units for the current school year
- Opportunity to pass back electric to the remaining units, reducing expenses by an additional $27k
- Competitive advantage in the market
- High ceilings
- Solid wood flooring
- Exposed brick
- Granite countertops
- Stainless steel appliances
- Turnkey Asset
- Recent roof sealing, fully renovated units
- Little to no upcoming maintenance required
Listing Contacts
Listed by Lee & Associates - New York
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