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Upgraded MFR with Growth Potential 127-129 Susquehanna St 13 Apartment Units Online Auction Sale Binghamton, NY 13901
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Investment Highlights
- Partially renovated 13-unit multifamily portfolio offers existing income, meaningful lease-up potential, and a clear stabilization opportunity.
- Over $200,000 invested in renovations and property improvements has advanced the asset's repositioning and reduced future capital requirements.
- Nearby Binghamton University meets the demand from students, faculty, and staff while offering opportunities for student-oriented housing strategies.
- Approximately 63% occupancy provides immediate cash flow, while four vacant units create a near-term potential to increase revenue and occupancy.
- Substantial renovation work has already been completed across 10 units, allowing investors to focus on increasing occupancy and maximizing income.
- Just north of the Susquehanna River, the property is within an established residential environment near Columbus Park and Downtown Binghamton.
Executive Summary
127 and 129 Susquehanna Street comprise a partially renovated 13-unit multifamily portfolio with in-place income, significant recent renovations, and meaningful upside through lease-up and operational improvements. The brick portfolio encompasses approximately 8,877 square feet across two buildings, including a two-story structure with two units at 127 Susquehanna Street and a three-story building with 11 units at 129 Susquehanna Street. A diverse unit mix of one-bedroom/one-bathroom, two-bedroom/one-bathroom, and two-bedroom/two-bathroom apartments supports broad tenant demand across multiple renter demographics.
With approximately 63% occupancy, the portfolio offers current income and a straightforward opportunity to increase revenue through lease-up. Ownership has invested an estimated $200,000 to $250,000 in renovations and property improvements, with 10 of the 13 units having already been renovated. Additional capital improvements and focused asset management allow investors to complete the property's repositioning, achieve full occupancy, and further align rents with market levels.
Current ownership has established relationships with local maintenance and property management providers, offering future ownership access to trusted operational support and a smooth transition following acquisition. Having already benefited from significant capital investment, the portfolio allows the next owner to focus on lease-up, operational efficiencies, and long-term income growth.
Located in Binghamton, the property is near the area's largest higher education institution, Binghamton University, which supports a steady pool of potential renters, including students, faculty, and university staff. In addition to traditional multifamily demand, the property's proximity to campus may present future student housing potential, providing ownership with additional leasing flexibility.
Residents benefit from convenient access to downtown Binghamton, major employers, healthcare facilities, recreational amenities, and the city's cultural attractions. Binghamton University's presence, coupled with the area's employment base, supports a diverse pool of potential renters and provides ownership with multiple avenues to drive occupancy.
Property tours are by appointment only. Please contact the listing broker to schedule.
With approximately 63% occupancy, the portfolio offers current income and a straightforward opportunity to increase revenue through lease-up. Ownership has invested an estimated $200,000 to $250,000 in renovations and property improvements, with 10 of the 13 units having already been renovated. Additional capital improvements and focused asset management allow investors to complete the property's repositioning, achieve full occupancy, and further align rents with market levels.
Current ownership has established relationships with local maintenance and property management providers, offering future ownership access to trusted operational support and a smooth transition following acquisition. Having already benefited from significant capital investment, the portfolio allows the next owner to focus on lease-up, operational efficiencies, and long-term income growth.
Located in Binghamton, the property is near the area's largest higher education institution, Binghamton University, which supports a steady pool of potential renters, including students, faculty, and university staff. In addition to traditional multifamily demand, the property's proximity to campus may present future student housing potential, providing ownership with additional leasing flexibility.
Residents benefit from convenient access to downtown Binghamton, major employers, healthcare facilities, recreational amenities, and the city's cultural attractions. Binghamton University's presence, coupled with the area's employment base, supports a diverse pool of potential renters and provides ownership with multiple avenues to drive occupancy.
Property tours are by appointment only. Please contact the listing broker to schedule.
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- Operating and Financials
- Purchase Agreement
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Property Facts
Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Sale Advisor
Sale Advisor
Scott Warren, CCIM, CRE Team Lic. RE Salesperson, Member NYSCAR
Scott has had a great career in sales and marketing. Scott began a financial services career in 1986. After several years as an agent, field manager, and district manager, he began as a regional sales director for Columbian Mutual Life Insurance Company. He started with the territory of upstate NY and eventually was in charge of the entire Northeast. He then, at a young age, moved into a Corporate Executive position and prior to leaving the company in 2005 was the Second Vice President of Agency Development, handling all home office management for three sales divisions and approximately 16,000 agents. Much of the growth of Columbian Life Insurance Company can be attributed to Scott’s sales and marketing efforts. Scott then began an independent marketing organization, Niche Market Insurers. With the help and much credit going to his two partners, Scott built an independent marketing organization from scratch to one with a nationwide footprint of 7,000 agents and over $5 million dollars a year in new annual premium. This gave Scott a very solid foundation for Investment analysis as well as in sales and marketing. Scott sold his share of the marketing organization to fully involve himself in the commercial real estate field. Starting his career with Pyramid Brokerage Company/Cushman and Wakefield in a very short time Scott made an immediate impact in the Binghamton Market. Scott has been involved in the sale of commercial buildings, a number of investment-based sales, redevelopment projects, and most notably the sale of the Grand Royal Hotel in Downtown Binghamton. Scott currently represents some of the area’s largest investors and developers. Scott has earned certificates through the CCIM Institute in foundations in commercial real estate, financial analysis, reliable valuations, 1031 exchange, and negotiations. Scott is also currently enrolled in and working towards a certificate in commercial real estate from the prestigious Cornell University’s SC Johnson School of business.
About the Auction Technology
Auctions by Ten-X are the #1 transaction technology powering commercial real estate transactions online. With over $34B in total transactions, these auctions use best-in-class technology and real-time asset intelligence to put listings in the best position to find the perfect buyer. The expedited auction timeline, comprehensive due diligence, and buyer qualification make transactions twice as fast and twice as certain for brokers, owners, and investors.
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Auction Contact
Sophy Cardenas
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Auctioneer License:
Ten-X, Inc. Vibhav Kapila RE Brkr 10991231490
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3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000 USD
Maximum Transaction Fee
$300,000 USD
Example Calculation
Winning Bid Amount
$5,000,000 USD
Transaction Fee
$150,000 USD (3%)
Total Purchase Price
$5,150,000 USD
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Upgraded MFR with Growth Potential | 127-129 Susquehanna St
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