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Renowned Downtown MFR Ready For Redevelopment 263 Washington St 26 Apartment Units Online Auction Sale Binghamton, NY 13901
Matterport 3D Tour
INVESTMENT HIGHLIGHTS
- Prime historic redevelopment investment asset at 263 Washington Street, an 8,877-square-foot, three-story building with 26 units.
- Significant value-add opportunity for an investor’s strategic addition to a real estate portfolio with an untapped upside.
- Absolute auction | Starting bid $1.
- Ready for renovation with commercial zoning for versatile use; in walking distance to all of Downtown Binghamton's amenities & transportation hubs.
- Less than 10 miles from Binghamton University, the most prominent college in the area, presenting strong renter for the subject asset.
EXECUTIVE SUMMARY
SVN Advisors presents the value-add, historical redevelopment opportunity at 263 Washington Street, an excellent investment opportunity in the heart of Binghamton, New York.
This 8,877-square-foot, mid-rise apartment building, constructed in 1960, offers plans for 26 units in a prime commercial zone. Much of the framework has been completed and is ready for restoration. The building is ideally positioned in the heart of Downtown Binghamton and within walking distance to many of Binghamton's restaurants, bars, and amenities, making it a strategic addition to any real estate portfolio.
Discover the vibrant Binghamton MSA market where the property is located. Situated in the heart of Downtown Binghamton, this area boasts a thriving commercial landscape with proximity to notable landmarks such as Binghamton University and NYSEG Stadium. Investors will appreciate the area's strong potential for growth and development, as well as its diverse array of local amenities, trendy dining options, and cultural hotspots. This is an ideal location to benefit from the thriving Downtown Binghamton student housing market.
According to CoStar analytics, 175,028 locals reside within the subject’s 10-mile radius, with an average household income of nearly $80,000. Of the realm’s renter-occupied households, about 75% are one and two-unit mixes, aligning with 263 Washington Street’s layout and redevelopment plans.
Don't miss out on this significant value-add opportunity in a Downtown location near the city's most prominent public research university.
This 8,877-square-foot, mid-rise apartment building, constructed in 1960, offers plans for 26 units in a prime commercial zone. Much of the framework has been completed and is ready for restoration. The building is ideally positioned in the heart of Downtown Binghamton and within walking distance to many of Binghamton's restaurants, bars, and amenities, making it a strategic addition to any real estate portfolio.
Discover the vibrant Binghamton MSA market where the property is located. Situated in the heart of Downtown Binghamton, this area boasts a thriving commercial landscape with proximity to notable landmarks such as Binghamton University and NYSEG Stadium. Investors will appreciate the area's strong potential for growth and development, as well as its diverse array of local amenities, trendy dining options, and cultural hotspots. This is an ideal location to benefit from the thriving Downtown Binghamton student housing market.
According to CoStar analytics, 175,028 locals reside within the subject’s 10-mile radius, with an average household income of nearly $80,000. Of the realm’s renter-occupied households, about 75% are one and two-unit mixes, aligning with 263 Washington Street’s layout and redevelopment plans.
Don't miss out on this significant value-add opportunity in a Downtown location near the city's most prominent public research university.
MATTERPORT 3D TOUR
3D Tour Interior Redevelopment Space
DATA ROOM Click Here to Access
- Purchase Agreement
MARKET ANALYTICS Click Here to Access
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 0.16 AC |
| Sale Condition | Auction Sale | Building Size | 8,877 SF |
| Type of Ownership | Fee Simple | Average Occupancy | 0% |
| No. Units | 26 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 1.13/1,000 SF |
| Apartment Style | Low-Rise | Parcel Number | 030200-160-033-0001-004-000-0000 |
| Building Class | C | ||
| Zoning | C - General Commercial | ||
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| No. Units | 26 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 8,877 SF |
| Average Occupancy | 0% |
| No. Stories | 3 |
| Year Built | 1960 |
| Parking Ratio | 1.13/1,000 SF |
| Zoning | C - General Commercial |
| Parcel Number | 030200-160-033-0001-004-000-0000 |
Walk Score®
Very Walkable (82)
Bike Score®
Very Bikeable (79)
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
Kevin Loudy
Contact
Auctioneer License:
Ten-X, Inc. Vibhav Kapila RE Brkr 10991231490
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
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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Renowned Downtown MFR Ready For Redevelopment | 263 Washington St
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