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Gather @ Chenango 41 Chenango St 22 Unit Apartment Building For Sale Binghamton, NY 13901
Investment Highlights
- Unmatched Leasing Velocity - 100% occupied for 2024-2025
- 79 Beds across 20 Residential Units
- 97% Preleased - Projected 100% residential occupancy for Upcoming School Year (2025-2026)
- Featuring 5,994 square feet of Community and Amenity Space, plus 4,716 square feet of Commercial Space
Executive Summary
EXECUTIVE SUMMARY
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.
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
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.
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
Property Facts Under Contract
| Sale Type | Investment | Lot Size | 0.43 AC |
| No. Units | 22 | Building Size | 43,820 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1985 |
| Apartment Style | Low-Rise | Parking Ratio | 0.27/1,000 SF |
| Building Class | B |
| Sale Type | Investment |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.43 AC |
| Building Size | 43,820 SF |
| No. Stories | 3 |
| Year Built | 1985 |
| Parking Ratio | 0.27/1,000 SF |
Amenities
Site Amenities
- Fitness Center
- Conference Rooms
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 15 | - | 800 |
| 4+2 | 4 | - | 1,300 |
| 5+3 | 1 | - | - |
| 6+3 | 1 | - | - |
| 7+3 | 1 | - | - |
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Walk Score®
Very Walkable (88)
Bike Score®
Very Bikeable (71)
Property Taxes
| Parcel Number | 030200-160-041-0001-010-000-0000 | Improvements Assessment | $1,305,854 CAD |
| Land Assessment | $239,455 CAD | Total Assessment | $1,545,309 CAD |
Property Taxes
Parcel Number
030200-160-041-0001-010-000-0000
Land Assessment
$239,455 CAD
Improvements Assessment
$1,305,854 CAD
Total Assessment
$1,545,309 CAD
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Gather @ Chenango | 41 Chenango St
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