13 Walnut St

13 Walnut Street is conveniently located in Binghamton’s West Side neighborhood, within walking distance of the Court Street Bridge and Downtown Binghamton. The property’s R-3 zoning supports residential uses and makes the location well suited for student or multifamily housing. Its proximity to downtown employment, dining, entertainment, public transportation, and local amenities provides residents with convenient access to the surrounding community.13 Walnut Street presents a compelling value-add opportunity in Binghamton’s established West Side student-housing market. The R-3-zoned property consists of two three-bedroom units and will be delivered vacant, providing a new owner with the opportunity to renovate and reposition the property. Offered at $255,000, or approximately $42,500 per bed, the property is priced below the approximately $60,000-per-bed average for stabilized student-housing properties in the market. Based on projected rents of $725 per bed per month, the stabilized pro forma estimates annual net operating income of $33,423, representing an approximate 13% capitalization rate at the asking price. This offering provides an attractive acquisition basis with meaningful potential for income growth and value creation.