Home Details for 92 Henry Street

Income-producing multifamily in the heart of the Binghamton rental market, three fully leased units and is approved for student housing, providing immediate cash flow and stability. Built in 1970 and located in the desirable R3 multifamily zoning district, the property offers flexible use with potential for future expansion or redevelopment. The asset benefits from a strong rental history with 100 percent occupancy, off-street parking, and an excellent walkability score of 88, while being conveniently located near Binghamton University, downtown amenities, and public transportation. The property generates a gross operating income of $108,000 with operating expenses of $39,484, resulting in a net operating income of $63,116, equating to an 8.5 percent cap rate, a gross rent multiplier of 6.9, a debt service coverage ratio of 1.64, and a 10.94 percent cash-on-cash return based on traditional 70 percent LTV financing, making it a strong turnkey opportunity for a wide range of investors.

• Parking

  • Detached
  • Garage

• Cooling Information

  • None

• Heating Information

  • Baseboard

• Water Features

  • Public

• Utilities

  • Cable Available