1 - 3 Mather Street
1 - 3 Mather St
Binghamton, NY 13905
Highlights
- 51-Unit Student Housing Asset with Efficient Two-Bedroom Unit Mix
- 8.51% In-Place Cap Rate | Approximately $314,000 NOI
- $72,353 Price Per Unit with Meaningful Scale for the Market
- Significant Recent Improvements Including New Roofs (Approximately $160,000)
- Zoned for 54 Units with Immediate Expansion Potential Under Existing Zoning
- Updated Interiors and Well-Maintained Buildings Supporting Stable Operations
Description
Offered for sale is a well maintained and professionally operated 51-unit student housing complex located on Binghamton’s West Side, one of the area’s most consistently leased student rental submarkets. The property consists entirely of two-bedroom units across two buildings, providing operational scale and a uniform unit mix in a proven demand location.
Units feature updated, durable interiors including modern cabinetry, hard surface flooring, and clean bathroom finishes, supporting tenant appeal and consistent occupancy. Both buildings also feature new roofs totaling approximately $160,000 in recent improvements, significantly reducing near term ownership risk. Utility configurations provide flexibility, with 1 Mather Street serviced by a single gas meter and separate electric meters, while 3 Mather Street includes separate gas and electric meters with individual furnaces in each unit.
The site is currently zoned for 54 units, creating immediate upside through the potential addition of three basement units under existing zoning. This built-in expansion potential allows an investor to increase density and revenue without pursuing zoning approvals.
This asset presents an opportunity to acquire a stabilized student housing investment with strong in-place cash flow, recent improvements, and clear pathways for future income growth.
Positioned on Binghamton’s established West Side, 1–3 Mather Street is located just off Main Street and within walking distance of the Court Street Bridge, providing direct connectivity between the neighborhood and Downtown Binghamton’s employment, dining, and entertainment districts.
The property is serviced by both SUNY and public transportation routes and benefits from a Walk Score of 83, supporting strong demand from students and residents who prioritize walkable, transit-accessible locations. Main Street traffic counts of approximately 12,690 vehicles per day contribute to visibility and neighborhood activity.
The combination of Downtown proximity, transportation access, and established residential density positions this location within one of Binghamton’s most consistently leased areas.
