28 Lydia St, Binghamton, NY, 13905

Highlights

• -Turnkey & Fully Renovated: Comprehensive upgrades including a new roof (2024), updated plumbing and electrical, new appliances, and modern interior finishes ensure a low-maintenance, move-in-ready property.
• -Prime Location: Minutes from Downtown Binghamton, Binghamton University, Wilson Hospital, and major highways (I-81, I-86, Route 17)—ideal for both student and workforce housing demand.
• -Flexible Income Potential: Utilities can be billed using RUBS, with opportunity for additional laundry income and leasing support available immediately after closing.

Description

ChatGPT said:

Fully renovated four-unit in Binghamton’s desirable First Ward, just minutes from Downtown, Binghamton University, and major highways. Ideal for house hacking or investors, this property features a complete interior renovation, new roof (2024), newer furnace (2019), two hot water heaters, updated plumbing and electrical, vinyl replacement windows, and new appliances. All units are vacant and ready for leasing with assistance available. Pro forma shows $48,000 GOI, $28,975 NOI, 12% cap rate, 2.28 DSCR, 28% Year-1 cash-on-cash return, and 4.7 GRM. Utilities can be allocated via RUBS with potential for added laundry income. Close to Antique Row, restaurants, parks, and shopping, this is a low-maintenance, high-yield opportunity in a strong rental market.

Located in a designated redevelopment zone, this property benefits from access to significant public and private funding sources. The First Ward was recently awarded $10 million through New York State’s Downtown Revitalization Initiative (DRI), focused on housing improvements, infrastructure, and small business growth along Clinton Street. Broome County has also applied for up to $3 million in Restore NY funds for scattered-site renovations in the First Ward, while local initiatives such as the First Ward Action Council offer up to $5 million in grants for critical home repairs. Additional support is available through the Broome County IDA (offering grants up to $50,000 per business) and NYSERDA’s EmPower NY program for energy efficiency upgrades.

Documents