860 Vestal rd.
860 Vestal Rd.
Vestal, NY 13850
Highlights
- Approved for 128 senior housing units
- Projected NOI: $2.42M (post-renovation)
- Estimated Market Value: $40.4M (post-renovation)
- High-Yield Metrics: 151.65% cap rate | 10.10% Year 1 CoC return (post-renovation)
- Low cost basis: $12,492 per unit | $18/SF
- Strong Market: Household incomes 44% above Broome County average
- Visible Location: Seen from Route 26 Bridge with 15-min access to entire Binghamton MSA
- Expedited Development: 18-month completion timeline
- Excellent Accessibility: Near I-86, I-81, and State Route 434
Description
With approved plans for a 128-unit 55+ community, this project includes the expansion of the existing 86,867 SF structure to a total of approximately 135,597 SF. The 5.06-acre parcel offers over 530 feet of road frontage on Old Vestal Road and exceptional connectivity—just minutes from I-86, State Route 434, and State Route 26.
Strategically positioned in a high-income area where household incomes exceed the Broome County average by 44%, the site supports strong demand for quality senior housing. At a proposed sale price of $1,599,000 and an estimated stabilized market value (post-renovation) exceeding $40 million, this opportunity offers immediate equity, favorable pricing, and a compelling 18-month development timeline.
Strategically located on the Vestal side of the Route 26 Bridge to Endicott, this site offers unmatched visibility and convenience. With direct access to I-86, I-81, and State Route 434, the property is exceptionally well-connected to regional highways and transportation networks. Residents will enjoy a quick 15-minute drive to all corners of the Greater Binghamton MSA, making it an ideal location for senior living or other residential development. Its central positioning ensures accessibility while maintaining proximity to shopping, healthcare, and recreational amenities.
