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Alfred Apartments Student Housing

15 Properties Offered at $3,300,000 in Multiple Locations

INVESTMENT HIGHLIGHTS

  • 96 bed student housing apartment complex in 45 apartments with all separate utilities
  • The Washington Post awarded Alfred the 2023 #1 College Town in America
  • Alfred University possesses an international reputation in ceramic engineering
  • Alfred is home to both Alfred University and Alfred State College
  • Alfred is at the center of the US Northeast, a convenient and attractive college town for students from a wide region and around the world.
  • 52 S Main, 31 W University, 50 Main, 70 W University, 40 Main, and 17 Reynolds are available separately together for $1,400,000

EXECUTIVE SUMMARY

Alfred Apartments in Alfred, NY; 96 beds in 45 apartments in the village of Alfred. Both 12 month and semester leases are accepted. Furnishings are available on a first come first serve basis. All the apartment utilities are separate including the heat, electric, and water. The student beds will be leased through the end of the Spring 2025 semester. The property has had 100% occupancy for 10+ years with 3% annual income increases.
52 S Main, 31 W University, 50 Main, 70 W University, 40 Main, and 17 Reynolds totaling 40 beds in 14 apartments are available separately together for $1,400,000.
The Village of Alfred is the quintessential historic New York college town in the foothills of the Allegheny Mountains in New York State’s southern tier, 60 miles south of Rochester. Alfred is home to both Alfred State College and Alfred University together with a total student population of 5,000. The Washington Post awarded Alfred the 2023 #1 College Town in America. Alfred University possesses an international reputation in ceramics engineering and research and is home to the Ceramic Corridor, a high-tech incubator project designed to take advantage of the emerging ceramics industry. Alfred University has announced plans to develop a new sports complex in the town of Alfred, the Saxon Hill project, will increase the University’s intercollegiate athletic offerings, boost student recruitment and retention, and increase enrollment. Alfred University was also recently awarded an Emerson Foundation Grant to support the construction of a new foundry to support the art and design and engineering programs.

TAXES & OPERATING EXPENSES (PRO FORMA - 2024)

ANNUAL
Gross Rental Income $550,466
Other Income $10,000
Vacancy Loss $28,023
Effective Gross Income $532,443
Taxes -
Operating Expenses -
Total Expenses $213,288
Net Operating Income $319,155

TAXES & OPERATING EXPENSES (PRO FORMA - 2024)

Gross Rental Income
Annual $550,466
Other Income
Annual $10,000
Vacancy Loss
Annual $28,023
Effective Gross Income
Annual $532,443
Taxes
Annual -
Operating Expenses
Annual -
Total Expenses
Annual $213,288
Net Operating Income
Annual $319,155

PROPERTY FACTS

Price $3,300,000
Price / SF $42.25 / SF
Cap Rate 9.67%
Sale Type Investment
Status Active
Number of Properties 15
Individually For Sale 0
Total Building Size 78,112 SF
Total Land Area 6.33 AC

PROPERTIES

PROPERTY NAME / ADDRESS PROPERTY TYPE SIZE YEAR BUILT INDIVIDUAL PRICE
4 Park St, Alfred, NY 14802 Multifamily 2,296 SF 1900 -
50 Main, Alfred, NY 14802 Multifamily 4,216 SF 1900 -
134 N Main St, Alfred, NY 14802 Multifamily 2,912 SF 1900 -
24 W University St, Alfred, NY 14802 Multifamily 1,783 SF 1900 -
70 W University St, Alfred, NY 14802 Multifamily 2,094 SF 1900 -
99 N Main St, Alfred, NY 14802 Multifamily 2,250 SF 1900 -
60 N Main St, Alfred, NY 14802 Multifamily 2,352 SF 1900 -
31 W University St, Alfred, NY 14802 Multifamily 2,685 SF 1900 -
52 S Main St, Alfred, NY 14802 Multifamily 3,034 SF 1900 -
8 Reynolds St, Alfred, NY 14802 42,480 SF 1900 -
9 W University St, Alfred, NY 14802 Multifamily 1,768 SF 1900 -
40 Main, Alfred Station, NY 14803 Multifamily 2,448 SF 1900 -
6182 Hamilton Hill rd, Alfred Station, NY 14803 Multifamily 2,976 SF 1900 -
32 High St, Alfred, NY 14802 Multifamily 2,000 SF 1952 -
17 Reynolds St, Alfred, NY 14802 Multifamily 2,818 SF 1940 -
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  • Listing ID: 30440603

  • Date on Market: 12/24/2023

  • Last Updated:

  • Address: Alfred Apartments Student Housing, Alfred, NY

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