61 Thorp Street | 61 Thorp St
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61 Thorp Street 61 Thorp St
6 Unit Apartment Building $575,000 ($95,833/Unit) 10.95% Cap Rate Binghamton, NY 13905
INVESTMENT HIGHLIGHTS
- Fully renovated
- Approved by HUD at 1400/Unit
- Approved for congregate living
EXECUTIVE SUMMARY
This exceptional six-unit apartment building has had an impressive makeover complete with remodeled kitchens and baths, luxury vinyl flooring throughout, new carpets in all bedrooms, and new windows for years of value. Six new refrigerators will be added to the kitchens, and six new gas water heaters have hot water at the ready for everyone. Three apartments are heated by gas, and three by electric baseboards, and new heating systems are cost-friendly to occupants. During kinder seasons, tenants can enjoy the covered porches facing the large backyard. Excellent cap rate of 11% on pro forma based on market rents of $1300, yet HUD has approved rents of up to $1400.00. Located in an area approved for congregate living.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$93,600
|
$4.46
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$93,600
|
$4.46
|
| Taxes |
$5,421
|
$0.26
|
| Operating Expenses |
$25,239
|
$1.20
|
| Total Expenses |
$30,660
|
$1.46
|
| Net Operating Income |
$62,940
|
$3.00
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $93,600 |
| Annual Per SF | $4.46 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $93,600 |
| Annual Per SF | $4.46 |
| Taxes | |
|---|---|
| Annual | $5,421 |
| Annual Per SF | $0.26 |
| Operating Expenses | |
|---|---|
| Annual | $25,239 |
| Annual Per SF | $1.20 |
| Total Expenses | |
|---|---|
| Annual | $30,660 |
| Annual Per SF | $1.46 |
| Net Operating Income | |
|---|---|
| Annual | $62,940 |
| Annual Per SF | $3.00 |
PROPERTY FACTS
| Price | $575,000 | Property Subtype | Apartment |
| Price Per Unit | $95,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 10.95% | Building Size | 21,000 SF |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1960/2024 |
| Price | $575,000 |
| Price Per Unit | $95,833 |
| Sale Type | Investment |
| Cap Rate | 10.95% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 21,000 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1960/2024 |
UNIT AMENITIES
- Cable Ready
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Carpet
- Basement
- Lawn
- Porch
- Vinyl Flooring
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+1 | 15 | $1,300 | - |
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Walk Score®
Very Walkable (83)
PROPERTY TAXES
| Parcel Number | 030200-160-022-0003-005-000-0000 | Total Assessment | $55,000 (2023) |
| Land Assessment | $7,300 (2023) | Annual Taxes | $5,421 ($0.26/SF) |
| Improvements Assessment | $47,700 (2023) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
030200-160-022-0003-005-000-0000
Land Assessment
$7,300 (2023)
Improvements Assessment
$47,700 (2023)
Total Assessment
$55,000 (2023)
Annual Taxes
$5,421 ($0.26/SF)
Tax Year
2025
ZONING
| Zoning Code | Residential Multi Unit |
| Residential Multi Unit |
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61 Thorp Street | 61 Thorp St
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