75 court street - loopnet · 75 court street 75 court street, binghamton, ny 13901 scott warren...

75 COURT STREET75 COURT STREET, BINGHAMTON, NY 13901

SCOTT [email protected]

Warren Real Estate // 830 Hanshaw Road, Ithaca, NY 14850 // 607.257.0666 // warrenhomes.com

Confidential Offering Memorandum November 07, 2019



PROPERTY INFORMATION 3

LOCATION INFORMATION 8

FINANCIAL ANALYSIS 12

DEMOGRAPHICS 15

ADVISOR BIOS 17

All materials and information received or derived from Warren Real Estate its directors, officers, agents,advisors, affiliates and/or any third party sources are provided without representation or warranty as tocompleteness , veracity, or accuracy, condition of the property, compliance or lack of compliance withapplicable governmental requirements, developability or suitability, financial performance of the property,projected financial performance of the property for any party’s intended use or any and all other matters.

Neither Warren Real Estate its directors, officers, agents, advisors, or affiliates makes any representationor warranty, express or implied, as to accuracy or completeness of the any materials or informationprovided, derived, or received. Materials and information from any source, whether written or verbal, thatmay be furnished for review are not a substitute for a party’s active conduct of its own due diligence todetermine these and other matters of significance to such party. Warren Real Estate will not investigate orverify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all informationand to conduct their own inspections and investigations including through appropriate third partyindependent professionals selected by such party. All financial data should be verified by the partyincluding by obtaining and reading applicable documents and reports and consulting appropriateindependent professionals. Warren Real Estate makes no warranties and/or representations regarding theveracity, completeness, or relevance of any financial data or assumptions. Warren Real Estate does notserve as a financial advisor to any party regarding any proposed transaction. All data and assumptionsregarding financial performance, including that used for financial modeling purposes, may differ fromactual data or performance. Any estimates of market rents and/or projected rents that may be provided toa party do not necessarily mean that rents can be established at or increased to that level. Parties mustevaluate any applicable contractual and governmental limitations as well as market conditions,vacancyfactors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed bythe party with a certified public accountant or tax attorney. Title questions should be discussed by theparty with a title officer or attorney. Questions regarding the condition of the property and whether theproperty complies with applicable governmental requirements should be discussed by the party withappropriate engineers, architects, contractors, other consultants and governmental agencies. Allproperties and services are marketed by Warren Real Estate in compliance with all applicable fair housingand equal opportunity laws.

TABLE OF CONTENTS75 COURT STREET // 75 COURT STREET, BINGHAMTON, NY 13901


CONTENTS CONFIDENTIALITY & DISCLAIMER

1



PROPERTY INFORMATION




OFFERING SUMMARYSale Price: $1,399,000

Cap Rate: 10.01%

NOI: $140,015

Available SF: 1,470 - 6,613 SF

Lot Size: 0.18 Acres

Year Built: 1960

Building Size: 25,104 SF

Renovated: 2011

Zoning: Commercial, 481

Market: Binghamton Retail

Submarket: Binghamton Office

Price / SF: $55.73

PROPERTY OVERVIEWThis is a perfect strategic location in the heart of downtown Binghamton. Thisgreat building sits right on Court Street between Chenango and State Streets inthe heart of historic downtown Binghamton. Heavy foot and vehicle traffic. Acrossthe Street from the Courthouse. The State Street Ramp behind the buildingprovides tenants and customers with 24/7 parking access. The building has 11beds for student housing as well as 4,366 of Street level commercial space and a6,613 SF basement which would be perfect for a downtown nightclub.

PROPERTY HIGHLIGHTS• Premium Court Street location.

• Premium Downtown Student Housing.

• Street level commercial space and an unfinished basement.

• Heavy foot and vehicle traffic.

• Easy access to parking ramp.

• Walking distance to all of Downtowns Restaurants, shops, night clubs andamenities.

EXECUTIVE SUMMARY75 COURT STREET // 75 COURT STREET, BINGHAMTON, NY 13901




PROPERTY DESCRIPTIONThis is a perfect strategic location in the heart of downtownBinghamton. This great building sits right on Court Streetbetween Chenango and State Streets in the heart of historicdowntown Binghamton. Heavy foot and vehicle traffic. Across theStreet from the Courthouse. The State Street Ramp behind thebuilding provides tenants and customers with 24/7 parkingaccess. The building has 11 beds for student housing as well as4,366 of Street level commercial space and a 6,613 SF basementwhich would be perfect for a downtown nightclub.

LOCATION DESCRIPTIONThis is a perfect strategic location in the heart of downtownBinghamton. This great building sits right on Court Streetbetween Chenango and State Streets in the heart of historicdowntown Binghamton. Heavy foot and vehicle traffic. Across theStreet from the Courthouse. The State Street Ramp behind thebuilding provides tenants and customers with 24/7 parking.

PROPERTY DESCRIPTION75 COURT STREET // 75 COURT STREET, BINGHAMTON, NY 13901




LOCATION INFORMATIONBuilding Name 75 Court StreetStreet Address 75 Court StreetCity, State, Zip Binghamton, NY 13901County BroomeMarket Binghamton RetailSub-market Binghamton OfficeCross-Streets State StreetSignal Intersection No

BUILDING INFORMATIONNOI $140,015.00Cap Rate 10.01Building Class ACeiling Height 15 ftMinimum Ceiling Height 10 ftAverage Floor Size 8,368 SFYear Built 1960Year Last Renovated 2011Free Standing No

PROPERTY HIGHLIGHTS• Premium Court Street location.

• Premium Downtown Student Housing.

• Street level commercial space and an unfinished basement.

• Heavy foot and vehicle traffic.

• Easy access to parking ramp.

• Walking distance to all of Downtowns Restaurants, shops,night clubs and amenities.

COMPLETE HIGHLIGHTS75 COURT STREET // 75 COURT STREET, BINGHAMTON, NY 13901




ADDITIONAL PHOTOS75 COURT STREET // 75 COURT STREET, BINGHAMTON, NY 13901


2



LOCATION INFORMATION




REGIONAL MAP75 COURT STREET // 75 COURT STREET, BINGHAMTON, NY 13901


Binghamton, NY



LOCATION MAPS75 COURT STREET // 75 COURT STREET, BINGHAMTON, NY 13901




AERIAL MAPS75 COURT STREET // 75 COURT STREET, BINGHAMTON, NY 13901


3



FINANCIAL ANALYSIS




INVESTMENT OVERVIEW 75 COURT STREET

Price $1,399,000

Price per SF $55.73

CAP Rate 10.0%

Cash-on-Cash Return (yr 1) 10.01 %

Total Return (yr 1) $140,015

Debt Coverage Ratio -

OPERATING DATA 75 COURT STREET

Gross Scheduled Income $201,060

Other Income $0

Total Scheduled Income $201,060

Vacancy Cost $10,053

Gross Income $191,007

Operating Expenses $50,992

Net Operating Income $140,015

Pre-Tax Cash Flow $140,015

FINANCING DATA 75 COURT STREET

Down Payment $1,399,000

Loan Amount -

Debt Service -

Debt Service Monthly -

Principal Reduction (yr 1) -

FINANCIAL SUMMARY75 COURT STREET // 75 COURT STREET, BINGHAMTON, NY 13901




INCOME SUMMARY 75 COURT STREET

Unit 1 (4 Bed, 2 Bath) $2,400Unit 2 (1 Bed, 2 Bath) $850Unit 3 (Studio) $600Unit 4 (Studio) $750Unit 5 (Studio) $750Unit 6 (Studio) $800Unit 7 (2 Bed, 2 Bath) $1,000First Floor Rear $1,200First Floor Front $5,650Basement (6,613 SF @ $5/SF) $2,755Gross Income $16,755

EXPENSE SUMMARY 75 COURT STREET

Management $10,053Insurance $10,875Water/Sewer $4,000NYSEG $1,200Maintenance $3,000Taxes $21,864Gross Expenses $50,992

Net Operating Income $140,015

INCOME & EXPENSES75 COURT STREET // 75 COURT STREET, BINGHAMTON, NY 13901


4



DEMOGRAPHICS




POPULATION 1 MILE 3 MILES 5 MILESTotal Population 14,335 74,097 114,718Median age 39.4 37.9 37.2Median age (Male) 34.0 34.6 34.5Median age (Female) 45.2 41.2 39.8

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILESTotal households 7,094 32,006 45,490# of persons per HH 2.0 2.3 2.5Average HH income $39,560 $47,475 $51,219Average house value $109,065 $104,840 $111,003* Demographic data derived from 2010 US Census

DEMOGRAPHICS MAP & REPORT75 COURT STREET // 75 COURT STREET, BINGHAMTON, NY 13901


5



ADVISOR BIOS




SCOTT [email protected]: 607.621.0439

PROFESSIONAL BACKGROUNDScott began a financial services career in 1986. He has held a variety of Sales and Marketing positionsincluding: Agent, District Manager, Regional Sales Director responsible for 5 States to a CorporateExecutive with Columbian Mutual Life Insurance Company. He then, with his 2 partners, built a NationalMarketing Organization which operated in all 50 States and had over 7,000 Agents.Since he sold his share of the Marketing Organization Scott became a full time Commercial Realtor. He isa multi-million dollar a year producer. He has earned a Certificate in Commercial Real Estate fromCornell University’s SC Johnson School of Business. Scott is also working towards his CCIM designationand has completed coursework in: User Decision Analysis, Market Analysis, Construction cost estimatingand scheduling, 1031 tax deferred exchange, Financial Analysis, Negotiations, Creating Reliablevaluations, Financial modeling for Real Estate Development and Construction Management and ProjectDelivery.Scott has closed Hotels, Banks, Churches, Multi Use Properties, Strip plaza’s, Multi-Family Properties andmulti-million dollar development projects. Scott is one of the most active Realtors in the Upstate Investment market.

EDUCATIONBachelor of Science, Industrial Engineering - State University of New York at Binghamton 1985.

MEMBERSHIPSCCIMNYSCAR

WARREN REAL ESTATE830 Hanshaw Road

Ithaca, NY 14850607.257.0666

ADVISOR BIO 175 COURT STREET // 75 COURT STREET, BINGHAMTON, NY 13901


75 court street - loopnet · 75 court street 75 court street, binghamton, ny 13901 scott warren...

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