111 OAK STREET - LoopNet...111 OAK STREET 111 OAK STREET , BINGHAMTON, NY 13905 SCOTT WARREN 607.621.0439 [email protected] Warren Real Estate // 830 Hanshaw Road, Ithaca, NY

111 OAK STREET111 OAK STREET , BINGHAMTON, NY 13905

SCOTT [email protected]

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

Confidential Offering Memorandum January 28, 2019



PROPERTY INFORMATION 3

LOCATION INFORMATION 8

FINANCIAL ANALYSIS 12

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 CONTENTS111 OAK STREET // 111 OAK STREET , BINGHAMTON, NY 13905


CONTENTS CONFIDENTIALITY & DISCLAIMER

1



PROPERTY INFORMATION




OFFERING SUMMARYSale Price: $749,000

Number Of Units: 12

Cap Rate: 9.01%

NOI: $67,479

Lot Size: 0.1 Acres

Year Built: 1965

Building Size: 8,640 SF

Renovated: 2017

Zoning: 411 - Multi Residential 12Units

Market: Binghamton StudentHousing

Submarket: Binghamton Housing

PROPERTY OVERVIEWThis is a solid brick 12 unit building in the heart of one of the most popular areasfor student housing. Perfect location. One building from Main Street and oneblosck from the Front Street Bridge. Walking distance to the SUNY Bus line as wellas to Downtown Binghamtons Nightclubs, Restaurants, Shops and amenities.

PROPERTY HIGHLIGHTS• Solid Brick Building.

• Recently renovated.

• One building from Main Street.

• One Block from the Front Street Bridge.

• Walking distance to Downtown Binghamton's Night Clubs, Restaurants, Shopsand amenities.

• Walking distance to SUNY bus line.

EXECUTIVE SUMMARY111 OAK STREET // 111 OAK STREET , BINGHAMTON, NY 13905




PROPERTY OVERVIEW

This is a solid brick 12 unit building in the heart of one of themost popular areas for student housing. Perfect location. Onebuilding from Main Street and one blosck from the Front StreetBridge. Walking distance to the SUNY Bus line as well as toDowntown Binghamtons Nightclubs, Restaurants, Shops andamenities.

LOCATION OVERVIEW

Great strategic location to take advantage of student housing inBinghamton. One building from Main Street. Second street pastthe Court Street Bridge. Walking distance to DowntownNightclubs, Restaurants, Shops and Amenities.

PROPERTY DESCRIPTION111 OAK STREET // 111 OAK STREET , BINGHAMTON, NY 13905




SALE HIGHLIGHTS• Solid Brick Building.• Recently renovated.• One building from Main Street.• One Block from the Front Street Bridge.• Walking distance to Downtown Binghamton's Night Clubs,

Restaurants, Shops and amenities.• Walking distance to SUNY bus line.

COMPLETE HIGHLIGHTS111 OAK STREET // 111 OAK STREET , BINGHAMTON, NY 13905




ADDITIONAL PHOTOS111 OAK STREET // 111 OAK STREET , BINGHAMTON, NY 13905


2



LOCATION INFORMATION




Binghamton, NY

REGIONAL MAP111 OAK STREET // 111 OAK STREET , BINGHAMTON, NY 13905




LOCATION MAPS111 OAK STREET // 111 OAK STREET , BINGHAMTON, NY 13905




AERIAL MAPS111 OAK STREET // 111 OAK STREET , BINGHAMTON, NY 13905


3



FINANCIAL ANALYSIS




INVESTMENT OVERVIEW 111 OAK STREET

Price $749,000

Price per Unit $62,416

GRM 8.0

CAP Rate 9.0%

Cash-on-Cash Return (yr 1) 9.01 %

Total Return (yr 1) $67,479

Debt Coverage Ratio -

OPERATING DATA 111 OAK STREET

Gross Scheduled Income $94,140

Other Income -

Total Scheduled Income $94,140

Vacancy Cost $2,824

Gross Income $91,315

Operating Expenses $23,836

Net Operating Income $67,479

Pre-Tax Cash Flow $67,479

FINANCING DATA 111 OAK STREET

Down Payment $749,000

Loan Amount -

Debt Service -

Debt Service Monthly -

Principal Reduction (yr 1) -

FINANCIAL SUMMARY111 OAK STREET // 111 OAK STREET , BINGHAMTON, NY 13905




INCOME SUMMARY 111 OAK STREET

Gross Income $91,315

EXPENSE SUMMARY 111 OAK STREET

Management $2,824Insurance $2,478Taxes - Property and School $8,051Utilities Electric and gas $6,628Utilities Water $3,855Gross Expenses $23,836

Net Operating Income $67,479

INCOME & EXPENSES111 OAK STREET // 111 OAK STREET , BINGHAMTON, NY 13905




UNITNUMBER

UNITBED

UNITBATH

LEASESTART

LEASEEND

CURRENTRENT

MARKETRENT

MARKETRENT/SF

1 1 6/1/18 5/25/19 $750 $550

2 1 6/15/18 5/25/19 $1,000 $800

1 1 6/1/18 5/31/19 $750 $750

1 1 6/1/18 5/31/19 $800 $800

2 1 5/30/18 12/31/18 $600 $650

1 1 $0 $550

2 1 $0 $800

1 1 MTM $525 $550

1 1 9/15/17 12/31/18 $750 $550

1 1 6/1/18 5/25/19 $650 $550

2 1 8/1/18 5/31/19 $800 $800

1 9/1/17 5/25/19 $475 $495

Totals/Averages $7,100 $7,845

RENT ROLL111 OAK STREET // 111 OAK STREET , BINGHAMTON, NY 13905




POPULATION 1 MILE 2 MILES 3 MILESTotal population 16,950 49,653 81,047Median age 38.0 38.5 37.3Median age (Male) 32.9 34.9 34.2Median age (Female) 44.0 41.9 40.3

HOUSEHOLDS & INCOME 1 MILE 2 MILES 3 MILESTotal households 8,150 22,620 34,357# of persons per HH 2.1 2.2 2.4Average HH income $41,430 $47,445 $47,147Average house value $108,888 $108,809 $103,743

* Demographic data derived from 2010 US Census

DEMOGRAPHICS MAP & REPORT111 OAK STREET // 111 OAK STREET , BINGHAMTON, NY 13905


4



ADVISOR BIOS




SCOTT [email protected]: 607.621.0439

PROFESSIONAL BACKGROUNDScott Began his career in Financial Services in 1986 with equitable Life Insurance Company of NY, now AXA. He then worked for Columbian Mutual Life Insurance Company for 13 years, working his waythrough the ranks and eventually became Second Vice President of Agency Development. During that time Scott was charged with management responsibilities for 3 sales divisions and approximately16,000 agents. Scott then was one of the founding partners of an Independent Marketing Organization, Niche Market Insurers. Niche Market Insurers started from scratch and grew to have a nationwidefootprint and approximately 7,000 agents in 50 States. Scott began in the commercial real estate field with Pyramid Brokerage Company/Cushman and Wakefield and is now with Warren Real Estateserving Binghamton, Ithaca, Elmira, Corning and Watkins Glen.

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 1111 OAK STREET // 111 OAK STREET , BINGHAMTON, NY 13905


Documents

111 OAK STREET - LoopNet...111 OAK STREET 111 OAK STREET , BINGHAMTON, NY 13905 SCOTT WARREN 607.621.0439 [email protected] Warren Real Estate // 830 Hanshaw Road, Ithaca, NY