159 OAK STREET · 159 OAK STREET 159 OAK STREET, BINGHAMTON , NY 13905 SCOTT WARREN 607.621.0439 [email protected] Warren Real Estate // 830 Hanshaw Road, Ithaca, NY 14850

159 OAK STREET159 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 May 31, 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 CONTENTS159 OAK STREET // 159 OAK STREET, BINGHAMTON , NY 13905


CONTENTS CONFIDENTIALITY & DISCLAIMER

1



PROPERTY INFORMATION




OFFERING SUMMARYSale Price: $449,000

Number Of Units: 6

Cap Rate: 7.53%

NOI: $33,822

Lot Size: 0.15 Acres

Year Built: 1960

Building Size: 7,404 SF

Renovated: 2017

Zoning: 411 Multi Residential 6Units

Market: Binghamton StudentHousing

Submarket: Binghamton Housing

Price / SF: $60.64

PROPERTY OVERVIEWThis is a great Student Housing complex. 6 spacious 4 bed units. Recentlyrenovated and ready to go. Great West side location. One block from Front Street.Walking distance to the SUNY Bus Line and Downtown Binghamton's Night Clubs,Restaurants, Shops and amenities.

PROPERTY HIGHLIGHTS• Very spacious 6 - 4 Bed Units.

• 7,404 Square Feet.

• Recently renovated.

• Great West Side location.

• Walking Distance to SUNY Bus Line.

• One Block from Front Street.

• Walking distance to all of Downtown Binghamtons Restaurants, Shops andAmenities.

EXECUTIVE SUMMARY159 OAK STREET // 159 OAK STREET, BINGHAMTON , NY 13905




PROPERTY DESCRIPTIONThis is a great Student Housing complex. 6 spacious 4 bed units.Recently renovated and ready to go. Great West side location. Oneblock from Front Street. Walking distance to the SUNY Bus Lineand Downtown Binghamton's Night Clubs, Restaurants, Shops andamenities.

LOCATION DESCRIPTIONGreat West Side location. One block from Front Street. Walkingdistance to the SUNY Bus Line and Downtown Binghamtons NightClubs, Restaurants, Shops and amenities.

PROPERTY DESCRIPTION159 OAK STREET // 159 OAK STREET, BINGHAMTON , NY 13905


LOCATION INFORMATIONBuilding Name 159 Oak StreetStreet Address 159 Oak StreetCity, State, Zip Binghamton , NY 13905County BroomeMarket Binghamton Student HousingSub-market Binghamton HousingSignal Intersection No

BUILDING INFORMATIONNOI $33,822.17Cap Rate 7.53Tenancy MultipleCeiling Height 10 ftNumber Of Floors 3Average Floor Size 2,468 SFYear Built 1960Year Last Renovated 2017Free Standing No

PROPERTY HIGHLIGHTS• Very spacious 6 - 4 Bed Units.

• 7,404 Square Feet.

• Recently renovated.

• Great West Side location.

• Walking Distance to SUNY Bus Line.

• One Block from Front Street.

• Walking distance to all of Downtown BinghamtonsRestaurants, Shops and Amenities.



COMPLETE HIGHLIGHTS159 OAK STREET // 159 OAK STREET, BINGHAMTON , NY 13905




ADDITIONAL PHOTOS159 OAK STREET // 159 OAK STREET, BINGHAMTON , NY 13905


2



LOCATION INFORMATION




Binghamton , NY

REGIONAL MAP159 OAK STREET // 159 OAK STREET, BINGHAMTON , NY 13905




LOCATION MAPS159 OAK STREET // 159 OAK STREET, BINGHAMTON , NY 13905




AERIAL MAPS159 OAK STREET // 159 OAK STREET, BINGHAMTON , NY 13905


3



FINANCIAL ANALYSIS




INVESTMENT OVERVIEW 159 OAK STREET

Price $449,000

Price per Unit $74,833

GRM 6.4

CAP Rate 7.5%

Cash-on-Cash Return (yr 1) 7.53 %

Total Return (yr 1) $33,822

Debt Coverage Ratio -

OPERATING DATA 159 OAK STREET

Gross Scheduled Income $70,200

Other Income -

Total Scheduled Income $70,200

Vacancy Cost $2,106

Gross Income $68,094

Operating Expenses $34,271

Net Operating Income $33,822

Pre-Tax Cash Flow $33,822

FINANCING DATA 159 OAK STREET

Down Payment $449,000

Loan Amount -

Debt Service -

Debt Service Monthly -

Principal Reduction (yr 1) -

FINANCIAL SUMMARY159 OAK STREET // 159 OAK STREET, BINGHAMTON , NY 13905




INCOME SUMMARY 159 OAK STREET

Gross Income $68,094

EXPENSE SUMMARY 159 OAK STREET

Management $2,106Insurance $2,975Taxes Property and school $10,927Utilities Electric and Gas $13,141Utilities Water $5,121Gross Expenses $34,271

Net Operating Income $33,822

INCOME & EXPENSES159 OAK STREET // 159 OAK STREET, BINGHAMTON , NY 13905




UNITNUMBER

UNITBED

UNITBATH

LEASESTART

LEASEEND

CURRENTRENT

MARKETRENT

MARKETRENT/SF

4 1 $0 $975

4 1 $0 $975

4 1 1/25/18 12/31/19 $975 $975

4 1 $0 $975

4 1 $0 $975

4 1 $0 $975

Totals/Averages $975 $5,850

RENT ROLL159 OAK STREET // 159 OAK STREET, BINGHAMTON , NY 13905




POPULATION 1 MILE 2 MILES 3 MILESTotal population 16,361 49,880 80,898Median age 38.3 38.3 37.5Median age (Male) 33.2 34.7 34.4Median age (Female) 44.3 41.8 40.6

HOUSEHOLDS & INCOME 1 MILE 2 MILES 3 MILESTotal households 7,864 22,621 34,531# of persons per HH 2.1 2.2 2.3Average HH income $39,216 $46,505 $47,131Average house value $103,868 $106,641 $104,080

* Demographic data derived from 2010 US Census

DEMOGRAPHICS MAP & REPORT159 OAK STREET // 159 OAK STREET, BINGHAMTON , NY 13905


4



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 1159 OAK STREET // 159 OAK STREET, BINGHAMTON , NY 13905


Documents

159 OAK STREET · 159 OAK STREET 159 OAK STREET, BINGHAMTON , NY 13905 SCOTT WARREN 607.621.0439 [email protected] Warren Real Estate // 830 Hanshaw Road, Ithaca, NY 14850