Broad Street Commons

59 Broad Street ​ | ​ Plattsburgh, NY 12901

387

No. of Beds

124

No. of Units

2008

Year Built

XXXX

No. of Beds

XXXX

No. of Units

XXXX

Year Built

XXXX

Proximity to Campus

The Opportunity

 

  • Lender-owned asset.
  • Pricing expectations significantly below replacement cost.
    Broad Street Commons can be purchased at a high yield that is not usually seen for assets directly adjacent to campus.
  • Considerable revenue upside through occupancy stabilization.
    As the asset is only 78% occupied, a new owner has a tremendous opportunity for NOI creation through lease-up. ​ By stabilizing the asset at 90% occupancy, NOI can be increased by 40+%.
  • Directly adjacent to campus, it is the only purpose-built community pedestrian to campus.
    Broad Street Commons’ current average per bed monthly rent is $332 (35%) less than the average monthly cost for on-campus housing alternatives. This arbitrage creates a serious opportunity for a new owner to increase rent.
  • No future student housing development planned in the market.
    No future developments in the on-campus or off-campus pipelines. ​ The lack of future supply will help ease the asset into stabilization and allow continued rent growth.
  • SUNY Excelsior Scholarship offers free tuition to qualifying New York residents.
    The scholarship program recently increased its household income requirement from $100,000 to $125,000 in 2019. This State initiative drives middle-class students to SUNY, increasing enrollment and the demand for practical, affordable student housing.

The Asset

Unit Amenities
  • Modern Black Appliances
  • Fully Furnished
  • One-Bedroom Units
  • Two-Bedrooms Units
  • Four-Bedroom Units
  • All-inclusive Rent
  • Utilities and Amenities are Included
  • FREE Cable and High-Speed Internet
  • Full-Sized ENERGY STAR Appliances
  • Refrigerator
  • Oven and Stove
  • Microwave
  • Dishwasher
  • Individual Leases
  • Individual Bedroom Locks
Community Amenities
  • This pet-friendly community offers amenities including:
  • NEW Students First™ Experience
  • Computer Lab
  • Conference Room
  • Game Room
  • Vending Machines
  • 24-hour Fitness Center
  • 24-hour Card-operated Laundry Facilities
  • 24-hour Controlled Access
  • Outdoor Green Space and Courtyard
  • On-site and 24-hour Maintenance
  • On-site Courtesy Officer
  • Short 5- to 10-minute Walk to Campus
  • FREE Off-Street Parking
  • RentTrack Program

The Location

Photo Gallery

The University

The Green Mountains of Vermont and New York's Adirondacks surround the State University of New York Plattsburgh (SUNY Plattsburgh) campus in the Lake Champlain Valley. Located an hour's drive from Montreal, Lake Placid, and Burlington, the region provides students with rich recreational and cultural experiences. Since its founding in 1889 as a teaching college, SUNY Plattsburgh has had a strong history of meeting regional and statewide needs for higher education. Ranked among the top public universities in the nation, SUNY Plattsburgh offers over 60 undergraduate and graduate degrees in a wide range of disciplines. ​ It is also a major driver of economic well-being for the community, generating $307 million in economic activity annually.

At the start of the 2020-2021 academic year, the State University of New York's Plattsburgh campus welcomed 5,109 students, of which 4,680 were undergraduates and 429 were pursuing graduate or professional degrees. The university takes pride in its diversity and recruits students from around the globe, representing 64 different international countries. The current cohort also comes from approximately 28 states, largely from New York, Vermont, California, and New Jersey. ​ Over 91% of university students are New York state residents, contributing an educated labor pool to the regional workforce.

State University of New York's Plattsburgh campus requires students to live in university-affiliated housing for two academic years. Before the Covid-19 pandemic, only about half of undergraduate students typically request to live in residence halls. At full capacity the university can only accommodate 58% of the current student body, leaving more than 42% in need of off-campus housing.

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