25 Prospect Terrace
Property Description
Rare 6-unit apartment investment in Cortland's SUNY rental belt. Built in 1979, this building is a full era newer than the converted 1870s-1930s stock that dominates local multifamily inventory - a meaningful advantage for maintenance, financing and per-unit positioning in a tight-credit tertiary market. Verified contract rent of $96,000 per year, including signed Fall-2026 leases, against verified operating expenses of $31,452 per year. Underwritten with a 5% vacancy factor the asset produces $59,748 of net operating income - a 7.24% capitalization rate at the $824,900 asking price, or roughly $221 per square foot. Six units and 3,728 square feet in one building on a 0.60-acre (26,098 SF) city parcel with a detached garage, off-street blacktop parking, covered walkway entries, vinyl siding and updated interiors. Twelve parking spaces on site. Consistent student and workforce tenant demand from SUNY Cortland and downtown employers, minutes from campus, downtown Cortland and I-81. Rent roll, verified income and expense detail, floor plans and a full valuation and advisory report available to qualified buyers on request. Do not disturb tenants - showings by appointment through the listing Broker
Broker Details
Real Broker NY LLC (855) 450-0442
MLS ID: MASTRAMA State License Number: 10401342068
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $824,900 |
| No. of Units: | 6 |
| Year Built: | 1979 |
| Lot Size: | 3,728.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $137,483 |
| Property Website | Click Here |
| Number of Bedrooms: | 12 |
| Number of Bathrooms: | 0 |
ID: 3yd-BNARNY-S1702765
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
1060 39th Street
Brooklyn, New York
507 Delaware Avenue
Portland, PennsylvaniaBrokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout