25 Prospect TER, Cortland, NY 13045
25 Prospect TER, Cortland, NY 13045
25 Prospect TER, Cortland, NY 13045
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Khem Kadariya

Khem Kadariya

+1(585) 732-8665
$824,900
Est. payment /mo
12 Beds
3,728 SqFt
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UPDATED:

Key Details

Property Type Multi-Family

Sub Type Other

Listing Status Active

Purchase Type For Sale

Square Footage 3,728 sqft

Price per Sqft $221

MLS Listing ID S1702765

Bedrooms 12

Construction Status Existing

HOA Y/N No

Year Built 1979

Annual Tax Amount $6,920

Lot Size 0.599 Acres

Acres 0.5991

Lot Dimensions 111X234

Property Sub-Type Other

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

Location

State NY

County Cortland

Area Cortland-110200

Direction Located on Prospect Terrace in the City of Cortland, minutes from the SUNY Cortland campus and downtown Cortland. 25 Prospect Ter, Cortland, NY 13045.

Interior

Heating Other, See Remarks

Cooling Other, See Remarks

Flooring Other, See Remarks

Furnishings Furnished

Fireplace No

Appliance See Remarks, Water Heater

Exterior

Exterior Feature Blacktop Driveway

Community Features Other, See Remarks

Utilities Available Electricity Connected, Sewer Connected, Water Connected

Roof Type Shingle

Porch Covered, Porch

Garage No

Building

Lot Description Rectangular, Rectangular Lot, Wooded

Story 2

Foundation Slab

Sewer Connected

Water Connected, Public

Level or Stories Two

Structure Type Vinyl Siding

Construction Status Existing

Schools

School District Cortland

Others

Senior Community No

Tax ID 110200-086-065-0002-017-000-0000

Acceptable Financing Cash

Listing Terms Cash

Special Listing Condition Standard

Virtual Tour https://www.propertypanorama.com/instaview/syr/S1702765

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Listed by Real Broker NY LLC

Nearby Locations

Khem Kadariya

Khem Kadariya

Phone

+1(585) 732-8665

Address

333 Metro Park, Rochester, NY 14623, USA

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25 Prospect TER