25 Prospect Terrace

About this home

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

Exterior features

• Blacktop Driveway

Appliances

• See Remarks
• Water Heater

Mechanical

Schools

Tax & finance

Location

Cortland, NY 13045 · Cortland County

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