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25 Prospect Terrace, Cortland, NY 13045

Cortland
Local realty services provided by:CENTURY 21 Galloway Realty
25 Prospect Terrace,Cortland, NY 13045
$824,900
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  • 12 Beds
  • - Baths
  • 3,728 sq. ft.
  • Multi-family
  • Active
Listed by: matt mastrangelo
Office: real broker ny llc.
MLS#:S1702765
Source:NY_GENRIS

Price summary

  • Price:$824,900
  • Price per sq. ft.:$221.27

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...

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Home facts

  • Year built:1979
  • Listing ID #:S1702765
  • Added:58 day(s) ago
  • Updated:October 23, 2026 at 03:18 PM

Rooms and interior

  • Bedrooms:12
  • Living area:3,728 sq. ft.

Structure and exterior

  • Roof:Shingle
  • Year built:1979
  • Building area:3,728 sq. ft.
  • Lot area:0.6 Acres
  • Lot Features:Rectangular, Wooded
  • Construction Materials:Vinyl Siding
  • Exterior Features:Porch
  • Levels:2 Stories

Utilities

  • Water:Connected, Public, Water Connected
  • Sewer:Connected, Sewer Connected

Finances and disclosures

  • Price:$824,900
  • Price per sq. ft.:$221.27
  • Tax amount:$6,920

Features and amenities

  • Amenities:Furnished

Parking

  • Parking description:Driveway, No Garage, Two Spaces

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