25 Prospect Terrace
Cortland, NY 13045
12
Bed
0
Bath
3,728Sqft
0.60Acre(Lot)
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 sidin
Property Details
Map
Map
What's Nearby
Nearby Areas
Features
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Bedroom Information
Total beds: 12 -
Flooring Information
Other, See Remarks -
Roofing Information
Shingle -
Interior Features
Roof: Shingle Appliances: Water Heater -
Heating & Cooling
Has Heating: Yes Heating: Other, See Remarks Has Cooling: Yes Cooling: Other
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Building Information
Year Built: 1979 Building Area Total: 3728 Construction Materials: Vinyl Siding Stories: 2 Patio And Porch Features: Covered, Porch Private Pool: No
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Lot Information
Lot Dimensions: 111X234 Main Square Feet: 0.5991 Acres Lot Size Acres: 0.5991 Lot Size Square Feet: 26098 Lot Description: Rectangular Lot, Wooded
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Listing Price Information
Listing Price: $824900 Cash
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Tax Information
Parcel Number: 110200-086-065-0002-017-000-0000 Tax Lot: 17 Annual Tax: $6920
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Parking Information
Driveway, No Garage
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Utility Information
Electricity Connected, Sewer Connected, Water Connected -
Location Information
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. WaterSource: Public
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Nearby Home Value
| Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
|---|---|---|---|---|---|
| 2090 Parks Road, Cortland, NY, 13045 | $239,000 | 3 | 2 | 1,406 | 1,406 SqFt |
| 37 Sunnyfield Drive, Cortland, NY, 13045 | $196,000 | 3 | 1 | 1,289 | 1,289 SqFt |
| 11 Cherry Lane, Cortland, NY, 13045 | $229,900 | 3 | 1 | 1,269 | 1,269 SqFt |
| 86 Port Watson Street, Cortland, NY, 13045 | $275,000 | 6 | 3 | 2,968 | 2,968 SqFt |
| 9 Venette Street, Cortland, NY, 13045 | $159,900 | 4 | 2 | 1,344 | 1,344 SqFt |
| 62 S Church Street, Cortland, NY, 13045 | $429,000 | 4 | 3 | 2,368 | 2,368 SqFt |
| 32 N Church Street, Cortland, NY, 13045 | $249,900 | 4 | 2 | 2,102 | 2,102 SqFt |
| 20 & 20.5 Charles Street, Cortland, NY, 13045 | $229,900 | 2 | -- | 5,652 | 5,652 SqFt |
| 7 Reynolds Avenue, Cortland, NY, 13045 | $395,000 | 6 | 7 | 4,732 | 4,732 SqFt |
| 52 Maple Avenue, Cortland, NY, 13045 | $154,500 | 7 | 3 | 2,160 | 2,160 SqFt |
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ByOwner last updated this listing 08/29/2026 @ 03:47
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