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25 Prospect Terrace, 
Cortland, NY 13045

$824,900


12

Beds


Bath


3,728

Sq Ft


Multi-Family


Virtual Tour

Active

Listed by

Matt Mastrangelo

Real Broker Ny LLC.

855-450-0442

Last updated:

August 27, 2026, 07:41 PM

MLS#

S1702765

Source:

NY GENRIS

About This Home

25 Prospect Terrace

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

Home Facts

Multi-Family

12 Bedrooms

Built in 1979

Price Summary

824,900

$221 per Sq. Ft.

MLS #:

S1702765

Last Updated:

August 27, 2026, 07:41 PM

Added:

20 day(s) ago


Rooms & Interior

Bedrooms

Total Bedrooms:

12

Interior

Living Area:

3,728 Sq. Ft.


Structure

Structure

Building Area:

3,728 Sq. Ft.

Year Built:

1979


Lot

Lot Size (Sq. Ft):

26,098


Finances & Disclosures

Finances

Price:

$824,900

Price per Sq. Ft:

$221 per Sq. Ft.

Source:NY GENRIS
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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.