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Damaris Rivera

damaris@rrealtyrochester.com +1(585) 754-3821

$ 2,950,000

Est. payment | -/mo

42 Beds

11,520 SqFt

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$ 2,950,000

Est. payment | -/mo

Save Virtual Tour

42 Beds

11,520 SqFt

Key Details

Property Type Multi-Family

Sub Type Other

Listing Status Active

Purchase Type For Sale

Square Footage 11,520 sqft

Price per Sqft $256

MLS Listing ID S1686697

Bedrooms 42

Construction Status Existing

HOA Y/N No

Year Built 2009

Annual Tax Amount $46,182

Lot Size 1.160 Acres

Acres 1.16

Lot Dimensions 175X136

Property Sub-Type Other

Property Description

Welcome to 112 Groton Avenue, Cortland, NY. Exceptional opportunity to acquire a well-maintained 14-unit investment property in a prime location just a short distance from SUNY Cortland and the shops, restaurants, and amenities of downtown Cortland. This professionally managed student housing portfolio offers a total of 42 bedrooms with potential to expand to 44 bedrooms, making it an attractive addition to an investor's portfolio. The centerpiece of the property is a 10-unit building constructed in 2009, featuring ten spacious three-bedroom apartments. Each unit offers a functional floor plan with large living rooms, eat-in kitchens with dining areas, generously sized bedrooms, and full bathrooms equipped with double-sink vanities. Built-in closet shelving systems provide added convenience and storage throughout. Complementing the main building are two additional structures built between 2014 and 2015. One is a side-by-side duplex, each unit offering three bedrooms, one and a half bathrooms, expansive living spaces, kitchens with breakfast bars and dining areas, and first-floor half baths with bedrooms and full baths located on the second level. The third building consists of two additional three-bedroom units and includes a dedicated rental office, storage space, and a garage with overhead door ideal for maintenance equipment and property operations. Tenants benefit from five common laundry areas equipped with coin-operated machines, all of which are included in the sale. The property also features 42 on-site parking spaces with ample lighting and maintained striping, providing convenience and security for residents. With a cap rate exceeding 7%, a strong rental history, and a turnkey operational setup, this income-producing asset presents an excellent opportunity for investors seeking stable cash flow and long-term growth. The property may also be an ideal candidate for buyers looking to complete a 1031 exchange and acquire a high-quality, fully established investment property in one of Cortland's most desirable rental locations.

Location

State NY

County Cortland

Area Cortland-110200

Direction From I-81, Clinton Ave to Groton Ave, property is on your right.

Rooms

Basement Exterior Entry, Partial, Walk-Up Access

Interior

Interior Features Ceiling Fan(s), Storage

Heating Gas, Hot Water, Radiant

Flooring Carpet, Ceramic Tile, Varies, Vinyl

Furnishings Furnished

Fireplace No

Appliance Exhaust Fan, Electric Oven, Electric Range, Gas Water Heater, Microwave, Refrigerator, Range Hood

Laundry Common Area, Coin-operated

Exterior

Exterior Feature Blacktop Driveway, Deck

Garage Spaces 1.0

Community Features Laundry Facilities

Utilities Available Cable Available, High Speed Internet Available, Sewer Connected, Water Connected

Roof Type Asphalt,Shingle

Porch Deck, Open, Porch

Garage Yes

Building

Lot Description Rectangular, Rectangular Lot, Residential Lot

Story 2

Foundation Slab

Sewer Connected

Water Connected, Public

Level or Stories Two

Structure Type Frame,Vinyl Siding

Construction Status Existing

Schools

School District Cortland

Others

Senior Community No

Tax ID 110200-086-049-0004-050-000-0000

Acceptable Financing Cash

Listing Terms Cash

Special Listing Condition Standard

Virtual Tour https://www.propertypanorama.com/instaview/syr/S1686697

Listed by Berkshire Hathaway HomeServices Heritage Realty 607.423.4719

Nearby Locations

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Damaris Rivera

Broker | License ID: 10491209510

+1(585) 754-3821 | damaris@rrealtyrochester.com

112 Groton AVE Cortland, NY 13045

Damaris Rivera

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

Nearby Locations

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112 Groton AVE