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Thomas (Tom) Mazzone

tmazzone@mlsnationrealty.com +1(716) 310-3102

$2,895,000

Est. payment - /mo

10,336 SqFt

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Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

Square Footage 10,336 sqft

Price per Sqft $280

Subdivision Palmer

MLS Listing ID S1704316

Construction Status Existing

HOA Y/N No

Year Built 1900

Annual Tax Amount $45,080

Lot Size 0.485 Acres

Acres 0.4854

Property Description

Premier SUNY Cortland Student Housing Portfolio Investment Opportunity. Exceptional opportunity to acquire two high-performing student housing properties in the heart of Cortland's premier off-campus housing district. Together, these income-producing assets offer a combined 51 bedrooms, 15 bathrooms, and 28 on-site parking spaces, providing investors with exceptional scale, dependable cash flow, and long-term appreciation potential in one of Central New York's strongest student housing markets. The portfolio includes 52 Prospect Terrace, located directly across the street from SUNY Cortland, featuring four rental units configured as one 5-bedroom, 2-bath unit; two 8-bedroom, 2-bath units; and one 10-bedroom, 3-bath unit. Just steps from campus, this property's unmatched location has produced consistently strong occupancy, reliable rental income, and exceptional student demand year after year. Also included is a fully leased student housing property currently serving as housing for one of SUNY Cortland's fraternities. This approximately 5,000-square-foot building features 20 bedrooms, 7 bathrooms, and a long-standing history of repeat tenancy from the same organization. The property has benefited from extensive capital improvements, including renovated kitchens, new flooring throughout, fresh interior and exterior paint, a new boiler, new hot water heater, electrical system upgrades, complete first-, second-, and third-floor renovations, four fully renovated bathrooms, and numerous additional building improvements. Both properties are ideally located within easy walking distance of SUNY Cortland and downtown Cortland, placing them among the community's most desirable off-campus housing options. Their proven group leasing structures, established operating histories, and consistently high occupancy provide investors with stable income and strong long-term investment performance. Opportunities of this scale are rare in this market. Limited inventory, barriers to new development, premier locations, and a proven rental history, this portfolio is an exceptional opportunity for investors to expand or acquire a flagship student housing with immediate income.

Location

State NY

County Cortland

Community Palmer

Area Cortland-110200

Zoning commercial

Rooms

Basement Full

Interior

Heating Gas, Baseboard

Inclusions Other - See Remarks

Fireplace No

Exterior

Utilities Available Sewer Connected, Water Connected

Roof Type Asphalt

Total Parking Spaces 25

Building

Lot Description Rectangular, Rectangular Lot

Story 3

Sewer Public Sewer

Water Public

Structure Type Stone

Construction Status Existing

Schools

School District Cortland

Others

Tax ID 110200-086-065-0001-015-000-0000

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition Standard

Virtual Tour https://www.propertypanorama.com/instaview/syr/S1704316

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Listed by Hage Real Estate 607.283.6200

NEARBY SCHOOLS & PROPERTIES

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