38 Main Street, Cortland, NY 13045

Property Description

Historic mixed-use redevelopment on Main Street in downtown Cortland. 6,450 square feet across three stories in the CB Central Business district, built 1956, offered at $595,000 - roughly $92 per square foot and $99,167 per unit across six units. The building is 25 percent occupied today and produces $25,800 of rent and $18,060 of net operating income. Fully leased at market rents it supports close to $130,800 of gross potential rent, $124,300 of effective gross income after a 5 percent vacancy allowance, and close to $74,500 of net operating income - a 12.5 percent pro-forma cap rate at the asking price. The ground floor is leased and that tenancy can continue in place, or a buyer can reposition the space as a restaurant, bar or destination storefront. The upper floors convert into five one-bedroom, one-bath apartments, in a downtown submarket where one-bedroom inventory is limited and dated, within walking distance of SUNY Cortland. The offering is positioned for the federal and New York State historic rehabilitation tax credit programs for income-producing properties; the parcel sits in Census Tract 9707, which meets the State program's qualifying census tract test. Eligibility is subject to National Park Service and NY SHPO certification; seller makes no representation as to eligibility or credit value. Four parking spaces. Redevelopment pro-forma, rent roll, floor plans and income and expense detail available to qualified buyers.