38 Main ST, Cortland, NY 13045
38 Main ST, Cortland, NY 13045
38 Main ST, Cortland, NY 13045
38 Main ST, Cortland, NY 13045
38 Main ST, Cortland, NY 13045
38 Main ST, Cortland, NY 13045
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Michael Miceli

Michael Miceli

+1(315) 591-6101
$ 595,000
Est. payment | /mo

6,450 SqFt

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$ 595,000
Est. payment | /mo
Save Virtual Tour

6,450 SqFt

Key Details

Property Type Commercial

Sub Type Office

Listing Status Active

Purchase Type For Sale

Square Footage 6,450 sqft

Price per Sqft $92

Subdivision Mary Alice Lehrfeld

MLS Listing ID S1702946

Construction Status Existing

HOA Y/N No

Year Built 1956

Annual Tax Amount $4,613

Lot Size 2,448 Sqft

Acres 0.0562

Lot Dimensions 24X101

Property Sub-Type Office

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.

Location

State NY

County Cortland

Community Mary Alice Lehrfeld

Area Cortland-110200

Zoning CB

Direction Located on Main Street in downtown Cortland, in the CB Central Business district, near 50 Main St. 38 Main St, Cortland, NY 13045.

Interior

Heating Other, See Remarks

Cooling Other, See Remarks

Inclusions Land and Building

Fireplace No

Exterior

Utilities Available Electricity Connected, Sewer Connected, Water Connected

Roof Type Other,See Remarks

Total Parking Spaces 4

Building

Lot Description Rectangular, Rectangular Lot

Story 3

Sewer Public Sewer

Water Public

Construction Status Existing

Schools

School District Cortland

Others

Tax ID 110200-086-058-0003-007-000-0000

Acceptable Financing Cash, Owner Will Carry

Listing Terms Cash, Owner Will Carry

Special Listing Condition Standard

Virtual Tour https://www.propertypanorama.com/instaview/syr/S1702946

Listed by Real Broker NY LLC

Nearby Locations

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38 Main ST