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38 Main St 8,900 SF 100% Leased Office Building Cortland, NY 13045 $595,000 ($66.85/SF)
Investment Highlights
- • Mixed-use building with ground floor retail and upper floors suitable for apartment redevelopment.
- • Significant downtown improvements funded through $10 million DRI program to enhance infrastructure and pedestrian environment.
- • Two-way traffic reinstatement on Main Street in 2025 projected to improve accessibility and retail performance.
- • Positioned in downtown Cortland near Central Avenue and surrounded by established retailers and restaurants.
- • Located close to SUNY Cortland, providing access to an active student population and strong daytime traffic.
- • Current ground floor tenancy offers income stability during redevelopment.
Executive Summary
This 7,410± SF mixed-use property is located in the heart of downtown Cortland, directly across from Central Avenue. The building offers income potential and flexibility with its layout. The ground level features retail, office, or service space currently occupied by State Farm Insurance, providing a stable tenant for immediate income. The upper two floors are gutted and ready for redevelopment into multiple apartment units, creating a unique opportunity for mixed-use or residential conversion in a growing market.
The property benefits from its placement in an area undergoing major revitalization. Downtown Cortland recently received $10 million through the Downtown Revitalization Initiative, resulting in infrastructure improvements, enhanced pedestrian access, and safety measures. In addition, the conversion of Main Street back to two-way traffic in 2025 is set to boost visibility and foot traffic, supporting long-term value for new business or residential uses.
Located just 0.5 miles from SUNY Cortland with nearly 7,000 students, the site also enjoys a strong consumer base. Surrounding businesses include long-standing restaurants and retailers, making it an attractive investment in a walkable urban setting.
The property benefits from its placement in an area undergoing major revitalization. Downtown Cortland recently received $10 million through the Downtown Revitalization Initiative, resulting in infrastructure improvements, enhanced pedestrian access, and safety measures. In addition, the conversion of Main Street back to two-way traffic in 2025 is set to boost visibility and foot traffic, supporting long-term value for new business or residential uses.
Located just 0.5 miles from SUNY Cortland with nearly 7,000 students, the site also enjoys a strong consumer base. Surrounding businesses include long-standing restaurants and retailers, making it an attractive investment in a walkable urban setting.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
8,900 SF
Building Class
C
Year Built
1890
Price
$595,000
Price Per SF
$66.85
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
2,967 SF
Building FAR
3.41
Lot Size
0.06 AC
Zoning
05 - Commercial
Amenities
- Bus Line
- Air Conditioning
1 1
Moderately walkable
70/100
Very drivable
80/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 110200-086-058-0003-007-000-0000 | Improvements Assessment | $321,200 |
| Land Assessment | $28,800 | Total Assessment | $350,000 |
Property Taxes
Parcel Number
110200-086-058-0003-007-000-0000
Land Assessment
$28,800
Improvements Assessment
$321,200
Total Assessment
$350,000
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38 Main St
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