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Cortland Park Apartments 44 Rickard St 146 Unit Apartment Building $13,000,000 ($89,041/Unit) Cortland, NY 13045
EXECUTIVE SUMMARY
Ownership has just rehabbed many units and re-rented them, so as to be representative of the current situation we averaged the real income for the last 5 months x12 and projected a full year's income. This is part of a well-formed Pro Forma. Rents were just increased in July 2025.
Cortland Park Apartments includes 146 garden apartments in 8 brick buildings, each with 3 floors. There are 44 one bedroom units, 67 two bedroom units and 35 three bedroom units. There are over 300 parking spaces.
Cortland Park Apartments was built in the 1972. It got the “Park” part of its name from the lovely 5.24-acre grounds. The complex is located 5 minutes from SUNY Cortland, a block from a large shopping center, a walk from the historic Cortland Downtown, and is convenient to main arteries to Ithaca and Syracuse.
Cortland is a city of 3.92 square miles, with ~17,500 residents. It was originally settled in 1791. Cortland is approximately 45 minutes northwest of Binghamton, just under 40 minutes south of Syracuse and 40 minutes northeast of Ithaca.
Cortland Park Apartments includes 146 garden apartments in 8 brick buildings, each with 3 floors. There are 44 one bedroom units, 67 two bedroom units and 35 three bedroom units. There are over 300 parking spaces.
Cortland Park Apartments was built in the 1972. It got the “Park” part of its name from the lovely 5.24-acre grounds. The complex is located 5 minutes from SUNY Cortland, a block from a large shopping center, a walk from the historic Cortland Downtown, and is convenient to main arteries to Ithaca and Syracuse.
Cortland is a city of 3.92 square miles, with ~17,500 residents. It was originally settled in 1791. Cortland is approximately 45 minutes northwest of Binghamton, just under 40 minutes south of Syracuse and 40 minutes northeast of Ithaca.
PROPERTY FACTS
| Price | $13,000,000 | Building Class | B |
| Price Per Unit | $89,041 | Lot Size | 4.70 AC |
| Sale Type | Investment | Building Size | 172,041 SF |
| No. Units | 146 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1972/2020 |
| Property Subtype | Apartment | Parking Ratio | 1.74/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | 03 | ||
| Price | $13,000,000 |
| Price Per Unit | $89,041 |
| Sale Type | Investment |
| No. Units | 146 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 4.70 AC |
| Building Size | 172,041 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1972/2020 |
| Parking Ratio | 1.74/1,000 SF |
| Zoning | 03 |
AMENITIES
UNIT AMENITIES
- Balcony
- Cable Ready
- Heating
- Eat-in Kitchen
- Refrigerator
- Carpet
- Yard
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Pool
- Property Manager on Site
- Tennis Court
- Basketball Court
- Bicycle Storage
- Maintenance on site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 44 | - | 590 |
| 2+1 | 67 | - | 800 |
| 3+1 | 35 | - | 950 - 1,025 |
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PROPERTY TAXES
| Parcel Number | 110200 86.35-01-08.000 | Improvements Assessment | $6,757,500 |
| Land Assessment | $342,500 | Total Assessment | $7,100,000 |
PROPERTY TAXES
Parcel Number
110200 86.35-01-08.000
Land Assessment
$342,500
Improvements Assessment
$6,757,500
Total Assessment
$7,100,000
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Cortland Park Apartments | 44 Rickard St
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