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6 Monroe Heights
Cortland, NY 13045
Multifamily Property For Sale
·
3 Units
Investment Highlights
- Strong Per-Bed Rental Structure: $3,600 per bedroom, per semester
- Owner Pays Electric & Gas Utilities
- Established Use in a Proven College Rental Market
- Consistent Student Demand Location
- Large On-Site Parking Lot
Executive Summary
Offered at $555,000, this well-located 3,974± SF, three-unit student housing property presents a strong investment opportunity in the heart of Cortland. The property features 15 total bedrooms (five bedrooms per unit) and is currently operated as student housing, benefiting from consistent demand driven by its walkable proximity to SUNY Cortland and the Cortland City central business district.
Each bedroom leases for $3,600 per semester, providing a clear, per-bed revenue model favored by student-housing investors. The owner currently covers electric and gas utilities, simplifying tenant leasing and supporting strong occupancy. The property is further enhanced by a large on-site parking lot, a valuable amenity in this submarket.
With its prime location, scale, and established student-housing use, 6 Monroe Heights offers investors a compelling opportunity to acquire a stabilized asset in a proven college rental market.
Each bedroom leases for $3,600 per semester, providing a clear, per-bed revenue model favored by student-housing investors. The owner currently covers electric and gas utilities, simplifying tenant leasing and supporting strong occupancy. The property is further enhanced by a large on-site parking lot, a valuable amenity in this submarket.
With its prime location, scale, and established student-housing use, 6 Monroe Heights offers investors a compelling opportunity to acquire a stabilized asset in a proven college rental market.
Property Facts
| Price Per Unit | $185,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.22 AC |
| No. Units | 3 | Building Size | 3,974 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1974 |
| Apartment Style | Low-Rise | ||
| Zoning | 05 - COMM - Residential / Multifamily | ||
| Price Per Unit | $185,000 |
| Sale Type | Investment |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.22 AC |
| Building Size | 3,974 SF |
| No. Stories | 3 |
| Year Built | 1974 |
| Zoning | 05 - COMM - Residential / Multifamily |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 5+3 | 3 | - | 1,324 - 2,628 |
Property Taxes
| Parcel Number | 110200-086-058-0001-030-000-0000 | Improvements Assessment | $256,800 |
| Land Assessment | $33,200 | Total Assessment | $290,000 |
Property Taxes
Parcel Number
110200-086-058-0001-030-000-0000
Land Assessment
$33,200
Improvements Assessment
$256,800
Total Assessment
$290,000
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