112 Groton Avenue

Description

Welcome to 112 Groton Avenue, Cortland, NY. Exceptional opportunity to acquire a well-maintained 14-unit investment property in a prime location just a short distance from SUNY Cortland and the shops, restaurants, and amenities of downtown Cortland. This professionally managed student housing portfolio offers a total of 42 bedrooms with potential to expand to 44 bedrooms, making it an attractive addition to an investor's portfolio. The centerpiece of the property is a 10-unit building constructed in 2009, featuring ten spacious three-bedroom apartments. Each unit offers a functional floor plan with large living rooms, eat-in kitchens with dining areas, generously sized bedrooms, and full bathrooms equipped with double-sink vanities. Built-in closet shelving systems provide added convenience and storage throughout. Complementing the main building are two additional structures built between 2014 and 2015. One is a side-by-side duplex, each unit offering three bedrooms, one and a half bathrooms, expansive living spaces, kitchens with breakfast bars and dining areas, and first-floor half baths with bedrooms and full baths located on the second level. The third building consists of two additional three-bedroom units and includes a dedicated rental office, storage space, and a garage with overhead door ideal for maintenance equipment and property operations. Tenants benefit from five common laundry areas equipped with coin-operated machines, all of which are included in the sale. The property also features 42 on-site parking spaces with ample lighting and maintained striping, providing convenience and security for residents. With a cap rate exceeding 7%, a strong rental history, and a turnkey operational setup, this income-producing asset presents an excellent opportunity for investors seeking stable cash flow and long-term growth. The property may also be an ideal candidate for buyers looking to complete a 1031 exchange and acquire a high-quality, fully established investment property in one of Cortland's most desirable rental locations.