180 Main StCortland, NY 13045
- Investment properties
- 5,443 SF
Property Details for 180 Main St
- Year built
- 1965
- Lot size
- 0.22 AC
- Property size (Sq ft)
- 5,443 SF
- Zone code
- 05 - COMMERCIAL
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 110200 86.74-03-22.000
- APU
- 11020086740322000
Description
This exceptional commercial property, situated on a prominent corner lot at Main & Union Streets in Cortland's central business district, presents a lucrative investment opportunity. The 7,599 square foot building sits on a 0.22-acre lot and boasts a diverse mix of commercial and residential tenants, ensuring consistent cash flow. Five commercial units are currently occupied, including a 3,500 square foot convenience store (renting for $1,100/month), a 250 square foot smoke shop ($300/month), an 800 square foot hair salon ($500/month), and an 800 square foot heated warehouse with a 9' x 10' overhead door ($300/month). One 800 square foot commercial space is currently vacant, offering immediate potential for increased rental income at a projected $700/month. Adding to the income stream are two 2-bedroom apartments, each renting for $600/month. The total gross monthly rental income is $4,100. The property underwent a complete renovation 11 years ago, including a new roof, vinyl siding, a 600-amp electrical service upgrade, and new hot water heaters. The convenience store features a 10-door walk-in display cooler and a new heating system with central air conditioning. Ample paved parking is available on-site. The high-ceiling basement provides easy access to all mechanical systems. Annual expenses include $6,832 for property taxes, $1,200 for water and sewer, and $1,800 for insurance. Each unit is responsible for its own gas and electricity. This property offers a strong return on investment with its prime location, diverse tenant base, and recently completed renovations.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $878,953
- 6.5%
- $811,342
- 7%
- $753,389
-
Comparable approach
- Method
- Valuation
- Relative Method
- $497,263
- Geo Method
- $711,182
-
Alternative Use
- Use
- Valuation
- Residential
- $1,006,064
- Hospitality
- $921,549
- Educational
- $766,718
- Medical
- $793,086
- Retail
- $1,192,672
Location Insight
- City
- Cortland
- County
- Cortland
- State
- New York
- Latitude
- 42.5932
- Longitude
- -76.1803
- CBSA code
- 18660
- CBSA name
- CORTLAND, NY MICROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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