Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    24 South Ave, Unit 24 Cortland, NY 13045

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $375,000

    Spacious four-unit property near SUNY Cortland with investment potential.

    Lot size:
    0.23 Acres

    Property Features for 24 South Ave

    General Information

    Lot size
    0.23 Acres

    Building Details

    Year built
    1870

    We can help!

    Listing Contact
    Heriberto Pezzino
    Source: Elliman

    Listing Agent: Heriberto Pezzino

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Fourplex Near SUNY Cortland

    This 7,392 square foot fourplex is located steps from SUNY Cortland and Main Street amenities. Each of the four units includes 3-4 bedrooms and updated kitchens. The property features separately metered utilities, which keeps owner costs low. Recent improvements include updated boilers, roofs, and vinyl windows. A clean, dry basement features coin-op laundry and secure tenant storage. The property is zoned R-2 with potential for additional density or ADU. Off-street parking, high walkability, and proximity to I-81 are additional features. The property offers pro forma income over $52,000 per year.
    Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cortland
    County
    Cortland
    State
    New York
    Longitude
    -76.1828577
    Latitude
    42.5918513

    Nearby Similar for Sale

    • $249,000
      Pending

      Victorian Home on East Main

      Turnkey Victorian home perfect for homeowners or investors.
      12 E Main St, Cortland, NY 13045
      View Details
    • $159,900
      1,932 SF

      Cortland Two-Family Home with Upside

      Two-unit property in Cortland, NY, with investment potential.
      132 Central Ave, Cortland, NY 13045
      View Details
    • $119,900
      Pending

      Cortland Two-Family Investment Property

      Two-unit property on a corner lot with mature landscaping.
      31 Garfield St, Cortland, NY 13045
      View Details
    • $399,000
      4,560 SF

      Cortland Commercial Building For Sale

      Two-story, 4,560 SF commercial building in downtown Cortland, NY.
      97-103 N Main St, Cortland, NY 13045
      View Details
    • $299,900
      3,610 SF

      Turn-Key Office Building with Retail

      3,610 sq ft turn-key office building with retail potential.
      997 Mclean Rd, Cortland, NY 13045
      View Details
    • $74,900
      2,118 SF

      Cortland Commercial Property on Route 13

      B3-zoned commercial property with high visibility and redevelopment potential.
      805 State Route 13, Cortland, NY 13045
      View Details
    • $289,000
      Pending

      Versatile Commercial Space in Cortland

      Commercial space in Cortland's historic downtown, ready for renovation.
      16-18 Main St, Cortland, NY 13045
      View Details
    • $188,000
      Pending

      High-Visibility Commercial Building For Sale

      High-profile commercial building with recent renovations and flexible configuration.
      45 Port Watson St, Cortland, NY 13045
      View Details
    • $385,000
      3,378 SF

      Cortland Commercial Building with Restaurant Potential

      Commercial building near SUNY Cortland, ideal for restaurant or other ventures.
      219-1/2 Tompkins Street Ext, Cortland, NY 13045
      View Details
    • $265,000
      2,876 SF

      Victorian House Near College

      Multi-unit Victorian near college, hospital, parks, and amenities.
      66 Maple Ave, Cortland, NY 13045
      View Details
    • $145,000
      1,432 SF

      Well-Maintained Two-Unit Multifamily Property

      Two-unit multifamily property with remodeled unit and long-term tenant.
      14 Pomeroy St, Cortland, NY 13045
      View Details
    • $235,000
      2,684 SF

      Cortland Triplex: Investment or Owner-Occupancy

      Well-maintained Cortland triplex near downtown, SUNY Cortland, and transportation.
      44 Union St, Cortland, NY 13045
      View Details

    FAQs

    What type of property is this?
    Quadplex - Spacious four-unit property near SUNY Cortland with investment potential.
    Where is this quadplex located?
    The property is located at 24 South Ave, Unit 24 Cortland, NY.
    What is the asking price?
    The asking price for this property is $375,000.
    What are key features of this property?
    This property features: - Prime location steps from SUNY Cortland and Main Street amenities; - Strong income potential with pro forma income over $52K/year; - Four spacious units, each with 3-4 bedrooms and updated kitchens
    (607) 372-3214
    Request Owner's contact information
    24 South Ave, Unit 24 Cortland, NY 13045
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    24 South Ave, Unit 24
    Cortland, NY 13045
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    24 South Ave, Unit 24 Cortland, NY 13045
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Heriberto Pezzino
    (607) 372-3214
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.