Investment Overview

Cortland is like a Victorian era Mayberry with the energy and social dynamics of a college town! Take a look at the variety of things to do in the community that are geared to the active lifestyle, and cultural activities that just keep on coming. A resident told us that the community will use any excuse to have a festival or a parade. This is the sort of community that has and will continue to blossom, just like many other communities that have had the sense to keep their architectural integrity intact, think Hudson NY. Check out more about the community and what’s nearby on this site!

New Web Presence in 2018

Cortland Park Apartments (CPA) ownership filled rentals passively/organically for many years, with people who grew up there later renting their own apartments, people returning who lived there before, and people who came as referrals from current tenants. As rental searches moved to primarily internet-based, CPA did not create a website or web presence. Even though CPA offers more than any other local complex (for instance it’s the only Cortland rental with a pool), this wasn’t evident online.

As of January 2018, CPA now has the best website and online presence of any rental complex in the Cortland area! This already high-producing website is included for the purchaser of the property, along with 3 years of website hosting and technical support.

The complex’s apartments are about $200 per month below the average for the area, so there is plenty of room for improvement, particularly with the newly-optimized and rapidly improving web presence producing over 10x the volume of tenant leads that were coming in before it.

The pictures and 3D interactive tours on this website are representative of the apartments as they really are, they were not cherry picked.

About the Complex

CPA was built in 1972 to provide a very nice style of life with 146 spacious, well-designed units and a wide selection of on-site amenities. These modern brick buildings have maintenance-free exteriors with new windows and vinyl panel accents. The entry vestibules in every building have been redone with glass doors and adjoining glass panels capped with attractive awnings, to provide both good light and a touch of class. The parking lots have been recently resurfaced and there is ample parking for all! The high-tech surveillance system operates 24 hours and covers the School Bus stop area too.

These buildings are mechanically correct, with each floor of all 8 buildings serviced by a separate gas hot water heating system (about 8 years old) and a separate 75 Gallon hot water heater. This is a total of 3 hot water heaters and 3 heating systems per building, or 24 total of each. The electric is separated with a panel in each apartment. The lower level has 8’ ceilings.

Recent Improvement Program

The resurfaced driveways and parking areas, energy improvements, new water saving fixtures, the surveillance system, many new roofs and interior upgrades are all part of a $1,400,000 improvement program undertaken in 2015/2016. Most of the kitchens and baths have original, but clean and well-maintained, cabinets and fixtures. Some bathroom and a few kitchens have been recently redone. See pictures below of some of the improvements.

Cortland Demographics and Statistics

Cortland is referred to as having a young population and old buildings. Cool combination. The demographics have not changed all that much since Cortland was originally settled in 1791. The picture book Historic Downtown hasn’t changed much in the past 100 years either! This is an opportunity to make a legacy investment that will continue to grow.

• Median household income: $40,025 (CPA is in the sweet spot where < 25% of median community income will pay the rent here).
• Median age: 27.5
• The population of Cortland, NY is 91.1% White, 3.09% Black, and 2.93% Hispanic.
• 4.58% of the people in Cortland, NY speak a non-English language, and 99% are U.S. citizens.
• Population: 19,134
• Statistics Source

The Situation

CPA’s managing partner is a renowned architect who has designed skyscrapers the world over and his time is greatly in demand in the Middle East, which as we all know needs more skyscrapers, so it would make some sense for the current owners to move on. However, ownership has just been approved for that most difficult of loans: a cash out refi. They have their choices, and so do you, and this is a great one. For more info or to discuss, please do not hesitate to contact me, Eric Schatz, at 914-274-7021 or via the contact page.