Ownership has just rehabbed many units and re-rented them, so as to be representative of the current situation we averaged the real income for the last 5 months x12 and projected a full year's income. This is part of a well-formed Pro Forma. The rents are currently soft by about $175,000. Cortland Park Apartments includes 146 garden apartments in 8 brick buildings, each with 3 floors. There are 44 one bedroom units, 67 two bedroom units and 35 three bedroom units. There are over 300 parking spaces. Cortland Park Apartments was built in the 1972. It got the “Park” part of its name from the lovely 5.24-acre grounds. The complex is located 5 minutes from SUNY Cortland, a block from a large shopping center, a walk from the historic Cortland Downtown, and is convenient to main arteries to Ithaca and Syracuse. Cortland is a city of 3.92 square miles, with ~17,500 residents. It was originally settled in 1791. Cortland is approximately 45 minutes northwest of Binghamton, just under 40 minutes south of Syracuse and 40 minutes northeast of Ithaca.