Ithaca Multifamily Investment
101-05 Giles Street Ithaca, NY 14850
For Sale
Under Contract
$975,000
MULTI_FAMILY - Other - Ithaca, NY
Property Size4,839 SF
Lot Size0.29 Acres
Price / SF$201.49
Days on Market84
Property Features for 101-05 Giles Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 10
- Bathrooms
- 6
- Rooms
- Bedroom 1, Bathroom 1, Bathroom 6, Bedroom 9, Bedroom 6, Bedroom 5, Bedroom 7, Bathroom 3, Basement, Bathroom 4, Bedroom 2, Bedroom 4, Bedroom 3, Bathroom 5, Bathroom 2, Bedroom 8, Bedroom 10
- Parking features
- On Street
- Patio and Porch features
- Porch
- Interior features
- PullDownAtticStairs
- Exterior features
- PrivateYard
- Appliances
- GasWaterHeater
- Standard status
- Active Under Contract
- APN
- 500700-069-000-0005-012-000-0000
- Size
- 4,839 SF
- Lot size
- 0.29 Acres
Taxes and HOA fees
- Tax Annual Amount
- 19375
Utilities
- Heating system
- Electric (Heating), Forced Air, Baseboard, Natural Gas
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1890
- Floors in Building
- 3
- Number of units
- 4
- Flooring type
- Varies, Carpet, Tile
- Building materials
- WoodSiding
- Roof type
- Asphalt, Shingle
- Architectural style
- Other
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Steven Saggese · License #30SA0532613
(607) 280-4350
Added: May 1
Changed: Jul 14
Last Checked: Jul 23 at 8:06PM
MLS# R1677983
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This well-maintained investment property is located on a quiet side street on the edge of downtown Ithaca, providing access to Cornell University, Ithaca College, and a TCAT bus line. The building spans over 4,800 square feet and features four units: two 4-bedroom apartments and two 1-bedroom apartments. The gross rent roll is $111,000 for the 2026-2027 season, and the property is fully leased through late summer 2027. One side of the building encompasses two full floors, suitable for a future owner-occupied residence. The opposite side houses three units across three levels, accessed via an oak center staircase. Residents have access to off-street parking and a full walk-out basement with laundry and storage. Utilities for heat, hot water, and electric are split and paid by the tenants. The property is located in Ithaca, NY, on a lot of 0.29 acres. The versatile layout and configuration appeal to a diverse tenant pool, making this a turn-key opportunity for investors.
Key Highlights
- 4‑unit investment property with over 4,800 SF: two 4‑bedroom apartments and two 1‑bedroom apartments
- Gross rent roll of $111,000 for the 2026–2027 season; fully leased through late summer 2027
- Walk‑out basement with laundry and storage, plus pull‑down attic stairs
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $95.8k | $19.80 |
| − Vacancy | −$4.3k | −$0.89 |
| EGI | $91.5k | $18.91 |
| − OpEx | −$27.5k | −$5.67 |
| NOI | $64.1k | $13.24 |
4,839 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$915.0K
$800.6K – $1.07M
NOI $64,050 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$847.9K
$742.0K – $989.3K
NOI $59,356 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,699 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Well-maintained four-unit property near Cornell and Ithaca College.
Where is this quadplex located?
The property is located at 101-05 Giles Street Ithaca, NY.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 4‑unit investment property with over 4,800 SF: two 4‑bedroom apartments and two 1‑bedroom apartments; Gross rent roll of $111,000 for the 2026–2027 season; fully leased through late summer 2027; Walk‑out basement with laundry and storage, plus pull‑down attic stairs
