Collegetown Investment Property For
119 Linden Avenue Ithaca, NY 14850
For Sale
Under Contract
$478,000
MULTI_FAMILY - Ithaca, NY
Property Size1,100 SF
Price / SF$434.55
Days on Market77
Property Features for 119 Linden Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 3
- Bathrooms
- 2
- Rooms
- Bedroom 3, Bedroom 2, Basement, Bedroom 1, Bathroom 1, Bathroom 2
- Patio and Porch features
- Patio
- Exterior features
- Patio
- Fireplace
- 1
- Appliances
- GasWaterHeater
- Standard status
- Active Under Contract
- APN
- 500700-067-000-0003-019-000-0000
- Size
- 1,100 SF
Taxes and HOA fees
- Tax Annual Amount
- 11773
Utilities
- Heating system
- Natural Gas, Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1935
- Floors in Building
- 2
- Number of units
- 1
- Flooring type
- Varies, Hardwood, Vinyl
- Building materials
- ShakeSiding, CopperPlumbing, PexPlumbing
- Roof type
- Asphalt, Shingle
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Steven Saggese · License #30SA0532613
(607) 280-4350
Added: May 8
Changed: Jul 14
Last Checked: Jul 23 at 8:06PM
MLS# R1679701
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 Collegetown investment property is in excellent condition, featuring extensive updates throughout. It is fully rented for the 2026-2027 school year. Located just three blocks from the center of Collegetown and four blocks from campus, this property offers a prime rental location with strong tenant appeal. Tenants cover all utilities, including electric, gas, internet, and water. The landlord is responsible for snow removal and low-maintenance lawn care. The home includes three bedrooms and two full baths across two levels plus a basement. Off-street parking is available, along with a large loose stone patio that can accommodate additional parking, and a one-car garage for storage or vehicle use. The layout features formal living and dining rooms, one bedroom and one full bath on the main level, and two bedrooms with a second full bath upstairs. Natural woodwork and hardwood floors add charm and character throughout both levels. Major updates include heating, central air, windows, flooring, a renovated kitchen with granite counters, quality full-size cabinetry, ceramic tile floors, subway tile backsplash, and stainless steel appliances, along with fully renovated bathrooms and lower-level laundry. This property is a strong rental option for tenants seeking the privacy of a standalone home with modern finishes and amenities rather than an apartment building lifestyle. Zoned Collegetown District CR-1, this 1100-square-foot property is well suited for a first-time investor, an experienced investor seeking a solid Collegetown asset, or a parent planning for off-campus housing beginning with the 2027-2028 school year.
Key Highlights
- 3‑bedroom, 2‑bath home (1935) with basement, split across two levels plus basement
- Fully renovated interiors include renovated kitchen with granite counters, full‑size cabinetry, and stainless steel appliances
- Central air plus forced‑air natural gas heating; gas water heater
Financial Insights For Apartment 5plus
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 | $25.6k | $23.28 |
| − Vacancy | −$1.1k | −$0.98 |
| EGI | $24.5k | $22.30 |
| − OpEx | −$11.0k | −$10.04 |
| NOI | $13.5k | $12.27 |
1,100 SF · lease $23.28/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$192.8K
$168.7K – $224.9K
NOI $13,493 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$343.2K
$300.3K – $400.5K
NOI $24,027 @ 7.0% cap · market cap 5.03%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Single family properties
FAQs
What type of property is this?
Single family property - Updated investment property near campus, fully rented through 2027.
Where is this single family property located?
The property is located at 119 Linden Avenue Ithaca, NY.
What is the asking price?
The asking price for this property is $478,000.
What are key features of this property?
This property features: 3‑bedroom, 2‑bath home (1935) with basement, split across two levels plus basement; Fully renovated interiors include renovated kitchen with granite counters, full‑size cabinetry, and stainless steel appliances; Central air plus forced‑air natural gas heating; gas water heater
