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    205 W Buffalo St Ithaca, NY 14850

    View on Map
    Sponsored
    For Sale
    $488,800

    MULTI_FAMILY - Ithaca, NY

    Property size:
    1,931 SF
    Lot size:
    0.05 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 27 at 11:06 pm

    Property Features for 205 W Buffalo St

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Rooms
    Bedroom 2, Bedroom 4, Bathroom 1, Bedroom 3, Bathroom 2, Basement, Bedroom 1
    Bedrooms
    4
    Bathrooms
    2
    APN
    500700-060-000-0004-002-000-0000
    Parking features
    Driveway, Offsite, On Street
    Patio and Porch features
    Patio, Porch
    Interior features
    Storage, NaturalWoodwork
    Exterior features
    Patio
    Appliances
    GasWaterHeater
    Size
    1,931 SF
    Lot size
    0.05 Acres

    Utilities

    Heating system
    Natural Gas, Baseboard
    Water source
    Public

    Building Details

    Year built
    1910
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Laminate, Tile, Varies, Hardwood
    Building materials
    BlownInInsulation, FoamInsulation, Frame
    Roof type
    Asphalt
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Melissa Miller Fedrizzi
    Melissa Miller Fedrizzi

    RE/MAX In Motion

    Listing agent Melissa Miller Fedrizzi License #10491209900

    Listing date Mar 26, 2026

    MLS# R1668482

    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.

    Learn more

    Property Insight Report

    Overview

    Craftsman Home in Downtown Ithaca

    Located in Downtown Ithaca, this Craftsman-style home at 205 W Buffalo Street is situated between Albany Street and Geneva on the South Side. Constructed in 1910, the historic residence has been transformed into two separate living spaces, offering versatile options. Currently configured as a two-level, three-bedroom unit and a one-level, one-bedroom unit, the property offers a flexible investment opportunity. The original staircase could be reopened with minimal work to convert it back into a single-family home. The property features original wood details and hardwood floors throughout all three levels. The versatile floor plan spans three stories, providing ample space. A front porch is nestled behind oversized hydrangea plants. The stone-covered exterior offers the opportunity to create a space for entertaining, gardens, or relaxation. A private back deck and a fire pit are perfect for gatherings. Basement access to laundry and storage adds practicality. The property is conveniently located near amenities, shops, and cultural attractions. The lot size is 0.0502 acres, and the property size is 1931 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.5012
    Latitude
    42.441474

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    FAQs

    What type of property is this?
    Duplex - Charming Craftsman-style home converted into two living spaces.
    Where is this duplex located?
    The property is located at 205 W Buffalo St Ithaca, NY.
    What is the asking price?
    The asking price for this property is $488,800.
    What are key features of this property?
    This property features: - Versatile property: Configured as two living spaces, easily convertible.; - Prime Downtown Ithaca location: Unparalleled convenience to amenities.; - Original Craftsman details: Features beautiful original wood details and hardwood floors.
    (607) 351-1995
    Request Owner's contact information
    205 W Buffalo St Ithaca, NY 14850
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    Ithaca, NY 14850
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    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
    205 W Buffalo St Ithaca, NY 14850
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    Listing Contact
    Melissa Miller Fedrizzi
    Melissa Miller Fedrizzi
    Real Estate License ID: 10491209900
    Learn More
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