Ithaca Multifamily Investment
308 Fairmount Avenue Ithaca, NY 14850
For Sale
$1,000,000
MULTI_FAMILY - Ithaca, NY
Property Size2,358 SF
Price / SF$424.09
Days on Market78
Property Features for 308 Fairmount Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 7
- Rooms
- Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 7, Basement, Bedroom 5, Bedroom 6, Bedroom 1
- Parking features
- Garage
- Interior features
- CeilingFans
- Exterior features
- ConcreteDriveway
- Appliances
- GasOven, GasRange, GasWaterHeater, Refrigerator
- Standard status
- Active
- APN
- 500700-067-000-0006-002-000-0000
- Size
- 2,358 SF
Taxes and HOA fees
- Tax Annual Amount
- 22550
Utilities
- Heating system
- Baseboard, Hot Water(Heating), Natural Gas
- Water source
- Public
Building Details
- Year built
- 1925
- Floors in Building
- 2
- Number of units
- 7
- Flooring type
- Varies, Tile, Hardwood, Vinyl
- Building materials
- Stone, Stucco, WoodSiding
- Roof type
- Asphalt, Tile, Slate
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Kathleen M Markowski · License #30MA0818780
(607) 342-0778
Added: May 7
Changed: Jul 14
Last Checked: Jul 23 at 7:06PM
MLS# R1679498
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 multifamily property, located in the upper Collegetown area of Ithaca, New York, presents an investment opportunity. The property contains seven units, consisting of four 1-bedroom apartments and three 2-bedroom apartments. The apartments are described as bright and unique. Located on a quiet street, the property is within walking distance of Cornell University and the Collegetown hub. The building offers on-site coin laundry and a limited number of off-street parking spaces. The property contains 2,358 square feet.
Key Highlights
- 7‑unit property with 4 one‑bedroom units and 3 two‑bedroom units
- Upper Collegetown location with flat walking distance to Cornell and minutes to the Collegetown hub
- Coin laundry on site and furnished options available
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 | $54.9k | $23.28 |
| − Vacancy | −$2.3k | −$0.98 |
| EGI | $52.6k | $22.30 |
| − OpEx | −$23.7k | −$10.04 |
| NOI | $28.9k | $12.27 |
2,358 SF · lease $23.28/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$413.2K
$361.6K – $482.1K
NOI $28,924 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$735.8K
$643.8K – $858.4K
NOI $51,506 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Seven units near Cornell University in Collegetown, Ithaca.
Where is this apartment building located?
The property is located at 308 Fairmount Avenue Ithaca, NY.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 7‑unit property with 4 one‑bedroom units and 3 two‑bedroom units; Upper Collegetown location with flat walking distance to Cornell and minutes to the Collegetown hub; Coin laundry on site and furnished options available
