Charming Ithaca Multi-Family
505 E Seneca Street Ithaca, NY 14850
505 E Seneca Street, Ithaca, NY, 14850
$549,000
Pending
For Sale
$549,000
Pending
MULTI_FAMILY - Ithaca, NY
Property Size4,045 SF
Lot Size0.19 Acres
Days on Market63
Property Features for 505 E Seneca Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Rooms
- Bedroom 1, Bedroom 3, Bedroom 6, Bedroom 5, Bedroom 2, Bedroom 4, Basement
- Parking features
- Garage
- Security features
- Security
- Window features
- Skylight(s)
- Patio and Porch features
- Patio
- Interior features
- Skylights, NaturalWoodwork
- Exterior features
- BlacktopDriveway, Patio
- Appliances
- ExhaustFan, ElectricOven, ElectricRange, GasWaterHeater, Refrigerator, RangeHood
- Standard status
- Pending
- APN
- 500700-069-000-0003-002-000-0000
- Size
- 4,045 SF
- Lot size
- 0.19 Acres
Taxes and HOA fees
- Tax Annual Amount
- 13552
Utilities
- Heating system
- Natural Gas, Steam
- Water source
- Public
Building Details
- Year built
- 1886
- Floors in Building
- 3
- Number of units
- 1
- Flooring type
- Varies, Carpet, Hardwood, Vinyl
- Building materials
- Brick, WoodSiding, CopperPlumbing
Listing agency
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed by
Jill Burlington · License #30BU0950986
(607) 592-0474
Added: May 21 Updated: Jul 13 at 9:56PM Checked: Jul 22 at 5:06AM
MLS# R1675740
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.
Located in the heart of Ithaca's historic district, 505 E Seneca Street offers flexibility for various uses, including an investment property, boarding house, or conversion to a single-family residence. The property is conveniently located near Cornell University, downtown Ithaca, restaurants, shopping, public transportation, and neighborhood amenities. The home features a wraparound porch and stained glass details. The main level includes a living room with porch access and a kitchen with a butler's pantry. The second floor has four bedrooms, arranged with two bedrooms sharing each Jack and Jill bathroom. The third floor offers two rooms and a full bathroom, suitable for guest rooms, office space, studio use, recreation, or expanded living. The property, situated on a 0.1917-acre lot, offers possibilities for an owner occupant, investor, or buyer seeking long-term potential. The property's size is 4045 square feet. The garage on the property is not currently in use. The source of the square footage is the floor plans included in photos and attachments.
Key Highlights
- Built in 1886 with brick and wood siding construction and copper plumbing.
- Historic district home with stained glass details and a wraparound porch.
- Flexible bedroom layout: 6 bedrooms plus basement, including a second‑floor setup with two Jack‑and‑Jill bathrooms.
Local 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 | $94.2k | $23.28 |
| − Vacancy | −$4.0k | −$0.98 |
| EGI | $90.2k | $22.30 |
| − OpEx | −$40.6k | −$10.04 |
| NOI | $49.6k | $12.27 |
4,045 SF · lease $23.28/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$708.8K
$620.2K – $827.0K
NOI $49,617 @ 7.0% cap · market cap 9.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,355 @ 7.0% cap · market cap 16.09%
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
Similar For Sale Nearby
FAQs
What type of property is this?
Single family property - Versatile property near Cornell, ideal for investment or single-family living.
Where is this single family property located?
The property is located at 505 E Seneca Street Ithaca, NY.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Built in 1886 with brick and wood siding construction and copper plumbing.; Historic district home with stained glass details and a wraparound porch.; Flexible bedroom layout: 6 bedrooms plus basement, including a second‑floor setup with two Jack‑and‑Jill bathrooms.
