Four-Unit Quadplex with Central
For Sale
Under Contract
$975,000
101-05 Giles Street, Ithaca, NY 14850
MULTI_FAMILY - Other - Ithaca, NY
Property Size4,839 SF
Lot Size0.29 Acres
Price / SF$201.49
Days on Market104
Property Features for 101-05 Giles Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 1, Bedroom 7, Bedroom 5, Bathroom 3, Bathroom 2, Bedroom 8, Bedroom 10, Bathroom 6, Bedroom 2, Bedroom 3, Bedroom 1, Bedroom 9, Bathroom 4, Bedroom 4, Basement, Bathroom 5, Bedroom 6
Parking features
On Street
Patio and Porch features
Porch
Interior features
PullDownAtticStairs
Exterior features
PrivateYard
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school
South Hill
Middle school
Boynton Middle
High school
Ithaca Senior High
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Directions
Near the intersection of Hudson and Giles
Subdivision
Ithaca-City-500700
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
Forced Air, Baseboard, Electric (Heating), Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
off-street parking
laundry
storage
Building Details
Year built
1890
Floors in Building
3
Number of units
4
Flooring type
Carpet, Varies, Tile
Building materials
WoodSiding
Roof type
Shingle, Asphalt
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: Aug 4
Last Checked: Aug 12 at 2:06PM
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 four-unit quadplex offers a practical mix of layouts, with two 4-bedroom apartments and two 1-bedroom apartments under one roof. At just under 0.29 acres, the building totals 4,839 square feet and was built in 1890, with wood siding and a shingle/asphalt roof. Interiors include a pull-down attic stair and tile, carpet, and varied flooring, while mechanicals include central air plus forced air and baseboard heating with natural gas and electric (heating). A gas water heater is on site.
The property is positioned on a quiet side street on the edge of downtown Ithaca, with easy access to Cornell University, Ithaca College, and a TCAT bus line just steps away. The layout features an oak center staircase, with one side spanning two full floors for a potential future owner-occupied setup. The opposite side provides three units across three levels. A full walk-out basement includes laundry and storage, and residents have access to a porch and private yard. Parking is described as on-street.
Utilities are split, with tenants paying for heat, hot water, and electric. The building is fully leased through late summer 2027.
The property is positioned on a quiet side street on the edge of downtown Ithaca, with easy access to Cornell University, Ithaca College, and a TCAT bus line just steps away. The layout features an oak center staircase, with one side spanning two full floors for a potential future owner-occupied setup. The opposite side provides three units across three levels. A full walk-out basement includes laundry and storage, and residents have access to a porch and private yard. Parking is described as on-street.
Utilities are split, with tenants paying for heat, hot water, and electric. The building is fully leased through late summer 2027.
Key Highlights
- 4,839 SF four‑unit quadplex with two 4‑bedroom and two 1‑bedroom apartments
- Fully leased through late summer 2027
- Oak center staircase with separate multi‑level unit access
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$64,050
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.57%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,281,000
$1.3M
Cap Rate 7%
$915,000
$915.0K
Cap Rate 9%
$711,667
$711.7K
Market Conditions
NOI Build-Up for 4,839 SF
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.
Gross rent
$95.8K $19.80/SF
− Vacancy
−$4.3K −$0.89/SF
EGI
$91.5K $18.91/SF
− OpEx
−$27.5K −$5.67/SF
NOI
$64.1K $13.24/SF
Area
Tompkins County, NY
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,281,000
Cap Rate 7%
$915,000
Cap Rate 9%
$711,667
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,120
Businesses Nearby
Explore this area
Business Placement
Demographics for 14850, NY
69,271
Population
31,772
Households
2.2
Avg Household Size
29
Median Age
72%
College-Educated
96%
High-School Grad
124.8 sq mi
ZIP Area
555
Density / Sq Mi
$69,689
Median Household Income
$36,115
Median Earnings
$1,446
Median Rent
$334,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four units are fully leased through late summer 2027 with a central oak staircase and private yard.
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: 4,839 SF four‑unit quadplex with two 4‑bedroom and two 1‑bedroom apartments; Fully leased through late summer 2027; Oak center staircase with separate multi‑level unit access
