Multifamily
For Sale
$1,355,000
116 - 118 Ferris Place 18, Ithaca, NY 14850
The building includes finished walk-out space, natural-gas hot water, and a dishwasher.
Property Size8,902 SF
Price / SF$152.21
Days on Market112
Property Features for 116 - 118 Ferris Place 18
General Information
Standard status
Active
Size
8,902 SF
Property subtype
Residential Income
Net Operating Income
$174,780
Taxes and HOA fees
Annual Taxes
$21,420
Amenities
Ceiling Fan(s)
Hot Water, Natural Gas
Finished, Walk-Out Access
Dishwasher, Gas Oven, Gas Range, Gas Water Heater
Ceiling Fan(s), Entrance Foyer
No Garage
Building Details
Building Size
8,902 SF
Year Built
1900
Stories
3
Listing Agency:
Berkshire Hathaway HomeServices Heritage Realty
Listed By:
Brian DeYoung
(607) 275-1234
Source:
Evrealestate
Added: Jun 26
Changed: Oct 11
Last Checked: Oct 14 at 11:01PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway HomeServices Heritage Realty
Investment Insights
Based on property information with market context.
This multifamily property contains 8,902 square feet and dates to 1900. Interior features include finished walk-out space, ceiling fans, and an entrance foyer. The building has hot water service using natural gas, along with a gas oven, gas range, gas water heater, and dishwasher. No garage is present.
Key Highlights
- 8,902‑square‑foot multifamily property
- Built in 1900
- Finished space with walk‑out access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$109,194
Cap Rate
8.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,183,880
$2.2M
Cap Rate 7%
$1,559,914
$1.6M
Cap Rate 9%
$1,213,267
$1.2M
Market Conditions
NOI Build-Up for 8,902 SF
Gross rent
$207.2K $23.28/SF
− Vacancy
−$8.7K −$0.98/SF
EGI
$198.5K $22.30/SF
− OpEx
−$89.3K −$10.04/SF
NOI
$109.2K $12.27/SF
Area
Tompkins County, NY
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,183,880
Cap Rate 7%
$1,559,914
Cap Rate 9%
$1,213,267
Alternative Uses
Best Use
Apartment 5plus
$1.56M
$1.36M – $1.82M
NOI $109,194 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.78M
$2.43M – $3.24M
NOI $194,447 @ 7.0% cap · market cap 14.35%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - The building includes finished walk-out space, natural-gas hot water, and a dishwasher.
Where is this multifamily property located?
The property is located at 116 - 118 Ferris Place 18 Ithaca, NY.
What is the asking price?
The asking price for this property is $1,355,000.
What are key features of this property?
This property features: 8,902‑square‑foot multifamily property; Built in 1900; Finished space with walk‑out access
