10-Bedroom Multifamily
For Sale
$895,000
116 Cook Street, Ithaca, NY 14850
Room-by-room rental configuration near Cornell University with CR-3 zoning.
Property Size2,973 SF
Price / SF$301.04
Days on Market47
Property Features for 116 Cook Street
General Information
Standard status
Active
Size
2,973 SF
Property subtype
MultiFamily
Zoning
CR-3
Listing Agency:
Howard Hanna S Tier Inc
(607) 257-0800
Listed By:
Kyle Steele
(607) 342-2148
Source:
Nicholcityrealty
Added: Jul 20
Changed: Aug 30
Last Checked: Sep 4 at 11:30AM
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 Howard Hanna S Tier Inc
Investment Insights
Based on property information with market context.
This 2,973-square-foot multifamily property includes 10 bedrooms and is currently operated as a room-by-room rental. The configuration provides flexibility for continued residential income use, while the property’s CR-3 zoning supports redevelopment of up to 3 stories.
Located at 116 Cook Street in Ithaca’s Collegetown area, the property is near Cornell University. The existing layout and zoning create two clearly defined paths: maintain the current rental arrangement or pursue a ground-up redevelopment plan consistent with the stated zoning allowance.
Located at 116 Cook Street in Ithaca’s Collegetown area, the property is near Cornell University. The existing layout and zoning create two clearly defined paths: maintain the current rental arrangement or pursue a ground-up redevelopment plan consistent with the stated zoning allowance.
Key Highlights
- 10‑bedroom multifamily property
- 2,973 square feet
- Currently rented by the room
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
$36,468
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
4.07%
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%
$729,360
$729.4K
Cap Rate 7%
$520,971
$521.0K
Cap Rate 9%
$405,200
$405.2K
Market Conditions
NOI Build-Up for 2,973 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
$69.2K $23.28/SF
− Vacancy
−$2.9K −$0.98/SF
EGI
$66.3K $22.30/SF
− OpEx
−$29.8K −$10.04/SF
NOI
$36.5K $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 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%
$729,360
Cap Rate 7%
$520,971
Cap Rate 9%
$405,200
Alternative Uses
Best Use
Apartment 5plus
$521.0K
$455.9K – $607.8K
NOI $36,468 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$927.7K
$811.7K – $1.08M
NOI $64,939 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,506
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Room-by-room rental configuration near Cornell University with CR-3 zoning.
Where is this multifamily property located?
The property is located at 116 Cook Street Ithaca, NY.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 10‑bedroom multifamily property; 2,973 square feet; Currently rented by the room
