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 Market104
Property Features for 116 Cook Street
General Information
Standard status
Active
Size
2,973 SF
Property subtype
Multi Family
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: Oct 25
Last Checked: Oct 30 at 2:22PM
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
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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 / Yr
$36,468
Cap Rate
4.07%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,506
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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
