24-Bedroom Apartment
For Sale
Contact for pricing
Pending
116 FERRIS PL, Ithaca, NY 14850
Large multifamily building offers multiple apartment layouts, including several 1- to 5-bedroom units.
Property Size8,902 SF
Days on Market71
Property Features for 116 FERRIS PL
General Information
Standard status
Pending
Size
8,902 SF
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$174,780
Additional Details
Multifamily Units
6
Building Details
Year Built
1900
Buildings
1
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices CNY Realty Fayetteville
Listed By:
Thalia Collis · License #NY 30VI826997
Source:
Crexi
Added: Jul 7
Changed: Sep 7
Last Checked: Sep 15 at 4:31AM
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 CNY Realty Fayetteville
Investment Insights
Based on property information with market context.
This for-sale apartment building includes 24 bedrooms and is described as a large duplex-style property divided into multiple apartments. The apartment mix is listed as 116-1 (5 bedrooms, 2 baths), 116-2 (3 bedrooms, 1 bath), 116-3 (2 bedrooms, 1 bath), 118-1 (6 bedrooms, 1 bath), 118-2 (4 bedrooms, 1 bath), and 118-3 (3 bedrooms, 1 bath). Many units are described as having bay windows and large rooms.
The property is described as being just off State Street, a few blocks south of Collegetown Center and just up the hill from the Commons, with surrounding gorges and preserved greenery. It is noted to be just above the Six Mile Creek Preserve, and a footbridge over the creek is described as a few hundred feet down the street.
Delayed offers are in effect, and no offers will be reviewed until Wednesday, July 1 at 10:00 a.m.
The property is described as being just off State Street, a few blocks south of Collegetown Center and just up the hill from the Commons, with surrounding gorges and preserved greenery. It is noted to be just above the Six Mile Creek Preserve, and a footbridge over the creek is described as a few hundred feet down the street.
Delayed offers are in effect, and no offers will be reviewed until Wednesday, July 1 at 10:00 a.m.
Key Highlights
- Large multifamily building with 24 bedrooms across multiple apartment layouts
- Apartment mix includes 5‑bedroom/2‑bath (116‑1), 3‑bedroom/1‑bath (116‑2 and 118‑3), 2‑bedroom/1‑bath (116‑3), 6‑bedroom/1‑bath (118‑1), and 4‑bedroom/1‑bath (118‑2)
- Year built: 1900
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
$109,194
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
7.50%
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%
$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
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
$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 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%
$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 7.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.78M
$2.43M – $3.24M
NOI $194,447 @ 7.0% cap · market cap 13.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
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
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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?
Apartment building - Large multifamily building offers multiple apartment layouts, including several 1- to 5-bedroom units.
Where is this apartment building located?
The property is located at 116 FERRIS PL Ithaca, NY.
What is the asking price?
The asking price for this property is $1,455,000.
What are key features of this property?
This property features: Large multifamily building with 24 bedrooms across multiple apartment layouts; Apartment mix includes 5‑bedroom/2‑bath (116‑1), 3‑bedroom/1‑bath (116‑2 and 118‑3), 2‑bedroom/1‑bath (116‑3), 6‑bedroom/1‑bath (118‑1), and 4‑bedroom/1‑bath (118‑2); Year built: 1900
