5-Unit Apartment
For Sale
$1,100,000
119 Stewart Avenue, Ithaca, NY 14850
Apartments feature hardwood floors, on-site laundry, off-street parking, and direct bus service.
Property Size3,851 SF
Price / SF$285.64
Days on Market57
Property Features for 119 Stewart Avenue
General Information
Standard status
Active
Size
3,851 SF
Property subtype
MultiFamily
Units
Unit Mix
1 x 4BR, 2 x 2BR, 2 x 1BR
Multifamily Units
5
Additional Details
Public Transit
Yes
Amenities
laundry
off-street parking
hardwood floors
high ceilings
open floor plans
large windows
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 342-0778
Listed By:
Kathleen M Markowski · License #30MA0818780
(607) 342-0778
Source:
Nicholcityrealty
Added: Jul 5
Changed: Aug 29
Last Checked: Aug 25 at 9:53AM
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 Warren Real Estate of Ithaca Inc.
Investment Insights
Based on property information with market context.
This 3,851-square-foot apartment property contains five units with a total of 10 bedrooms and six bathrooms. The unit mix includes one four-bedroom apartment, two two-bedroom apartments, and two one-bedroom apartments. Interior features include hardwood flooring, tall ceilings, open layouts, and large windows that bring in natural light. Laundry facilities and off-street parking are also included.
The property is located at 119 Stewart Ave in Ithaca, with a bus stop at the property and convenient access to Cornell and downtown Ithaca. Its bedroom mix and transit access support a range of student-oriented housing configurations.
The property is located at 119 Stewart Ave in Ithaca, with a bus stop at the property and convenient access to Cornell and downtown Ithaca. Its bedroom mix and transit access support a range of student-oriented housing configurations.
Key Highlights
- Five apartments totaling 10 bedrooms and six bathrooms
- Unit mix includes one four‑bedroom, two two‑bedroom, and two one‑bedroom apartments
- 3,851 square feet with hardwood floors, high ceilings, open layouts, and large windows
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
$47,237
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
4.29%
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%
$944,740
$944.7K
Cap Rate 7%
$674,814
$674.8K
Cap Rate 9%
$524,856
$524.9K
Market Conditions
NOI Build-Up for 3,851 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
$89.7K $23.28/SF
− Vacancy
−$3.8K −$0.98/SF
EGI
$85.9K $22.30/SF
− OpEx
−$38.6K −$10.04/SF
NOI
$47.2K $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%
$944,740
Cap Rate 7%
$674,814
Cap Rate 9%
$524,856
Alternative Uses
Best Use
Apartment 5plus
$674.8K
$590.5K – $787.3K
NOI $47,237 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,118 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,274
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?
Apartment building - Apartments feature hardwood floors, on-site laundry, off-street parking, and direct bus service.
Where is this apartment building located?
The property is located at 119 Stewart Avenue Ithaca, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Five apartments totaling 10 bedrooms and six bathrooms; Unit mix includes one four‑bedroom, two two‑bedroom, and two one‑bedroom apartments; 3,851 square feet with hardwood floors, high ceilings, open layouts, and large windows
