5-Unit Multifamily
For Sale
$1,100,000
119 Stewart Avenue, Ithaca, NY 14850
MULTI_FAMILY - Ithaca, NY
Property Size3,851 SF
Lot Size0.11 Acres
Price / SF$285.64
Days on Market98
Property Features for 119 Stewart Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Rooms
Bedroom 5, Bedroom 4, Bedroom 1, Bedroom 2, Bedroom 3
Parking features
Garage
Patio and Porch features
Porch, Deck
Interior features
CeilingFans
Exterior features
ConcreteDriveway, Deck
Appliances
Dishwasher, GasOven, GasRange, GasWaterHeater, Refrigerator
Lot features
Corner Lot, Near Public Transit, Rectangular, Rectangular Lot
Elementary school
Belle Sherman
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Subdivision
Ithaca-City-500700
Standard status
Active
APN
500700-068-000-0002-001-000-0000
Size
3,851 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
26650
Utilities
Heating system
Natural Gas, Other (Heating)
Water source
Public
Amenities
hardwood floors
high ceilings
open floor plans
large windows
laundry
Building Details
Year built
1975
Floors in Building
3
Number of units
5
Flooring type
Hardwood, Varies
Building materials
WoodSiding
Roof type
Asphalt
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Kathleen M Markowski · License #30MA0818780
(607) 342-0778
Added: May 7
Changed: Aug 4
Last Checked: Aug 12 at 2:06PM
MLS# R1679449
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5-unit multifamily building at 119 Stewart Avenue includes designed apartment layouts with hardwood floors, high ceilings, open floor plans, and large windows for natural light. The property offers ceiling fans, public water service, an asphalt roof, and natural gas heating. Interior and exterior features include in-unit laundry, decks/porch areas, and a concrete driveway.
The unit mix totals 10 bedrooms and 6 baths, including one 4-bedroom unit, two 2-bedroom units, and two 1-bedroom units. Off-street parking is available, and a bus stop is at the door. The property is described as an easy walk to Cornell and downtown Ithaca.
Built in 1975, the property sits on a 0.1056-acre lot with a total property size of 3,851 square feet.
The unit mix totals 10 bedrooms and 6 baths, including one 4-bedroom unit, two 2-bedroom units, and two 1-bedroom units. Off-street parking is available, and a bus stop is at the door. The property is described as an easy walk to Cornell and downtown Ithaca.
Built in 1975, the property sits on a 0.1056-acre lot with a total property size of 3,851 square feet.
Key Highlights
- 5‑unit multifamily building with apartment‑style layouts
- 10 bedrooms and 6 baths: one 4‑bedroom unit, two 2‑bedroom units, two 1‑bedroom units
- 0.1056‑acre lot totaling 3,851 square feet
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 - Freestanding 5-unit multifamily with hardwood floors, in-unit laundry, off-street parking, and deck and porch.
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: 5‑unit multifamily building with apartment‑style layouts; 10 bedrooms and 6 baths: one 4‑bedroom unit, two 2‑bedroom units, two 1‑bedroom units; 0.1056‑acre lot totaling 3,851 square feet
