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 Market97
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) 257-0666
Listed By:
Kathleen M Markowski · License #30MA0818780
(607) 342-0778
Source:
Nicholcityrealty
Added: Jul 5
Changed: Sep 13
Last Checked: Oct 9 at 7:55PM
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 / Yr
$47,237
Cap Rate
4.29%
Suggested Prices Based on Cap Rates
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
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 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
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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
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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 - 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
