Architectural Apartments Near
For Sale
$1,100,000
119 Stewart Avenue, Ithaca, NY 14850
Five-unit apartment building near Cornell University with ten bedrooms.
Property Size3,851 SF
Price / SF$285.64
Days on Market112
Property Features for 119 Stewart Avenue
General Information
Standard status
Active
Size
3,851 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$26,650
Building Details
Building Size
3,851 SF
Year Built
1975
Stories
3
Units
5
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 342-0778
Listed By:
Kathleen M Markowski · License #30MA0818780
(607) 342-0778
Source:
Northstarwny
Added: May 7
Changed: Aug 23
Last Checked: Aug 25 at 8:43AM
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 five-unit apartment building is located approximately five minutes from Cornell University. The property features architectural design and spacious apartments. The building contains a total of ten bedrooms and six bathrooms, configured as one four-bedroom unit, two two-bedroom units, and two one-bedroom units. Interior features include hardwood floors, high ceilings, open floor plans, and large windows providing natural light. On-site laundry facilities and off-street parking are available. A bus stop is conveniently located at the building's entrance. The property is within walking distance of both Cornell University and downtown Ithaca. The building is intended for residential income purposes.
Key Highlights
- Prime Location: 5 minutes to Cornell University and easy walk to downtown Ithaca.
- High Rental Potential: 5 units designed for student appeal.
- 10 bedrooms and 6 baths.
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
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 - Five-unit apartment building near Cornell University with ten bedrooms.
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: Prime Location: 5 minutes to Cornell University and easy walk to downtown Ithaca.; High Rental Potential: 5 units designed for student appeal.; 10 bedrooms and 6 baths.
