Three-Unit Victorian
For Sale
$950,000
128 Eddy Street, Ithaca, NY 14850
Renovated historic residence offers three apartment layouts in a commercial-zoned Collegetown setting.
Property Size3,446 SF
Price / SF$275.68
Days on Market24
Property Features for 128 Eddy Street
General Information
Standard status
Active
Size
3,446 SF
Property subtype
Multi Family Home
Zoning
Commercial
Units
Unit Mix
1 x 5BR, 1 x 2BR, 1 x studio
Multifamily Units
3
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$15,299
Building Details
Building Size
3,446 SF
Year Built
1890
Buildings
1
Stories
3
Units
3
Construction
Victorian
Listing Agency:
Howard Hanna S Tier Inc
(607) 257-0800
Listed By:
Zoe Leonard
(917) 887-5458
Source:
Gentryrealtyproperties
Added: Oct 5
Changed: Oct 25
Last Checked: Oct 26 at 3:58AM
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 Howard Hanna S Tier Inc
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Investment Insights
Based on property information with market context.
Built in 1890, this 3,446-square-foot Victorian residence is configured as a triplex and has undergone extensive renovation. The main and lower levels contain a two-story five-bedroom apartment; the upper level includes a two-bedroom unit and a studio. The property is zoned Commercial.
At 128 Eddy Street in Ithaca, the building is situated in Collegetown. Its three distinct apartment layouts include a larger multi-level residence and two upper-level units.
At 128 Eddy Street in Ithaca, the building is situated in Collegetown. Its three distinct apartment layouts include a larger multi-level residence and two upper-level units.
Key Highlights
- Three apartment units in a 3,446‑square‑foot Victorian building
- Two‑story five‑bedroom unit spans the main and lower levels
- Upper floor has a two‑bedroom apartment and a studio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,612
Cap Rate
4.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$912,240
$912.2K
Cap Rate 7%
$651,600
$651.6K
Cap Rate 9%
$506,800
$506.8K
Market Conditions
NOI Build-Up for 3,446 SF
Gross rent
$68.2K $19.80/SF
− Vacancy
−$3.1K −$0.89/SF
EGI
$65.2K $18.91/SF
− OpEx
−$19.5K −$5.67/SF
NOI
$45.6K $13.24/SF
Area
Tompkins County, NY
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$912,240
Cap Rate 7%
$651,600
Cap Rate 9%
$506,800
Alternative Uses
Best Use
Multifamily LT 5
$651.6K
$570.2K – $760.2K
NOI $45,612 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$603.8K
$528.4K – $704.5K
NOI $42,269 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$1.08M
$940.9K – $1.25M
NOI $75,271 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,274
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Triplex - Renovated historic residence offers three apartment layouts in a commercial-zoned Collegetown setting.
Where is this triplex located?
The property is located at 128 Eddy Street Ithaca, NY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Three apartment units in a 3,446‑square‑foot Victorian building; Two‑story five‑bedroom unit spans the main and lower levels; Upper floor has a two‑bedroom apartment and a studio
