Ellis Hollow Investment
1283 ELLIS HOLLOW RD, Ithaca, NY 14850
Fully rented 4-unit property near Cornell's Vet School.
Type:Multi-Family
Property size:
2,713 SFLot size:
1.47 AcresPrice / SF:
$210/SF- Added:
- Mar 22, 2026
- Days on Market:
- 73
- Last Refresh:
- May 29 at 12:39 am
Property Features for 1283 ELLIS HOLLOW RD
General Information
- Standard status
- Active
- Size
- 2,713 SF
- Lot size
- 1.47 Acres
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1985
Listing agent Christine Delvecchio License #30DE0840160
Listing office Warren Real Estate of Ithaca Inc. (607) 257-0666
Listing date Mar 22, 2026
Source Xome
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.
HighLights
- Fully rented 4‑unit property generating $64,800 annual gross income through July 31, 2026.
- Located in the heart of Ellis Hollow, minutes from Cornell's Vet School.
- Recent improvements include septic (2024), well pump (2022), windows, and roofing.
- Oversized 1.47 acre lot with wooded views.
- Each unit has a private concrete back patio with privacy walls.
- Attractive log design with covered front porch and ample parking.
Overview
This is a 4-unit rental property located in Ellis Hollow, minutes from Cornell's Vet School. The side-by-side units are fully rented through July 31, 2026, earning $64,800 in annual gross income. The property features an attractive log design with a covered front porch and ample parking. Each unit is rented for $1,350 plus separate utilities and are in great condition overall. The main level of each unit includes a living room open to the kitchen and a full bath with tub/showers. Upstairs, there is one bedroom plus a large office room/sitting room. Each unit also has access to outdoor space with concrete back patios and privacy walls. The property sits on an oversized 1.47-acre lot with wooded views. Recent improvements include septic (2024) and a well pump (2022), as well as windows and roofing. Unit 1 may be vacating to allow owner occupancy earlier than July (tenant is still obligated to pay lease through July otherwise). The property has been fully rented throughout the years with no significant vacancy rates.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $53.7k | $19.80 |
| − Vacancy | −$2.4k | −$0.89 |
| EGI | $51.3k | $18.91 |
| − OpEx | −$15.4k | −$5.67 |
| NOI | $35.9k | $13.24 |
2,713 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$513.0K
$448.9K – $598.5K
NOI $35,910 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$475.4K
$416.0K – $554.6K
NOI $33,278 @ 7.0% cap · market cap 5.84%
Theoretical Best
Office A
$846.6K
$740.8K – $987.7K
NOI $59,260 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Ithaca
- County
- Tompkins
- State
- New York
- Longitude
- -76.430049
- Latitude
- 42.430239
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Fully rented 4-unit property near Cornell's Vet School.
Where is this quadplex located?
The property is located at 1283 ELLIS HOLLOW RD Ithaca, NY.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: Fully rented 4‑unit property generating $64,800 annual gross income through July 31, 2026.; Located in the heart of Ellis Hollow, minutes from Cornell's Vet School.; Recent improvements include septic (2024), well pump (2022), windows, and roofing.
