8-Bedroom Multifamily Rental
For Sale
$995,000
129 Linden Avenue, Ithaca, NY 14850
Fully leased rental property near Cornell University with CR3 zoning and three-story redevelopment potential.
Property Size2,402 SF
Price / SF$414.24
Days on Market20
Property Features for 129 Linden Avenue
General Information
Standard status
Active
Size
2,402 SF
Property subtype
Multi Family
Listing Agency:
Howard Hanna S Tier Inc
(607) 257-0800
Listed By:
Kyle Steele
(607) 342-2148
Source:
Nicholcityrealty
Added: Aug 16
Changed: Sep 2
Last Checked: Sep 4 at 11:36AM
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
Investment Insights
Based on property information with market context.
This 2,402-square-foot multifamily property is an eight-bedroom rental home that is fully leased and currently producing rental income. Its residential configuration supports an established income-producing use.
The property is located at 129 Linden Avenue in Ithaca, steps from Cornell University's Collegetown area. CR3 zoning permits construction up to three stories, creating a path for future redevelopment. The adjacent property at 133 Linden Ave is also being offered for sale, providing an additional nearby acquisition option.
The property is located at 129 Linden Avenue in Ithaca, steps from Cornell University's Collegetown area. CR3 zoning permits construction up to three stories, creating a path for future redevelopment. The adjacent property at 133 Linden Ave is also being offered for sale, providing an additional nearby acquisition option.
Key Highlights
- Fully leased eight‑bedroom rental home
- 2,402 SF multifamily property
- Steps from Cornell University's Collegetown area
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
$29,463
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
2.96%
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%
$589,260
$589.3K
Cap Rate 7%
$420,900
$420.9K
Cap Rate 9%
$327,367
$327.4K
Market Conditions
NOI Build-Up for 2,402 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
$55.9K $23.28/SF
− Vacancy
−$2.3K −$0.98/SF
EGI
$53.6K $22.30/SF
− OpEx
−$24.1K −$10.04/SF
NOI
$29.5K $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%
$589,260
Cap Rate 7%
$420,900
Cap Rate 9%
$327,367
Alternative Uses
Best Use
Apartment 5plus
$420.9K
$368.3K – $491.1K
NOI $29,463 @ 7.0% cap · market cap 2.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$749.5K
$655.8K – $874.5K
NOI $52,467 @ 7.0% cap · market cap 5.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
951
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?
Multifamily property - Fully leased rental property near Cornell University with CR3 zoning and three-story redevelopment potential.
Where is this multifamily property located?
The property is located at 129 Linden Avenue Ithaca, NY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Fully leased eight‑bedroom rental home; 2,402 SF multifamily property; Steps from Cornell University's Collegetown area
