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 Market77
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: Oct 25
Last Checked: Oct 30 at 2:07PM
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.
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 / Yr
$29,463
Cap Rate
2.96%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
951
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?
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
