Maintained Four-Unit
For Sale
$875,000
Pending
101 Giles St, Ithaca, NY 14850
Historic residential income property with four distinct units, classic architectural details, parking, and proximity to two area colleges.
Property Size4,838 SF
Days on Market2056
Property Features for 101 Giles St
General Information
Standard status
Pending
Size
4,838 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA, 2 x 4BR/2BA
Multifamily Units
4
Additional Details
Road Access
Yes
Amenities
Electric, Gas
Full, Unfinished Basement
3
Electric Appliances, Dishwasher, Electric Range/Cooktop, Range, Refrigerator, Range Hood, Carbon Monoxide Detector
Alarm -Smoke/Fire
Asphalt
No Fence
Garage.
Mineral Rights.
Building Details
Year Built
1865
Listing Agency:
(607) 257-0800
Listed By:
Howard Hanna
Source:
Xome
Added: Jan 4, 2021
Changed: Aug 19
Last Checked: Aug 22 at 4:36AM
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
Investment Insights
Based on property information with market context.
This 4,838-square-foot quadplex comprises two adjoining sides at 101 and 103 Giles St. The 101 side contains three apartments: two one-bedroom, one-bath units and one four-bedroom, two-bath unit. Each includes a full kitchen and bath. The 103 side offers a four-bedroom, two-bath residence with a living area, large eat-in kitchen, and side patio. Original woodwork, high ceilings, detailed banisters, and substantial windows reflect the building’s 1865 construction. The property also includes a full unfinished basement, a two-car garage, and two additional parking spaces.
Located in downtown Ithaca, the property is walkable to Ithaca College and Cornell University. It was fully rented through 2024 and includes a transferable Certificate. Electric and gas service, electric appliances, dishwashers, ranges, refrigerators, range hoods, and smoke/fire alarms are present. The layout supports continued residential income use or owner occupancy within a four-unit configuration.
Located in downtown Ithaca, the property is walkable to Ithaca College and Cornell University. It was fully rented through 2024 and includes a transferable Certificate. Electric and gas service, electric appliances, dishwashers, ranges, refrigerators, range hoods, and smoke/fire alarms are present. The layout supports continued residential income use or owner occupancy within a four-unit configuration.
Key Highlights
- 4,838‑square‑foot quadplex built in 1865
- Four units totaling 10 bedrooms and 6 full baths
- Two adjoining sides at 101 and 103 Giles St
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
$64,037
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
7.32%
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%
$1,280,740
$1.3M
Cap Rate 7%
$914,814
$914.8K
Cap Rate 9%
$711,522
$711.5K
Market Conditions
NOI Build-Up for 4,838 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
$95.8K $19.80/SF
− Vacancy
−$4.3K −$0.89/SF
EGI
$91.5K $18.91/SF
− OpEx
−$27.4K −$5.67/SF
NOI
$64.0K $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 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%
$1,280,740
Cap Rate 7%
$914,814
Cap Rate 9%
$711,522
Alternative Uses
Best Use
Multifamily LT 5
$914.8K
$800.5K – $1.07M
NOI $64,037 @ 7.0% cap · market cap 7.32%
Second Best
Apartment 5plus
$847.8K
$741.8K – $989.1K
NOI $59,344 @ 7.0% cap · market cap 6.78%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,677 @ 7.0% cap · market cap 12.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,432
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?
Quadplex - Historic residential income property with four distinct units, classic architectural details, parking, and proximity to two area colleges.
Where is this quadplex located?
The property is located at 101 Giles St Ithaca, NY.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 4,838‑square‑foot quadplex built in 1865; Four units totaling 10 bedrooms and 6 full baths; Two adjoining sides at 101 and 103 Giles St
