Leased Eight-Bedroom Multifamily
For Sale
$995,000
133 Linden Avenue, Ithaca, NY 14850
Fully occupied rental property near Cornell University with CR3 zoning supporting three-story construction.
Property Size2,510 SF
Price / SF$396.41
Days on Market15
Property Features for 133 Linden Avenue
General Information
Standard status
Active
Size
2,510 SF
Property subtype
Multi Family
Zoning
CR3
Occupancy
100%
Listing Agency:
Howard Hanna S Tier Inc
(607) 342-2148
Listed By:
Kyle Steele
(607) 342-2148
Source:
Nicholcityrealty
Added: Aug 16
Changed: Aug 30
Last Checked: Aug 30 at 12:16AM
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 multifamily property at 133 Linden Avenue contains an 8-bedroom rental residence with 2,510 square feet of property size. The home is fully leased and occupied through the 2025 school year, providing an established rental operation.
The property is within walking distance of Cornell University’s Collegetown and the university’s central area, placing it near a major academic institution. CR3 zoning allows 3 stories of construction, providing a defined redevelopment framework. The adjacent property at 129 Linden Ave is also offered for sale, creating a potential opportunity to evaluate both parcels together.
The property is within walking distance of Cornell University’s Collegetown and the university’s central area, placing it near a major academic institution. CR3 zoning allows 3 stories of construction, providing a defined redevelopment framework. The adjacent property at 129 Linden Ave is also offered for sale, creating a potential opportunity to evaluate both parcels together.
Key Highlights
- 8‑bedroom multifamily rental property with 2,510 square feet of property size
- Fully leased and occupied through the 2025 school year
- Within walking distance of Cornell University’s Collegetown
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
$30,788
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
3.09%
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%
$615,760
$615.8K
Cap Rate 7%
$439,829
$439.8K
Cap Rate 9%
$342,089
$342.1K
Market Conditions
NOI Build-Up for 2,510 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
$58.4K $23.28/SF
− Vacancy
−$2.5K −$0.98/SF
EGI
$56.0K $22.30/SF
− OpEx
−$25.2K −$10.04/SF
NOI
$30.8K $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%
$615,760
Cap Rate 7%
$439,829
Cap Rate 9%
$342,089
Alternative Uses
Best Use
Apartment 5plus
$439.8K
$384.9K – $513.1K
NOI $30,788 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$783.2K
$685.3K – $913.8K
NOI $54,826 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
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 occupied rental property near Cornell University with CR3 zoning supporting three-story construction.
Where is this multifamily property located?
The property is located at 133 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: 8‑bedroom multifamily rental property with 2,510 square feet of property size; Fully leased and occupied through the 2025 school year; Within walking distance of Cornell University’s Collegetown
