Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Ithaca Multifamily Investment Opportunity Title is generated by Realmo AI

    204 Fair St, Ithaca, NY 14850

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Multifamily portfolio in Ithaca, NY with redevelopment potential.

    Type:Multifamily
    Property size:
    90,165 SF
    Lot size:
    6.88 Acres
    Added:
    Mar 9, 2026
    Days on Market:
    69
    Last Refresh:
    Mar 19 at 10:09 pm

    Property Features for 204 Fair St

    General Information

    Standard status
    Active
    Size
    90,165 SF
    Lot size
    6.88 Acres
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Sean Slattery

    Listing agent Sean Slattery License #NY 10301221373

    Listing office Lee & Associates - New York

    Listing date Mar 9, 2026

    Source Crexi

    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 Lee & Associates - New York

    HighLights

    • Stabilized cash flow from 109 residential units
    • Long‑term redevelopment potential on 6.88 acres thanks to favorable R3‑B zoning
    • Strategic location near Downtown Ithaca and Universities
    • Includes a vacant corner lot and a single‑family home for future development
    • Flexible housing options for various tenant profiles
    • Two properties: Lakeside Vista (58 units) and Parkside Vista (51 units)

    Overview

    This multifamily investment opportunity includes Lakeside Vista and Parkside Vista, located in Ithaca, New York. The portfolio comprises 109 total residential units across 6.88 acres of R3-B zoned land. The assets provide stabilized cash flow supported by in-place operations, coupled with long-term redevelopment and densification optionality driven by low site coverage and favorable zoning. Lakeside Vista consists of 58 units situated on 3.71 acres, while Parkside Vista comprises 51 units on 3.17 acres. The portfolio also includes the vacant corner lot at 224 Fair Street, and a 1,402 square-foot single-family home at 404 Wood Street, which could be included in future development, sold, or leased to tenants. Both properties are currently operated as conventional multifamily communities and are well positioned to serve workforce, student, or hybrid housing demand, allowing for flexible execution under evolving market conditions and municipal approvals. The properties are located in proximity to the flourishing Downtown Ithaca submarket and surrounded by Cornell University and Ithaca College. The property size is 90,165 square feet.
    Location Intelligence

    Current Use by Public Records

    Parkside Vista Apartments Townhouse Complex Parkside Vista Apartment Building

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Hair Salon Spa & Massage Center Nail Salon Daycare Center Building Supply Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.5060797
    Latitude
    42.4335159

    Nearby Similar for Sale

    • $425,000
      8,374 SF

      Versatile Multi-Building Commercial Property

      Multi-building commercial property with income and redevelopment potential in Ithaca.
      615 Five Mile Drive, Ithaca, NY 14850
      View Details
    • $2,000,000
      10,193 SF

      Prime Ithaca Commercial Corner Property

      Fully leased commercial property in Ithaca's desirable Fall Creek neighborhood.
      1201-15 N Tioga Street, Ithaca, NY 14850
      View Details
    • $395,000
      2,964 SF

      Ithaca Multi-Family Rental Property

      Multi-family rental property in Ithaca, NY with flexible layout.
      580 King Road W, Ithaca, NY 14850
      View Details
    • $475,000
      2,938 SF

      Downtown Ithaca Versatile Commercial Building

      Classic 19th-century building in central Ithaca, suitable for various uses.
      411 N Tioga Street, Ithaca, NY 14850
      View Details
    • $999,000
      3,636 SF

      Downtown Ithaca Winery Opportunity

      Turnkey winery with production, tasting rooms, and event space.
      815-817 Taber Street, Ithaca, NY 14850
      View Details
    • $395,000
      2,110 SF

      Unique Duplex in Desirable Location

      Two-unit property with modern amenities and investment potential.
      134 Poole Road, Ithaca, NY 14850
      View Details
    • $999,999
      4,507 SF

      Spacious Multi-Family Ithaca Investment

      Multi-family property near Cornell University with strong rental income potential.
      306 Stewart Avenue, Ithaca, NY 14850
      View Details
    • $995,000
      4,283 SF

      Ithaca Multifamily Investment Opportunity

      Prime Collegetown location near Cornell University with strong rental potential.
      411 Dryden Road, Ithaca, NY 14850
      View Details
    • $1,000,000
      4,318 SF

      Collegetown Multi-Family Residence

      Premier multi-family residence in Collegetown, near Cornell University.
      505 Dryden Road, Ithaca, NY 14850
      View Details
    • $570,000
      2,713 SF

      Ellis Hollow Four-Unit Rental Property

      Fully rented four-unit property near Cornell's Vet School.
      1283 Ellis Hollow Road, Ithaca, NY 14850
      View Details
    • $439,000
      2,052 SF

      Queen Anne Victorian Duplex

      Updated duplex near Ithaca Commons with original architectural details.
      414 W Seneca Street, Ithaca, NY 14850
      View Details
    • $750,000
      3,597 SF

      Ithaca Two-Family Investment Property

      Well-maintained two-family property in Ithaca's desirable Northeast neighborhood.
      9 Sanctuary Drive, Ithaca, NY 14850
      View Details

    FAQs

    What type of property is this?
    Apartment building - Multifamily portfolio in Ithaca, NY with redevelopment potential.
    Where is this apartment building located?
    The property is located at 204 Fair St Ithaca, NY.
    What are key features of this property?
    This property features: Stabilized cash flow from 109 residential units; Long‑term redevelopment potential on 6.88 acres thanks to favorable R3‑B zoning; Strategic location near Downtown Ithaca and Universities
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Sean Slattery
    Real Estate License ID: NY 10301221373
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    204 Fair St, Ithaca, NY 14850
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!