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    204 Fair St Ithaca, NY 14850

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    Multifamily portfolio in Ithaca, NY with redevelopment potential.

    Property size:
    90,165 SF
    Lot size:
    6.88 Acres

    Property Features for 204 Fair St

    General Information

    Standard status
    Active
    Zoning
    R-3B
    Size
    90,165 SF
    Lot size
    6.88 Acres

    We can help!

    Listing Contact
    Sean Slattery
    Source: Crexi

    Listing Agency: Lee & Associates - New York Listing Agent: Sean Slattery

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Ithaca Multifamily Investment Opportunity

    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

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    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
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    204 Fair St Ithaca, NY 14850
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    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
    204 Fair St Ithaca, NY 14850
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    Listing Contact
    Sean Slattery
    Real Estate License ID: 10301221373
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