Craftsman Home in Downtown
205 W Buffalo Street, Ithaca, NY 14850
- Added:
- Mar 24, 2026
- Days on Market:
- 54
- Last Refresh:
- May 16 at 7:06 pm
Property Features for 205 W Buffalo Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 4, Basement, Bathroom 1
- Parking features
- Driveway, On Street, Offsite
- Patio and Porch features
- Patio, Porch
- Interior features
- Storage, NaturalWoodwork
- Exterior features
- Patio
- Appliances
- GasWaterHeater
- Standard status
- Pending
- APN
- 500700-060-000-0004-002-000-0000
- Size
- 1,931 SF
- Lot size
- 0.05 Acres
Taxes and HOA fees
- Tax Annual Amount
- 11358
Utilities
- Heating system
- Natural Gas, Baseboard
- Water source
- Public
Building Details
- Year built
- 1910
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Hardwood, Tile, Varies, Laminate
- Building materials
- BlownInInsulation, FoamInsulation, Frame
- Roof type
- Asphalt
- Additional Structures
- Storage
Listing agent Melissa Miller Fedrizzi License #10491209900 (607) 351-1995
Listing office RE/MAX In Motion 412 E Upland Rd, Ithaca, NY (607) 277-1500
Listing date Mar 24, 2026
MLS# R1668482
Listing URL
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Versatile property: Configured as two living spaces, easily convertible.
- Prime Downtown Ithaca location: Unparalleled convenience to amenities.
- Original Craftsman details: Features beautiful original wood details and hardwood floors.
- Outdoor living spaces: Includes a front porch, private back deck, and fire pit area.
- Spacious and flexible floor plan: Three stories offering ample space.
- Practical features: Basement access for laundry and storage.
Overview
Located in Downtown Ithaca, this Craftsman-style home at 205 W Buffalo Street is situated between Albany Street and Geneva on the South Side. Constructed in 1910, the historic residence has been transformed into two separate living spaces, offering versatile options. Currently configured as a two-level, three-bedroom unit and a one-level, one-bedroom unit, the property offers a flexible investment opportunity. The original staircase could be reopened with minimal work to convert it back into a single-family home. The property features original wood details and hardwood floors throughout all three levels. The versatile floor plan spans three stories, providing ample space. A front porch is nestled behind oversized hydrangea plants. The stone-covered exterior offers the opportunity to create a space for entertaining, gardens, or relaxation. A private back deck and a fire pit are perfect for gatherings. Basement access to laundry and storage adds practicality. The property is conveniently located near amenities, shops, and cultural attractions. The lot size is 0.0502 acres, and the property size is 1931 square feet.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$284.0K
NOI $25,559 @ 9.00% cap · cautious / downside scenario
Moderate
$365.1K
NOI $25,559 @ 7.00% cap · market / base-case scenario
Aggressive
$511.2K
NOI $25,559 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $38.2k | $19.80 |
| − Vacancy | −$1.7k | −$0.89 |
| EGI | $36.5k | $18.91 |
| − OpEx | −$11.0k | −$5.67 |
| NOI | $25.6k | $13.24 |
1,931 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$365.1K
$319.5K – $426.0K
NOI $25,559 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$338.4K
$296.1K – $394.8K
NOI $23,686 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$602.6K
$527.2K – $703.0K
NOI $42,179 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Ithaca
- County
- Tompkins
- State
- New York
- Longitude
- -76.5012
- Latitude
- 42.441474
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Charming Craftsman-style home converted into two living spaces.
Where is this duplex located?
The property is located at 205 W Buffalo Street Ithaca, NY.
What is the asking price?
The asking price for this property is $488,800.
What are key features of this property?
This property features: Versatile property: Configured as two living spaces, easily convertible.; Prime Downtown Ithaca location: Unparalleled convenience to amenities.; Original Craftsman details: Features beautiful original wood details and hardwood floors.
