Four-Unit Quadplex with Radiant
For Sale
$1,395,000
212 Linden Avenue, Ithaca, NY 14850
Collegetown property with CR4 zoning and radiant floor heating.
Property Size4,656 SF
Days on Market44
Property Features for 212 Linden Avenue
General Information
Standard status
Active
Size
4,656 SF
Property subtype
Multi Family Home
Zoning
CR4
Additional Details
Land Use
residential
Taxes and HOA fees
Annual Taxes
$22,422
Amenities
porch
Building Details
Building Size
4,656 SF
Year Built
1900
Stories
3
Units
4
Listing Agency:
Berkshire Hathaway HomeServices Heritage Realty
(607) 275-1234
Listed By:
Brian DeYoung
(607) 275-1234
Source:
Northstarwny
Added: Jun 29
Changed: Aug 7
Last Checked: Aug 10 at 11:52AM
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 Berkshire Hathaway HomeServices Heritage Realty
Investment Insights
Based on property information with market context.
Built in 1900, this four-unit quadplex at 212 Linden Avenue includes radiant heat in the floors and a porch providing access to the main entry and all apartments. Tenants also pay for parking, adding a defined parking-related income component to the property’s operations.
The property is positioned parallel to College Ave in Collegetown and is zoned CR4. Neighboring properties on both sides have completed or begun five-story buildings permitted under this zoning designation, providing visible context for the surrounding development pattern. The site also offers a central stairwell arrangement serving the apartments.
The property is positioned parallel to College Ave in Collegetown and is zoned CR4. Neighboring properties on both sides have completed or begun five-story buildings permitted under this zoning designation, providing visible context for the surrounding development pattern. The site also offers a central stairwell arrangement serving the apartments.
Key Highlights
- Four‑unit quadplex at 212 Linden Avenue
- Radiant heat installed in the floors
- CR4 zoning
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
$61,628
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
4.42%
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%
$1,232,560
$1.2M
Cap Rate 7%
$880,400
$880.4K
Cap Rate 9%
$684,756
$684.8K
Market Conditions
NOI Build-Up for 4,656 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
$92.2K $19.80/SF
− Vacancy
−$4.1K −$0.89/SF
EGI
$88.0K $18.91/SF
− OpEx
−$26.4K −$5.67/SF
NOI
$61.6K $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%
$1,232,560
Cap Rate 7%
$880,400
Cap Rate 9%
$684,756
Alternative Uses
Best Use
Multifamily LT 5
$880.4K
$770.4K – $1.03M
NOI $61,628 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$815.9K
$713.9K – $951.9K
NOI $57,112 @ 7.0% cap · market cap 4.09%
Theoretical Best
Office A
$1.45M
$1.27M – $1.70M
NOI $101,701 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,506
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 - Collegetown property with CR4 zoning and radiant floor heating.
Where is this quadplex located?
The property is located at 212 Linden Avenue Ithaca, NY.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Four‑unit quadplex at 212 Linden Avenue; Radiant heat installed in the floors; CR4 zoning
