Four-Unit Quadplex with Radiant
For Sale
Contact for pricing
212 Linden Avenue, Ithaca, NY 14850
Quadplex features floor radiant heat, a central stairwell, and three apartment entry doors, with tenant-paid parking.
Property Size4,656 SF
Price / SF$343.64
Days on Market37
Property Features for 212 Linden Avenue
General Information
Standard status
Active
Size
4,656 SF
Property subtype
Multifamily
Zoning
CR4
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices CNY Realty Fayetteville
Listed By:
Thalia Collis · License #NY 30VI826997
Source:
Crexi
Added: Jul 7
Changed: Jul 22
Last Checked: Aug 12 at 9:30AM
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 CNY Realty Fayetteville
Investment Insights
Based on property information with market context.
This quadplex offers four units with radiant heat installed in the floor. A comfortable porch provides access to the main entry, and all units connect through a layout that includes a center stairwell. Apartments 2 and 3 are arranged in a U-shape around the central stairwell, and the property has three entry doors to the apartments, supporting flexible day-to-day use within the existing configuration.
The property is located in Collegetown, in a setting described as parallel to College Avenue, with Linden Avenue running approximately three blocks from Mitchell Street to Dryden Road on the west side. The area is zoned CR4, and nearby neighbors have completed or started five-story buildings as allowed by this zoning type.
Tenants also pay for parking. Delayed offers are in effect, with no offers reviewed until Thursday, July 2 at 2:00 pm.
The property is located in Collegetown, in a setting described as parallel to College Avenue, with Linden Avenue running approximately three blocks from Mitchell Street to Dryden Road on the west side. The area is zoned CR4, and nearby neighbors have completed or started five-story buildings as allowed by this zoning type.
Tenants also pay for parking. Delayed offers are in effect, with no offers reviewed until Thursday, July 2 at 2:00 pm.
Key Highlights
- 4‑unit quadplex built in 1900 with radiant floor heat
- Central stairwell with apartments 2 and 3 laid out in a U shape around the stairwell
- Three apartment entry doors from the porch area, with potential for flexible studio/1BR configurations based on layout
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
3.85%
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 3.85%
Second Best
Apartment 5plus
$815.9K
$713.9K – $951.9K
NOI $57,112 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$1.45M
$1.27M – $1.70M
NOI $101,701 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
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 - Quadplex features floor radiant heat, a central stairwell, and three apartment entry doors, with tenant-paid parking.
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 $1,600,000.
What are key features of this property?
This property features: 4‑unit quadplex built in 1900 with radiant floor heat; Central stairwell with apartments 2 and 3 laid out in a U shape around the stairwell; Three apartment entry doors from the porch area, with potential for flexible studio/1BR configurations based on layout
