Five-Unit Apartment Building with
For Sale
Contact for pricing
218 Delaware Avenue, Ithaca, NY 14850
Five rental units with off-street parking and varied unit layouts totaling 19 bedrooms and two baths.
Property Size5,154 SF
Price / SF$281.33
Days on Market37
Property Features for 218 Delaware Avenue
General Information
Standard status
Active
Size
5,154 SF
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$143,389
Additional Details
Multifamily Units
5
Building Details
Year Built
1900
Buildings
1
Units
5
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices CNY Realty Fayetteville
Listed By:
Thalia Collis · License #NY 30VI826997
Source:
Crexi
Added: Jul 7
Changed: Aug 7
Last Checked: Aug 12 at 7:37AM
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 five-unit multifamily property offers a total of 19 bedrooms and two bathrooms across distinct apartment layouts. The interior is described as well maintained, with spacious apartments and attractive interior finishes. Off-street parking is also included, adding practical convenience for tenants and day-to-day operations.
The property is positioned near educational institutions, downtown Ithaca, employment centers, shopping, dining, and public transportation, supporting a rental-oriented tenant base. A second multifamily property on Delaware Avenue is also available, offering the option for an investor to acquire multiple assets in the same neighborhood.
The seller requests no negotiations until June 29 (Monday) at 10:00 a.m. #1 is a 2-bedroom, #2 is a 3-bedroom, #3 is a 5-bedroom, #4 is a 5-bedroom, and #5 is a 4-bedroom configuration.
The property is positioned near educational institutions, downtown Ithaca, employment centers, shopping, dining, and public transportation, supporting a rental-oriented tenant base. A second multifamily property on Delaware Avenue is also available, offering the option for an investor to acquire multiple assets in the same neighborhood.
The seller requests no negotiations until June 29 (Monday) at 10:00 a.m. #1 is a 2-bedroom, #2 is a 3-bedroom, #3 is a 5-bedroom, #4 is a 5-bedroom, and #5 is a 4-bedroom configuration.
Key Highlights
- Five‑unit multifamily built in 1900 with 5,100+ sq ft of living space
- Unit mix includes 2‑bedroom, 3‑bedroom, and 4‑bedroom layouts totaling 19 bedrooms
- Two‑bath property with off‑street parking
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
$63,220
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
4.36%
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%
$1,264,400
$1.3M
Cap Rate 7%
$903,143
$903.1K
Cap Rate 9%
$702,444
$702.4K
Market Conditions
NOI Build-Up for 5,154 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
$120.0K $23.28/SF
− Vacancy
−$5.0K −$0.98/SF
EGI
$114.9K $22.30/SF
− OpEx
−$51.7K −$10.04/SF
NOI
$63.2K $12.27/SF
Area
Tompkins County, NY
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,264,400
Cap Rate 7%
$903,143
Cap Rate 9%
$702,444
Alternative Uses
Best Use
Apartment 5plus
$903.1K
$790.3K – $1.05M
NOI $63,220 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,579 @ 7.0% cap · market cap 7.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
951
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?
Apartment building - Five rental units with off-street parking and varied unit layouts totaling 19 bedrooms and two baths.
Where is this apartment building located?
The property is located at 218 Delaware Avenue Ithaca, NY.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Five‑unit multifamily built in 1900 with 5,100+ sq ft of living space; Unit mix includes 2‑bedroom, 3‑bedroom, and 4‑bedroom layouts totaling 19 bedrooms; Two‑bath property with off‑street parking
