Six-Unit Apartment
For Sale
$795,000
222 N Albany Street, Ithaca, NY 14850
Three levels offer varied apartment layouts, with occupied units under leases extending into 2027.
Property Size4,484 SF
Price / SF$177.30
Days on Market9
Property Features for 222 N Albany Street
General Information
Standard status
Active
Size
4,484 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 1BR, 3 x 2BR, 1 x 3BR
Multifamily Units
6
Additional Details
Gross Income
$112,284
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$19,357
Amenities
wraparound porch
laundry facility
Building Details
Buildings
1
Stories
3
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Steven Saggese · License #30SA0532613
(607) 280-4350
Source:
Exprealty
Added: Oct 20
Changed: Oct 27
Last Checked: Oct 28 at 9:50AM
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 Warren Real Estate of Ithaca Inc. (Downtown)
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Investment Insights
Based on property information with market context.
This three-level apartment property contains six units: two one-bedroom apartments, three two-bedroom apartments, and one three-bedroom apartment. The building totals 4,484 square feet and includes a large wraparound porch, a separate laundry facility on the main level, two driveways for off-street parking, and a detached two-car garage. The upper-level three-bedroom apartment has heat pump heating and cooling.
At 222 N Albany Street in downtown Ithaca, the property is a few blocks from the Ithaca Commons and near restaurants, coffee shops, parks, playgrounds, schools, open green space, an ice cream parlor, and a community pool. All six units are occupied, with leases in place into 2027.
At 222 N Albany Street in downtown Ithaca, the property is a few blocks from the Ithaca Commons and near restaurants, coffee shops, parks, playgrounds, schools, open green space, an ice cream parlor, and a community pool. All six units are occupied, with leases in place into 2027.
Key Highlights
- Six apartments with 11 bedrooms and 7 bathrooms
- Unit mix: two one‑bedroom, three two‑bedroom, and one three‑bedroom apartment
- 4,484 square feet across three levels
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,002
Cap Rate
6.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,100,040
$1.1M
Cap Rate 7%
$785,743
$785.7K
Cap Rate 9%
$611,133
$611.1K
Market Conditions
NOI Build-Up for 4,484 SF
Gross rent
$104.4K $23.28/SF
− Vacancy
−$4.4K −$0.98/SF
EGI
$100.0K $22.30/SF
− OpEx
−$45.0K −$10.04/SF
NOI
$55.0K $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 Rate 5%
$1,100,040
Cap Rate 7%
$785,743
Cap Rate 9%
$611,133
Alternative Uses
Best Use
Apartment 5plus
$785.7K
$687.5K – $916.7K
NOI $55,002 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,944 @ 7.0% cap · market cap 12.32%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,695
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Three levels offer varied apartment layouts, with occupied units under leases extending into 2027.
Where is this apartment building located?
The property is located at 222 N Albany Street Ithaca, NY.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Six apartments with 11 bedrooms and 7 bathrooms; Unit mix: two one‑bedroom, three two‑bedroom, and one three‑bedroom apartment; 4,484 square feet across three levels
