6-Unit Apartment
For Sale
$795,000
222 N Albany Street, Ithaca, NY 14850
MultiFamily, Ithaca, NY
Property Size4,484 SF
Lot Size0.18 Acres
Price / SF$177.30
Days on Market19
Property Features for 222 N Albany Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
11
Rooms
Bedroom 7, Bedroom 8, Bedroom 2, Bedroom 4, Bedroom 9, Basement, Bedroom 11, Bedroom 5, Bedroom 6, Bedroom 3, Bedroom 10, Bedroom 1
Parking features
Driveway
Patio and Porch features
Porch
Exterior features
BlacktopDriveway
Appliances
GasOven, GasRange, GasWaterHeater, Refrigerator
Lot features
Corner Lot, Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school
Beverly J Martin Elementary
Middle school
Dewitt Middle
High school
Ithaca Senior High
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Directions
Corner of N Albany and West Buffalo Streets
Subdivision
Ithaca-City-500700
Standard status
Active
APN
500700-060-000-0005-010-000-0000
Size
4,484 SF
Lot size
0.18 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Annual Amount
19357
Utilities
Heating system
Other (Heating), Heat Pump (Heating), Baseboard, Electric (Heating), Natural Gas
Cooling system
Heat Pump
Water source
Public
Amenities
wraparound porch
main-level laundry facility
Building Details
Year built
1870
Floors in Building
3
Number of units
6
Flooring type
Varies, Tile, Laminate, Hardwood, Vinyl
Building materials
ShakeSiding, WoodSiding
Roof type
Shingle
Buildings
1
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Steven Saggese · License #30SA0532613
(607) 280-4350
Added: Oct 19
Changed: Nov 6
Last Checked: Nov 6 at 12:06PM
MLS# R1723455
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.
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Investment Insights
Based on property information with market context.
Built in 1870, this three-level apartment property contains 4,484 square feet and six units: two one-bedroom apartments, three two-bedroom apartments, and one three-bedroom apartment. The building has 11 bedrooms and seven bathrooms. A wraparound porch, a separate main-level laundry facility, two driveways, and a detached two-car garage are among its features. Heat pump heating and cooling serves the top-floor apartment.
The property is in downtown Ithaca, a few blocks from the Ithaca Commons. It sits on a 0.18-acre lot and has 100% occupancy, with leases extending into 2027. The established tenant mix includes long-term residents, graduate students, and professionals. Some units pay their own electricity.
The property is in downtown Ithaca, a few blocks from the Ithaca Commons. It sits on a 0.18-acre lot and has 100% occupancy, with leases extending into 2027. The established tenant mix includes long-term residents, graduate students, and professionals. Some units pay their own electricity.
Key Highlights
- Six apartments with 11 bedrooms and seven bathrooms
- Unit mix: two one‑bedroom, three two‑bedroom, and one three‑bedroom apartments
- 4,484 square feet on a 0.18‑acre lot
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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Apartment buildings in Ithaca
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Three-level residential property combines varied apartment layouts with on-site laundry and off-street parking.
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 seven bathrooms; Unit mix: two one‑bedroom, three two‑bedroom, and one three‑bedroom apartments; 4,484 square feet on a 0.18‑acre lot
