Six-Unit Apartment
New
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 Market3
Property Features for 222 N Albany Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Rooms
Bedroom 3, Bedroom 6, Basement, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 4
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
Taxes and HOA fees
Tax Annual Amount
19357
Utilities
Heating system
Heat Pump (Heating), Natural Gas, Baseboard, Other (Heating), Electric (Heating)
Cooling system
Heat Pump
Water source
Public
Amenities
wraparound porch
laundry facility
heat pump heating and cooling
Building Details
Year built
1870
Floors in Building
3
Number of units
6
Flooring type
Varies, Tile, Hardwood, Laminate, Vinyl
Building materials
ShakeSiding, WoodSiding
Roof type
Shingle
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: Oct 20
Last Checked: Oct 21 at 1:06AM
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.
This 4,484-square-foot apartment property in Ithaca contains six units, with a mix of two one-bedroom apartments, three two-bedroom apartments, and one three-bedroom apartment. The 1870-built residence spans three levels and includes 11 bedrooms and seven bathrooms. A heat pump provides heating and cooling in the top-floor apartment; the property also has a separate laundry area, wraparound porch, two driveways, and a detached two-car garage.
Set on a 0.18-acre parcel, the property is downtown, a few blocks from the Ithaca Commons. Nearby amenities include restaurants, coffee shops, parks, schools, and a community pool. All units are occupied, and leases extend into 2027.
Set on a 0.18-acre parcel, the property is downtown, a few blocks from the Ithaca Commons. Nearby amenities include restaurants, coffee shops, parks, schools, and a community pool. All units are occupied, and leases extend into 2027.
Key Highlights
- Six apartments: two one‑bedroom, three two‑bedroom, and one three‑bedroom unit
- 11 bedrooms and seven bathrooms across 4,484 square feet
- 100% occupancy, with leases in place into 2027
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
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
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - All apartments are occupied, with leases in place 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: two one‑bedroom, three two‑bedroom, and one three‑bedroom unit; 11 bedrooms and seven bathrooms across 4,484 square feet; 100% occupancy, with leases in place into 2027
