14-Unit Multifamily
275-301 Johnson Road, Freeville, NY 13068
For Sale
$1,995,000
Four triplexes and one duplex are offered together across four contiguous tax parcels.
Property Size11,968 SF
Price / SF$166.69
Days on Market80
Property Features for 275-301 Johnson Road
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
attached garages
private decks
landscaped grounds
Ceiling Fan(s)
Skylights
Bedroom on Main Level
Deck
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
Howard Hanna S Tier Inc
(607) 257-0800
Listed By:
Karen Eldredge
(607) 279-4319
Source:
Davislakeandriverrealty
Added: Aug 27
Changed: Nov 7
Last Checked: Nov 13 at 3:38PM
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 Howard Hanna S Tier Inc
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Investment Insights
Based on property information with market context.
This residential rental portfolio comprises 14 apartments, each with two bedrooms and single-level living, across four triplexes and one duplex. The buildings date to 1990 and occupy four contiguous tax parcels. Several apartments have received updates to flooring and kitchens, along with other improvements. The duplexes include attached garages and private decks; the grounds provide landscaped yard areas and off-street parking.
The property is at 275-301 Johnson Road in Freeville, between Ithaca and Dryden. Buildings sit back from the road, and the site includes spacious grounds with large yards. The portfolio has a history of occupancy and long-term tenancy. Additional unit development may be possible, subject to municipal approvals and applicable zoning.
The property is at 275-301 Johnson Road in Freeville, between Ithaca and Dryden. Buildings sit back from the road, and the site includes spacious grounds with large yards. The portfolio has a history of occupancy and long-term tenancy. Additional unit development may be possible, subject to municipal approvals and applicable zoning.
Key Highlights
- 14 apartments, each with 2 bedrooms
- Four triplexes and one duplex on four contiguous tax parcels
- 11,968 square feet; built in 1990
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$146,802
Cap Rate
7.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,936,040
$2.9M
Cap Rate 7%
$2,097,171
$2.1M
Cap Rate 9%
$1,631,133
$1.6M
Market Conditions
NOI Build-Up for 11,968 SF
Gross rent
$278.6K $23.28/SF
− Vacancy
−$11.7K −$0.98/SF
EGI
$266.9K $22.30/SF
− OpEx
−$120.1K −$10.04/SF
NOI
$146.8K $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%
$2,936,040
Cap Rate 7%
$2,097,171
Cap Rate 9%
$1,631,133
Alternative Uses
Best Use
Apartment 5plus
$2.10M
$1.84M – $2.45M
NOI $146,802 @ 7.0% cap · market cap 7.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.73M
$3.27M – $4.36M
NOI $261,418 @ 7.0% cap · market cap 13.10%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
39
Businesses Nearby
Explore this area
Business Placement
Demographics for 13068, NY
5,189
Population
2,165
Households
2.4
Avg Household Size
41
Median Age
40%
College-Educated
97%
High-School Grad
50.6 sq mi
ZIP Area
103
Density / Sq Mi
$79,521
Median Household Income
$45,760
Median Earnings
$1,011
Median Rent
$207,900
Median Home Value
Market
Average Price Trend$/SF for Multifamily properties in Tompkins County, NY
Properties on Market for Multifamily properties in Tompkins County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Four triplexes and one duplex are offered together across four contiguous tax parcels.
Where is this multifamily property located?
The property is located at 275-301 Johnson Road Freeville, NY.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 14 apartments, each with 2 bedrooms; Four triplexes and one duplex on four contiguous tax parcels; 11,968 square feet; built in 1990
