14-Bedroom Apartment
For Sale
$975,000
306 Stewart Avenue, Ithaca, NY 14850
Multi-unit configuration with multiple kitchens, shared areas, and durable flooring near Cornell University.
Property Size4,507 SF
Price / SF$243.75
Days on Market52
Property Features for 306 Stewart Avenue
General Information
Standard status
Active
Size
4,507 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$20,925
Building Details
Building Size
4,507 SF
Year Built
1900
Stories
3
Units
5
Tenancy
Multi
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 227-3132
Listed By:
David Wahl · License #10371201153
(607) 227-3132
Source:
Wcirealty
Added: Jul 10
Changed: Aug 30
Last Checked: Aug 30 at 5:43PM
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)
Investment Insights
Based on property information with market context.
This apartment building contains nearly 4,000 square feet of living space, with 14 bedrooms and 5 bathrooms. The property includes multiple kitchens, durable flooring, private unit areas, and shared spaces that support a varied residential layout. Built in 1900, it offers an established multifamily asset with substantial living area and a configuration suited to rental housing.
Located on Stewart Avenue in Ithaca, the property is moments from Cornell University. Its proximity to the university places the building within a university-oriented rental setting, while the bedroom and bathroom count provides a clearly defined residential arrangement.
Located on Stewart Avenue in Ithaca, the property is moments from Cornell University. Its proximity to the university places the building within a university-oriented rental setting, while the bedroom and bathroom count provides a clearly defined residential arrangement.
Key Highlights
- Nearly 4,000 square feet of living space
- 14 bedrooms and 5 bathrooms
- Multiple kitchens within the property
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
$49,065
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
5.03%
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%
$981,300
$981.3K
Cap Rate 7%
$700,929
$700.9K
Cap Rate 9%
$545,167
$545.2K
Market Conditions
NOI Build-Up for 4,000 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
$93.1K $23.28/SF
− Vacancy
−$3.9K −$0.98/SF
EGI
$89.2K $22.30/SF
− OpEx
−$40.1K −$10.04/SF
NOI
$49.1K $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%
$981,300
Cap Rate 7%
$700,929
Cap Rate 9%
$545,167
Alternative Uses
Best Use
Apartment 5plus
$700.9K
$613.3K – $817.8K
NOI $49,065 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,372 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,406
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 - Multi-unit configuration with multiple kitchens, shared areas, and durable flooring near Cornell University.
Where is this apartment building located?
The property is located at 306 Stewart Avenue Ithaca, NY.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Nearly 4,000 square feet of living space; 14 bedrooms and 5 bathrooms; Multiple kitchens within the property
