Fourteen-Bedroom Multifamily
For Sale
$895,000
306 Stewart Avenue, Ithaca, NY 14850
Multiple kitchens and shared areas serve a multi-bedroom rental property near Cornell University.
Property Size4,507 SF
Price / SF$198.58
Days on Market114
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
Amenities
Patio
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) 257-0666
Listed By:
David Wahl · License #10371201153
(607) 227-3132
Source:
Franzese-realestate
Added: Jul 10
Changed: Oct 29
Last Checked: Oct 29 at 10:08PM
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 multifamily property at 306 Stewart Avenue contains 14 bedrooms and 5 bathrooms, with multiple kitchens and shared living areas. Durable flooring and private units are among the property’s interior features. The building dates to 1900.
Located in Ithaca, the property is a short distance from Cornell University.
Located in Ithaca, the property is a short distance from Cornell University.
Key Highlights
- 14 bedrooms and 5 bathrooms
- Multiple kitchens and private units
- Shared living areas and durable flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,284
Cap Rate
6.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,105,680
$1.1M
Cap Rate 7%
$789,771
$789.8K
Cap Rate 9%
$614,267
$614.3K
Market Conditions
NOI Build-Up for 4,507 SF
Gross rent
$104.9K $23.28/SF
− Vacancy
−$4.4K −$0.98/SF
EGI
$100.5K $22.30/SF
− OpEx
−$45.2K −$10.04/SF
NOI
$55.3K $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%
$1,105,680
Cap Rate 7%
$789,771
Cap Rate 9%
$614,267
Alternative Uses
Best Use
Apartment 5plus
$789.8K
$691.1K – $921.4K
NOI $55,284 @ 7.0% cap · market cap 6.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.41M
$1.23M – $1.64M
NOI $98,447 @ 7.0% cap · market cap 11.00%
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
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Multiple kitchens and shared areas serve a multi-bedroom rental property near Cornell University.
Where is this multifamily property located?
The property is located at 306 Stewart Avenue Ithaca, NY.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 14 bedrooms and 5 bathrooms; Multiple kitchens and private units; Shared living areas and durable flooring
