14-Bedroom Apartment
For Sale
$975,000
306 Stewart Avenue, Ithaca, NY 14850
MULTI_FAMILY - Ithaca, NY
Property Size4,507 SF
Lot Size0.02 Acres
Price / SF$216.33
Days on Market43
Property Features for 306 Stewart Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
14
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 1, Bedroom 10, Bedroom 7, Basement, Bedroom 5, Bedroom 12, Bedroom 11, Bathroom 5, Bedroom 2, Bathroom 4, Bathroom 3, Bathroom 2, Bedroom 14, Bedroom 6, Bedroom 9, Bedroom 8, Bedroom 1, Bedroom 13, Bedroom 3, Bedroom 4
Parking features
Driveway
Patio and Porch features
Porch, Patio
Exterior features
Patio
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school
Belle Sherman
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Directions
State Street to Stewart Ave, 2 blocks up on the left, gray building
Subdivision
Ithaca-City-500700
Standard status
Active
APN
500700-063-000-0010-004-000-0000
Size
4,507 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
20925
Utilities
Heating system
Hot Water(Heating), Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Number of units
5
Flooring type
Laminate, Varies, Tile, Hardwood
Building materials
AtticCrawlHatchwaysInsulated, VinylSiding
Roof type
Shingle, Asphalt
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
David Wahl · License #10371201153
(607) 227-3132
Added: Jul 10
Changed: Aug 17
Last Checked: Aug 21 at 5:06AM
MLS# R1706828
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.
Investment Insights
Based on property information with market context.
This apartment building at 306 Stewart Avenue offers 4,507 square feet of living space with 14 bedrooms and 5 bathrooms. The layout includes multiple kitchens, shared areas, hardwood, laminate, and tile flooring, plus durable vinyl siding. Heating is provided by natural gas hot water and baseboard systems. A patio, porch, and driveway add outdoor and parking-related features to the property.
Built in 1900, the property occupies a 0.02-acre lot and is served by public water. Its Ithaca location places the building near Cornell University, providing a defined university-area setting for multifamily housing. The roof uses asphalt shingles, and the property includes an insulated attic crawl hatchway and a gas water heater.
Built in 1900, the property occupies a 0.02-acre lot and is served by public water. Its Ithaca location places the building near Cornell University, providing a defined university-area setting for multifamily housing. The roof uses asphalt shingles, and the property includes an insulated attic crawl hatchway and a gas water heater.
Key Highlights
- 4,507 square feet with 14 bedrooms and 5 bathrooms
- Multiple kitchens and shared living areas
- Located near Cornell University in Ithaca
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
$55,284
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
5.67%
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%
$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
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
$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 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%
$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 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.41M
$1.23M – $1.64M
NOI $98,447 @ 7.0% cap · market cap 10.10%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multi-unit rental property near Cornell University with multiple kitchens, shared areas, and a patio and porch.
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: 4,507 square feet with 14 bedrooms and 5 bathrooms; Multiple kitchens and shared living areas; Located near Cornell University in Ithaca
