Collegetown Multifamily Investment
For Sale
Contact for pricing
308 Fairmount Ave, Ithaca, NY 14850
Seven units near Cornell University in desirable Collegetown location.
Property Size2,358 SF
Price / SF$424.09
Days on Market110
Property Features for 308 Fairmount Ave
General Information
Standard status
Active
Size
2,358 SF
Total Parking Spaces
2
Property subtype
Multifamily
Building Details
Year Built
1925
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Warren Real Estate Downtown Ithaca
(607) 342-0778
Listed By:
Kathleen Markowski · License #NY 30MA0818780
Source:
Crexi
Added: May 9
Changed: Aug 23
Last Checked: Aug 25 at 11:53PM
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 Downtown Ithaca
Investment Insights
Based on property information with market context.
This multifamily property is located in the upper Collegetown area, within walking distance of Cornell University and the Collegetown hub. The property features seven units: four 1-bedroom apartments and three 2-bedroom apartments. The apartments are described as bright and unique, with furnished options available. On-site amenities include coin laundry. A limited number of off-street parking spaces are available. The building has a total size of 2358 square feet. The property is positioned as an investment opportunity with creative potential, particularly suitable for graduate students due to its convenient location on a quiet street.
Key Highlights
- Highly sought‑after upper Collegetown location, flat walking distance to Cornell University.
- Seven units total: four 1‑bedroom and three 2‑bedroom apartments.
- Ideal location for graduate students, offering convenience on a quiet street.
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
$28,924
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
2.89%
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%
$578,480
$578.5K
Cap Rate 7%
$413,200
$413.2K
Cap Rate 9%
$321,378
$321.4K
Market Conditions
NOI Build-Up for 2,358 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
$54.9K $23.28/SF
− Vacancy
−$2.3K −$0.98/SF
EGI
$52.6K $22.30/SF
− OpEx
−$23.7K −$10.04/SF
NOI
$28.9K $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%
$578,480
Cap Rate 7%
$413,200
Cap Rate 9%
$321,378
Alternative Uses
Best Use
Apartment 5plus
$413.2K
$361.6K – $482.1K
NOI $28,924 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$735.8K
$643.8K – $858.4K
NOI $51,506 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
871
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 - Seven units near Cornell University in desirable Collegetown location.
Where is this apartment building located?
The property is located at 308 Fairmount Ave Ithaca, NY.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Highly sought‑after upper Collegetown location, flat walking distance to Cornell University.; Seven units total: four 1‑bedroom and three 2‑bedroom apartments.; Ideal location for graduate students, offering convenience on a quiet street.
