Seven-Unit Apartment Building with Coin
For Sale
$1,000,000
308 Fairmount Avenue, Ithaca, NY 14850
MULTI_FAMILY - Ithaca, NY
Property Size2,358 SF
Price / SF$424.09
Days on Market100
Property Features for 308 Fairmount Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Rooms
Bedroom 2, Bedroom 4, Basement, Bedroom 3, Bedroom 1, Bedroom 7, Bedroom 6, Bedroom 5
Parking features
Garage
Interior features
CeilingFans
Exterior features
ConcreteDriveway
Appliances
GasOven, GasRange, GasWaterHeater, Refrigerator
Lot features
Near Public Transit, Rectangular, Rectangular Lot
Elementary school
Belle Sherman
High school
Ithaca Senior High
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Subdivision
Ithaca-City-500700
Standard status
Active
APN
500700-067-000-0006-002-000-0000
Size
2,358 SF
Taxes and HOA fees
Tax Annual Amount
22550
Utilities
Heating system
Natural Gas, Hot Water(Heating), Baseboard
Water source
Public
Amenities
coin laundry
off-street parking
Building Details
Year built
1925
Floors in Building
2
Number of units
7
Flooring type
Hardwood, Vinyl, Varies, Tile
Building materials
Stone, Stucco, WoodSiding
Roof type
Asphalt, Slate, Tile
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Kathleen M Markowski · License #30MA0818780
(607) 342-0778
Added: May 7
Changed: Aug 4
Last Checked: Aug 14 at 5:06PM
MLS# R1679498
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 seven-unit apartment building offers four one-bedroom units and three two-bedroom units. The interiors include ceiling fans, and several units are described as having furnished options. Coin laundry is available on site. Flooring includes tile, hardwood, vinyl, and varied finishes.
Built in 1925, the building features stone, stucco, and wood siding with a roof made of tile, asphalt, and slate. Heating is provided by natural gas hot water with baseboard systems. Appliances listed include a gas oven, gas range, gas water heater, and refrigerator.
The property includes a concrete driveway, and parking is described as including a garage as well as a select few off-street parking spots. Water service is listed as public.
Built in 1925, the building features stone, stucco, and wood siding with a roof made of tile, asphalt, and slate. Heating is provided by natural gas hot water with baseboard systems. Appliances listed include a gas oven, gas range, gas water heater, and refrigerator.
The property includes a concrete driveway, and parking is described as including a garage as well as a select few off-street parking spots. Water service is listed as public.
Key Highlights
- Seven‑unit apartment building
- Four one‑bedroom units and three two‑bedroom units
- Coin laundry on site
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
Lease Details
7
Residential units
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 with coin laundry on site, featuring four one-bedroom and three two-bedroom apartments in a 1925 building.
Where is this apartment building located?
The property is located at 308 Fairmount Avenue 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: Seven‑unit apartment building; Four one‑bedroom units and three two‑bedroom units; Coin laundry on site
