7-Unit Apartment
New
For Sale
$950,000
308 Fairmount Avenue, Ithaca, NY 14850
MultiFamily, Ithaca, NY
Property Size2,358 SF
Price / SF$402.88
Days on Market2
Property Features for 308 Fairmount Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Rooms
Bedroom 5, Bedroom 8, Bedroom 9, Bedroom 1, Bedroom 10, Bedroom 2, Bedroom 6, Bedroom 7, Basement, Bedroom 4, Bedroom 3
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
Baseboard, Hot Water(Heating), Natural Gas
Water source
Public
Amenities
coin laundry
Building Details
Year built
1925
Floors in Building
2
Number of units
7
Flooring type
Hardwood, Vinyl, Tile, Varies
Building materials
Stone, Stucco, WoodSiding
Roof type
Tile, Slate, Asphalt
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Kathleen M Markowski · License #30MA0818780
(607) 342-0778
Added: Nov 2
Last Checked: Nov 3 at 5:06PM
MLS# R1725376
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.
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Investment Insights
Based on property information with market context.
This 7-unit apartment building at 308 Fairmount Avenue contains four one-bedroom apartments and three two-bedroom apartments across 2,358 square feet. Built in 1925, the property has on-site coin-operated laundry, and furnished apartment options are available. A limited number of off-street parking spaces are also noted.
The property is a short, level walk from Cornell’s main entrance and sits near the Collegetown hub in Ithaca.
The property is a short, level walk from Cornell’s main entrance and sits near the Collegetown hub in Ithaca.
Key Highlights
- Seven apartments: four one‑bedroom units and three two‑bedroom units
- 2,358 square feet
- Short, level walk to Cornell’s main entrance
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,924
Cap Rate
3.04%
Suggested Prices Based on Cap Rates
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
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 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 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$735.8K
$643.8K – $858.4K
NOI $51,506 @ 7.0% cap · market cap 5.42%
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
7
Residential units
Location Intelligence
Trade Area within ½ mile
871
Businesses Nearby
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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?
Apartment building - Apartments include furnished options, with coin-operated laundry available on site.
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 $950,000.
What are key features of this property?
This property features: Seven apartments: four one‑bedroom units and three two‑bedroom units; 2,358 square feet; Short, level walk to Cornell’s main entrance
