Collegetown Multifamily Investment
For Sale
$1,000,000
308 Fairmount Avenue, Ithaca, NY 14850
Seven units near Cornell University in desirable Collegetown location.
Property Size2,358 SF
Price / SF$424.09
Days on Market149
Property Features for 308 Fairmount Avenue
General Information
Standard status
Active
Size
2,358 SF
Property subtype
MultiFamily
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Kathleen M Markowski · License #30MA0818780
(607) 342-0778
Source:
Nicholcityrealty
Added: May 14
Changed: Sep 27
Last Checked: Oct 7 at 11:41AM
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.
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 / Yr
$28,924
Cap Rate
2.89%
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 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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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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 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: 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.
