7-Unit Apartment
For Sale
$1,000,000
308 Fairmount Avenue, Ithaca, NY 14850
MultiFamily, Ithaca, NY
Property Size2,358 SF
Price / SF$424.09
Days on Market143
Property Features for 308 Fairmount Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Rooms
Bedroom 3, Bedroom 6, Bedroom 7, Bedroom 5, Basement, Bedroom 1, Bedroom 2, Bedroom 4
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, Baseboard, Hot Water(Heating)
Water source
Public
Amenities
coin laundry
Building Details
Year built
1925
Floors in Building
2
Number of units
7
Flooring type
Hardwood, Varies, Vinyl, 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: Sep 16
Last Checked: Sep 26 at 7:06PM
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 7-unit apartment building at 308 Fairmount Avenue includes four 1-bedroom apartments and three 2-bedroom apartments within 2,358 square feet. Interiors feature a mix of hardwood, tile, and vinyl flooring, along with ceiling fans and kitchens equipped with gas ovens, gas ranges, refrigerators, and gas water heaters. Furnished options and coin-operated laundry are available on site.
Built in 1925, the property uses baseboard and hot-water heating with natural gas service. Exterior construction includes stone, stucco, and wood siding, while roofing materials include tile, slate, and asphalt. A garage, concrete driveway, public water, and select off-street parking spaces are also included.
The property is located on Fairmount Avenue in Ithaca’s upper Collegetown area, within walking distance of Cornell and near the Collegetown hub. The surrounding setting combines access to nearby activity with a quieter residential street.
Built in 1925, the property uses baseboard and hot-water heating with natural gas service. Exterior construction includes stone, stucco, and wood siding, while roofing materials include tile, slate, and asphalt. A garage, concrete driveway, public water, and select off-street parking spaces are also included.
The property is located on Fairmount Avenue in Ithaca’s upper Collegetown area, within walking distance of Cornell and near the Collegetown hub. The surrounding setting combines access to nearby activity with a quieter residential street.
Key Highlights
- 7‑unit apartment building with four 1‑bedroom and three 2‑bedroom apartments
- 2,358 square feet; built in 1925
- Walking distance to Cornell and near the Collegetown hub
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
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Open Analytics
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
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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 apartments near Cornell feature varied layouts, on-site laundry, furnished options, and limited off-street parking.
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: 7‑unit apartment building with four 1‑bedroom and three 2‑bedroom apartments; 2,358 square feet; built in 1925; Walking distance to Cornell and near the Collegetown hub
