7-Unit Apartment
New
For Sale
$845,000
315 S Albany Street, Ithaca, NY 14850
Apartments range from studios to two bedrooms, with off-street parking and storage in the attic and basement.
Property Size5,606 SF
Price / SF$150.73
Days on Market3
Property Features for 315 S Albany Street
General Information
Standard status
Active
Size
5,606 SF
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
3 x studio, 3 x 1BR, 1 x 2BR
Multifamily Units
7
Additional Details
Gross Income
$92,760
Public Transit
Yes
Building Details
Buildings
1
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Steven Saggese · License #30SA0532613
(607) 280-4350
Source:
Nicholcityrealty
Added: Oct 5
Changed: Oct 6
Last Checked: Oct 6 at 2:24AM
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. (Downtown)
Investment Insights
Based on property information with market context.
This 5,606-square-foot, 19th-century apartment building contains seven leased units: three studios, three one-bedroom apartments and one two-bedroom apartment. Leases extend into 2027. Historic details include woodwork, stained glass, built-ins, a marble fireplace, hardwood floors and a Victorian-style staircase. A full walk-up attic and full walkout basement provide additional storage and utility space, and off-street parking accommodates multiple vehicles.
At 315 S Albany Street in Ithaca, the property is near parks, schools, shopping, dining, the TCAT bus line and the city center. The unit mix spans several apartment sizes, and units have received selective updates over time as they became available.
At 315 S Albany Street in Ithaca, the property is near parks, schools, shopping, dining, the TCAT bus line and the city center. The unit mix spans several apartment sizes, and units have received selective updates over time as they became available.
Key Highlights
- Seven apartments: three studios, three one‑bedroom units and one two‑bedroom unit
- Leases extend into 2027
- 5,606 square feet in a 19th‑century building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$68,764
Cap Rate
8.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,375,280
$1.4M
Cap Rate 7%
$982,343
$982.3K
Cap Rate 9%
$764,044
$764.0K
Market Conditions
NOI Build-Up for 5,606 SF
Gross rent
$130.5K $23.28/SF
− Vacancy
−$5.5K −$0.98/SF
EGI
$125.0K $22.30/SF
− OpEx
−$56.3K −$10.04/SF
NOI
$68.8K $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%
$1,375,280
Cap Rate 7%
$982,343
Cap Rate 9%
$764,044
Alternative Uses
Best Use
Apartment 5plus
$982.3K
$859.6K – $1.15M
NOI $68,764 @ 7.0% cap · market cap 8.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,452 @ 7.0% cap · market cap 14.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,702
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 - Apartments range from studios to two bedrooms, with off-street parking and storage in the attic and basement.
Where is this apartment building located?
The property is located at 315 S Albany Street Ithaca, NY.
What is the asking price?
The asking price for this property is $845,000.
What are key features of this property?
This property features: Seven apartments: three studios, three one‑bedroom units and one two‑bedroom unit; Leases extend into 2027; 5,606 square feet in a 19th‑century building
