7-Unit Victorian Apartment
315 S Albany Street, Ithaca, NY 14850
For Sale
$845,000
MultiFamily, Ithaca, NY
Property Size5,606 SF
Lot Size0.18 Acres
Price / SF$150.73
Days on Market47
Property Features for 315 S Albany Street
General Information
Property type
Property subtype
Bedrooms
Rooms
Parking features
Window features
Patio and Porch features
Interior features
Exterior features
Appliances
Lot features
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Directions
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Water source
Amenities
attic storage
basement storage
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Buildings
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Steven Saggese · License NY 30SA0532613
(607) 280-4350
Added: Sep 29
Changed: Nov 6
Last Checked: Nov 14 at 8:06PM
MLS# R1718256
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 5,606-square-foot apartment property contains seven fully leased units: three studios, three one-bedroom apartments, and one two-bedroom apartment. Leases extend into 2027. Built in 1874, the building includes original character elements such as woodwork, stained glass, built-ins, a marble fireplace, hardwood floors, high ceilings, and a Victorian-style staircase. A walk-up attic and full walkout basement provide storage and utility space, while off-street parking accommodates multiple vehicles.
The property is on S Albany Street in downtown Ithaca, near parks, schools, shopping, dining, the TCAT bus line, and the city center. The site covers 0.1837 acres. Annual gross rents total $92,760. Units have received selective updates as they became available.
The property is on S Albany Street in downtown Ithaca, near parks, schools, shopping, dining, the TCAT bus line, and the city center. The site covers 0.1837 acres. Annual gross rents total $92,760. Units have received selective updates as they became available.
Key Highlights
- Seven fully leased apartments with leases in place into 2027
- Unit mix: three studios, three one‑bedroom apartments, and one two‑bedroom apartment
- 5,606 square feet on a 0.1837‑acre site
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.
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Lease Details
7
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,584
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
Properties on Market for Apartment buildings in Ithaca
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Leased apartments combine historic details with attic storage, a walkout basement, and off-street parking.
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 fully leased apartments with leases in place into 2027; Unit mix: three studios, three one‑bedroom apartments, and one two‑bedroom apartment; 5,606 square feet on a 0.1837‑acre site
