7-Unit Apartment
New
For Sale
$845,000
315 S Albany Street, Ithaca, NY 14850
MultiFamily, Ithaca, NY
Property Size5,606 SF
Lot Size0.18 Acres
Price / SF$150.73
Days on Market2
Property Features for 315 S Albany Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Rooms
Basement, Bedroom 4, Bedroom 3, Bedroom 2, Bedroom 1
Parking features
Garage, Driveway
Window features
Drapes
Patio and Porch features
Porch
Interior features
CeilingFans, WindowTreatments
Exterior features
GravelDriveway
Appliances
GasOven, GasRange, GasWaterHeater, Refrigerator
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school
Belle Sherman
Middle school
Dewitt Middle
High school
Ithaca Senior High
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Directions
Between Clinton and North Titus Streets
Subdivision
Ithaca-City-500700
Standard status
Active
APN
500700-080-000-0008-013-000-0000
Size
5,606 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
15161
Utilities
Heating system
Hot Water(Heating), Other (Heating), Natural Gas
Water source
Public
Amenities
stained glass
built-ins
marble fireplace
high ceilings
hardwood floors
Victorian-style staircase
full walk-up attic
full walkout basement
off-street parking
Building Details
Year built
1874
Floors in Building
2
Number of units
7
Flooring type
Vinyl, Hardwood, Varies
Building materials
Brick, Frame, CopperPlumbing
Roof type
Rubber, Membrane, Shingle
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Steven Saggese · License #30SA0532613
(607) 280-4350
Added: Sep 29
Last Checked: Sep 30 at 8:06AM
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.
Investment Insights
Based on property information with market context.
This 5,606-square-foot apartment property contains seven units: three studios, three one-bedroom apartments, and one two-bedroom apartment. Built in 1874, the building features hardwood floors, high ceilings, stained glass, built-ins, detailed woodwork, and a marble fireplace in select units and shared areas. A walk-up attic and walkout basement provide storage, and the property includes off-street parking for multiple vehicles. The site comprises 0.1837 acres.
Located at 315 S Albany Street in Ithaca, the property is near parks, schools, shopping, dining, the TCAT bus line, and the city center. All seven apartments are leased, with leases in place into 2027.
Located at 315 S Albany Street in Ithaca, the property is near parks, schools, shopping, dining, the TCAT bus line, and the city center. All seven apartments are leased, with leases in place into 2027.
Key Highlights
- Seven leased apartments, with leases extending 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; built in 1874
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
$68,764
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
8.14%
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%
$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
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
$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 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%
$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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,584
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Seven occupied apartments have leases extending into 2027, with a mix of studio, one-bedroom, and two-bedroom layouts.
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 leased apartments, with leases extending 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; built in 1874
