Quadplex with On-Site
For Sale
$690,000
316 S AURORA ST, Ithaca, NY 14850
Four-unit property with two tax parcels, varied apartment layouts, and resident laundry income.
Property Size4,500 SF
Price / SF$153.33
Days on Market317
Property Features for 316 S AURORA ST
General Information
Standard status
Active
Size
4,500 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3 bedroom, 2 x 4 bedroom
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$22,143
Amenities
on-site parking
Gas
Finished
3
Hardwood, Ceramic Tile, Carpet
Attic Storage, Internet Connection, Cable Available
Asphalt
Deck
Deck.
Paved Driveway.
Frame
Rectangular
58X80
Rectangular.
Building Details
Year Built
1910
Listing Agency:
Berkshire Hathaway HomeServices Heritage Realty
(607) 227-2863
Listed By:
Melissa Skodzinsky · License #30SK0987831
(607) 227-2863
Source:
Xome
Added: Oct 18, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:16PM
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 Berkshire Hathaway HomeServices Heritage Realty
Investment Insights
Based on property information with market context.
This 4,500-square-foot quadplex, built in 1910, comprises four apartments across two tax parcels. The unit mix includes two 3-bedroom apartments and two 4-bedroom apartments. Interior finishes include hardwood, ceramic tile, and carpet, with finished areas, attic storage, internet connection, and cable availability. Gas service is also identified among the interior features.
The property is located at 316 S Aurora St in Ithaca, near The Commons, Cornell University, and Ithaca College. Site improvements include on-site parking, a paved driveway, asphalt surfacing, and a deck. Additional property features include a frame exterior and laundry income. The parcel configuration and four-unit layout provide a defined multifamily format for review by investors seeking an income-producing residential property.
The property is located at 316 S Aurora St in Ithaca, near The Commons, Cornell University, and Ithaca College. Site improvements include on-site parking, a paved driveway, asphalt surfacing, and a deck. Additional property features include a frame exterior and laundry income. The parcel configuration and four-unit layout provide a defined multifamily format for review by investors seeking an income-producing residential property.
Key Highlights
- Four apartments totaling 4,500 square feet
- Two tax parcels with a mix of 3‑bedroom and 4‑bedroom apartments
- Built in 1910 with frame construction
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
$59,563
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
8.63%
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%
$1,191,260
$1.2M
Cap Rate 7%
$850,900
$850.9K
Cap Rate 9%
$661,811
$661.8K
Market Conditions
NOI Build-Up for 4,500 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
$89.1K $19.80/SF
− Vacancy
−$4.0K −$0.89/SF
EGI
$85.1K $18.91/SF
− OpEx
−$25.5K −$5.67/SF
NOI
$59.6K $13.24/SF
Area
Tompkins County, NY
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,191,260
Cap Rate 7%
$850,900
Cap Rate 9%
$661,811
Alternative Uses
Best Use
Multifamily LT 5
$850.9K
$744.5K – $992.7K
NOI $59,563 @ 7.0% cap · market cap 8.63%
Second Best
Apartment 5plus
$788.5K
$690.0K – $920.0K
NOI $55,198 @ 7.0% cap · market cap 8.00%
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,294 @ 7.0% cap · market cap 14.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,714
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit property with two tax parcels, varied apartment layouts, and resident laundry income.
Where is this quadplex located?
The property is located at 316 S AURORA ST Ithaca, NY.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Four apartments totaling 4,500 square feet; Two tax parcels with a mix of 3‑bedroom and 4‑bedroom apartments; Built in 1910 with frame construction
