4-Unit Quadplex with
For Sale
$690,000
316 S Aurora Street, Ithaca, NY 14850
Residential, Ithaca, NY
Property Size4,500 SF
Lot Size0.05 Acres
Price / SF$153.33
Days on Market250
Property Features for 316 S Aurora Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential Multi Use
Bedrooms
14
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bedroom 7, Bathroom 4, Bedroom 3, Bedroom 1, Basement, Bedroom 11, Bathroom 2, Bedroom 9, Bedroom 6, Bedroom 13, Bedroom 10, Bedroom 5, Bathroom 1, Bedroom 14, Bedroom 12, Bedroom 2, Bedroom 4, Bathroom 3
Patio and Porch features
Deck
Interior features
Attic
Exterior features
Deck
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Directions
S. Aurora St, on the corner of Pleasant St.
Subdivision
Ithaca-City-500700
Standard status
Active
APN
500700-081-000-0008-011-000-0000
Size
4,500 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
22143
Utilities
Heating system
Hot Water(Heating), Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1910
Floors in Building
3
Number of units
4
Flooring type
Varies, Tile, Carpet, Hardwood
Building materials
Frame
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Berkshire Hathaway HomeServices Heritage Realty
(607) 428-0708
Listed By:
Melissa Skodzinsky · License #30SK0987831
(607) 227-2863
Added: Dec 15, 2025
Changed: Aug 19
Last Checked: Aug 22 at 6:06PM
MLS# S1654841
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 quadplex includes four units across two tax parcels, with each side featuring a 3-bedroom and a 4-bedroom apartment. The property offers on-site parking and laundry income support, along with an attic and deck/patio space. Interior finishes include tile, carpet, and hardwood flooring.
Built in 1910, the home is served by natural gas heating with baseboard and hot water heat. The roof is asphalt, and the water source is public. The layout includes basement space and multiple bedrooms and bathrooms per unit configuration. A gas water heater is included, supporting everyday domestic hot water needs.
Positioned near The Commons, Cornell University, and Ithaca College on South Hill, the property’s configuration and parking can be a practical fit for tenants seeking multi-bedroom housing in a highly active area.
Built in 1910, the home is served by natural gas heating with baseboard and hot water heat. The roof is asphalt, and the water source is public. The layout includes basement space and multiple bedrooms and bathrooms per unit configuration. A gas water heater is included, supporting everyday domestic hot water needs.
Positioned near The Commons, Cornell University, and Ithaca College on South Hill, the property’s configuration and parking can be a practical fit for tenants seeking multi-bedroom housing in a highly active area.
Key Highlights
- 4‑unit quadplex across two tax parcels: each side has a 3‑bedroom and a 4‑bedroom apartment
- On‑site parking plus laundry income potential
- 0.05‑acre lot with 4,500 SF building area
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,552
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 - Well-located quadplex on South Hill with two tax parcels, on-site parking, and in-unit laundry service.
Where is this quadplex located?
The property is located at 316 S Aurora Street 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: 4‑unit quadplex across two tax parcels: each side has a 3‑bedroom and a 4‑bedroom apartment; On‑site parking plus laundry income potential; 0.05‑acre lot with 4,500 SF building area
