Four-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 Market285
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
Bathroom 4, Bedroom 2, Bedroom 4, Bathroom 3, Bedroom 12, Bedroom 9, Bathroom 1, Bedroom 6, Bedroom 11, Bedroom 10, Bedroom 7, Bedroom 14, Basement, Bedroom 1, Bedroom 3, Bedroom 8, Bathroom 2, Bedroom 5, Bedroom 13
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
Baseboard, Hot Water(Heating), Natural Gas
Water source
Public
Amenities
on-site parking
Building Details
Year built
1910
Floors in Building
3
Number of units
4
Flooring type
Hardwood, Tile, Varies, Carpet
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: Sep 12
Last Checked: Sep 26 at 8:06PM
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 4,500-square-foot quadplex contains four apartments distributed across two tax parcels. The unit mix includes two three-bedroom apartments and two four-bedroom apartments. The 1910 frame property includes four bathrooms, a basement, attic space, decks, and on-site parking. Interior finishes include hardwood, tile, and carpet, with natural-gas hot-water and baseboard heating, a gas water heater, and public water service.
The property is located at 316 S Aurora Street in Ithaca’s South Hill area, near The Commons, Cornell University, and Ithaca College. Its 0.05-acre site supports the existing multifamily configuration, while laundry income adds an operating component to the property.
The property is located at 316 S Aurora Street in Ithaca’s South Hill area, near The Commons, Cornell University, and Ithaca College. Its 0.05-acre site supports the existing multifamily configuration, while laundry income adds an operating component to the property.
Key Highlights
- Four apartments with a mix of two 3‑bedroom and two 4‑bedroom units
- 4,500 square feet across two tax parcels
- On‑site parking and laundry income
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
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Current Use
Lease Details
4
Residential units
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
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?
Quadplex - Four residential apartments span two tax parcels and include on-site parking in a South Hill setting.
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: Four apartments with a mix of two 3‑bedroom and two 4‑bedroom units; 4,500 square feet across two tax parcels; On‑site parking and laundry income
