Four-Unit Multifamily Property Near
316 S Aurora Street Ithaca, NY 14850
316 S Aurora Street, Ithaca, NY, 14850
$690,000
For Sale
$690,000
MULTI_FAMILY - Other - Ithaca, NY
Property Size4,500 SF
Lot Size0.05 Acres
Price / SF$153.33
Days on Market214
Property Features for 316 S Aurora Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 14
- Bathrooms
- 4
- Rooms
- Bedroom 14, Basement, Bedroom 4, Bedroom 2, Bedroom 10, Bedroom 6, Bedroom 1, Bedroom 8, Bathroom 4, Bedroom 7, Bedroom 9, Bedroom 3, Bedroom 11, Bathroom 3, Bedroom 5, Bedroom 12, Bathroom 1, Bedroom 13, Bathroom 2
- Patio and Porch features
- Deck
- Interior features
- Attic
- Exterior features
- Deck
- Appliances
- GasWaterHeater
- 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
- Natural Gas, Baseboard, Hot Water(Heating)
- Water source
- Public
Building Details
- Year built
- 1910
- Floors in Building
- 3
- Number of units
- 4
- Flooring type
- Carpet, Varies, Hardwood, Tile
- Building materials
- Frame
- Roof type
- Asphalt
- Architectural style
- Other
Listing Agency
Berkshire Hathaway HomeServices Heritage Realty
(607) 428-0708
7 James St. Dana Decker, Homer, NY
Listed by
Melissa Skodzinsky · License #30SK0987831
(607) 227-2863
Added: Dec 15, 2025 Checked: Jul 17 at 2:06 pm
MLS# S1654841
Listing URL
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 large four-unit multifamily property is located on South Hill, conveniently near The Commons, Cornell University, and Ithaca College. The property consists of two tax parcels, with each side featuring a three-bedroom and a four-bedroom apartment, totaling four units. The building offers on-site parking and laundry income. The property has a size of 4500 square feet and sits on a 0.05-acre lot.
Key Highlights
- Large 4‑unit property with two tax parcels and on‑site parking
- Unit mix: each side features a 3‑bedroom and a 4‑bedroom apartment (total of four units)
- Laundry income potential reported, with noted opportunity for rent growth
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $89.1k | $19.80 |
| − Vacancy | −$4.0k | −$0.89 |
| EGI | $85.1k | $18.91 |
| − OpEx | −$25.5k | −$5.67 |
| NOI | $59.6k | $13.24 |
4,500 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
ryan international
Advertising Agency
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FAQs
What type of property is this?
Quadplex - Four-unit multifamily property near The Commons, Cornell, and Ithaca College.
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: Large 4‑unit property with two tax parcels and on‑site parking; Unit mix: each side features a 3‑bedroom and a 4‑bedroom apartment (total of four units); Laundry income potential reported, with noted opportunity for rent growth
