Multifamily Investment with
For Sale
Contact for pricing
408-12 Hillview Place, Ithaca, NY 14850
Three multifamily buildings on one tax parcel offer 16 bedrooms and off-street parking plus a five-bay garage.
Property Size5,954 SF
Price / SF$226.74
Days on Market142
Property Features for 408-12 Hillview Place
General Information
Standard status
Active
Size
5,954 SF
Property subtype
Multifamily
Listing Agency:
Berkshire Hathaway HomeServices CNY Realty Fayetteville
Listed By:
Thalia Collis · License #NY 30VI826997
Source:
Crexi
Added: Mar 11
Changed: Jul 22
Last Checked: Jul 30 at 1:32PM
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 CNY Realty Fayetteville
Investment Insights
Based on property information with market context.
This for-sale multifamily investment includes three buildings on a single tax parcel: two houses and one apartment building. The combined configuration provides 16 bedrooms. Tenants are currently in place, including a third-floor apartment at 410 Hillview Place leased through August 31, 2026.
The property includes off-street parking and a five-bay garage, which may support additional income opportunities or practical on-site utility space. A certificate of occupancy inspection was completed in May 2025.
Showings are tenant-occupied and require advance scheduling with at least 30+ hours’ notice. Listing agent coordination is available through the provided showing instructions and contact information.
The property includes off-street parking and a five-bay garage, which may support additional income opportunities or practical on-site utility space. A certificate of occupancy inspection was completed in May 2025.
Showings are tenant-occupied and require advance scheduling with at least 30+ hours’ notice. Listing agent coordination is available through the provided showing instructions and contact information.
Key Highlights
- Three multifamily buildings on a single tax parcel with a total of 16 bedrooms
- Two houses and one apartment building configuration (includes a 3‑bedroom, 1‑bath apartment upstairs in building 410)
- Leased through August 31, 2026 (tenant occupied; C of C inspection completed May 2025)
Financial Insights For Apartment 5plus
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 | $138.6k | $23.28 |
| − Vacancy | −$5.8k | −$0.98 |
| EGI | $132.8k | $22.30 |
| − OpEx | −$59.8k | −$10.04 |
| NOI | $73.0k | $12.27 |
5,954 SF · lease $23.28/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$912.9K – $1.22M
NOI $73,033 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.86M
$1.63M – $2.17M
NOI $130,054 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,301
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?
Apartment building - Three multifamily buildings on one tax parcel offer 16 bedrooms and off-street parking plus a five-bay garage.
Where is this apartment building located?
The property is located at 408-12 Hillview Place Ithaca, NY.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Three multifamily buildings on a single tax parcel with a total of 16 bedrooms; Two houses and one apartment building configuration (includes a 3‑bedroom, 1‑bath apartment upstairs in building 410); Leased through August 31, 2026 (tenant occupied; C of C inspection completed May 2025)
