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 Market169
Property Features for 408-12 Hillview Place
General Information
Standard status
Active
Size
5,954 SF
Property subtype
Multifamily
Building Details
Units
4
Listing Agency:
Berkshire Hathaway HomeServices CNY Realty Fayetteville
Listed By:
Thalia Collis · License #NY 30VI826997
Source:
Crexi
Added: Mar 11
Changed: Aug 23
Last Checked: Aug 24 at 7:32PM
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
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
$73,033
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
5.41%
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%
$1,460,660
$1.5M
Cap Rate 7%
$1,043,329
$1.0M
Cap Rate 9%
$811,478
$811.5K
Market Conditions
NOI Build-Up for 5,954 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
$138.6K $23.28/SF
− Vacancy
−$5.8K −$0.98/SF
EGI
$132.8K $22.30/SF
− OpEx
−$59.8K −$10.04/SF
NOI
$73.0K $12.27/SF
Area
Tompkins County, NY
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,460,660
Cap Rate 7%
$1,043,329
Cap Rate 9%
$811,478
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)
