15-Bedroom
For Sale
$1,150,000
410 Stewart Avenue, Ithaca, NY 14850
Residential, Ithaca, NY
Property Size3,997 SF
Lot Size0.05 Acres
Price / SF$287.72
Days on Market279
Property Features for 410 Stewart Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential Multi Use
Bedrooms
15
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Basement, Bedroom 12, Bathroom 3, Bedroom 10, Bedroom 9, Bedroom 1, Bedroom 11, Bedroom 7, Bedroom 4, Bedroom 5, Bedroom 14, Bedroom 13, Bedroom 8, Bedroom 15, Bathroom 1, Bathroom 4, Bedroom 3, Bathroom 2, Bedroom 6
Interior features
NaturalWoodwork
Appliances
GasWaterHeater
Lot features
Historic District, Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school
Belle Sherman
Middle school
Dewitt Middle
High school
Ithaca Senior High
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Subdivision
Ithaca-City-500700
Standard status
Active
APN
63.-1-3
Size
3,997 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
26564
Utilities
Heating system
Zoned, Hot Water(Heating), Baseboard, Natural Gas
Cooling system
Zoned
Water source
Public
Building Details
Year built
1910
Floors in Building
4
Number of units
3
Flooring type
Varies, Vinyl, Hardwood, Laminate
Building materials
Stucco
Roof type
Tile, Slate
Architectural style
Other
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
David Wahl · License #10371201153
(607) 227-3132
Added: Dec 30, 2025
Changed: Sep 16
Last Checked: Oct 5 at 5:06AM
MLS# R1655884
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 1910 triplex at 410 Stewart Avenue provides a substantial residential layout with 15 bedrooms, three kitchens, and three living rooms. The property measures 3,997 square feet on a 0.05-acre lot and includes parking for seven vehicles. Interior features include natural woodwork, while construction includes stucco and flooring varies among laminate, vinyl, and hardwood. Heating is provided by zoned natural-gas baseboard and hot-water systems, with zoned cooling. A new boiler and on-demand water heater are also noted.
The property is located in Lower Collegetown in Ithaca, near Cornell University. Public water serves the property, and the address is within ZIP Code 14850. The multi-unit configuration, bedroom count, and on-site parking create a residential asset with a defined physical layout for evaluation by buyers seeking a triplex property.
The property is located in Lower Collegetown in Ithaca, near Cornell University. Public water serves the property, and the address is within ZIP Code 14850. The multi-unit configuration, bedroom count, and on-site parking create a residential asset with a defined physical layout for evaluation by buyers seeking a triplex property.
Key Highlights
- 15‑bedroom triplex with 3 kitchens and 3 living rooms
- 3,997 square feet on a 0.05‑acre lot
- Parking for 7 vehicles
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
$52,905
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
4.60%
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%
$1,058,100
$1.1M
Cap Rate 7%
$755,786
$755.8K
Cap Rate 9%
$587,833
$587.8K
Market Conditions
NOI Build-Up for 3,997 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
$79.1K $19.80/SF
− Vacancy
−$3.6K −$0.89/SF
EGI
$75.6K $18.91/SF
− OpEx
−$22.7K −$5.67/SF
NOI
$52.9K $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%
$1,058,100
Cap Rate 7%
$755,786
Cap Rate 9%
$587,833
Alternative Uses
Best Use
Multifamily LT 5
$755.8K
$661.3K – $881.8K
NOI $52,905 @ 7.0% cap · market cap 4.60%
Second Best
Apartment 5plus
$700.4K
$612.9K – $817.1K
NOI $49,028 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,307 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,406
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three kitchens and three living rooms support a multi-unit residential configuration near Cornell University.
Where is this triplex located?
The property is located at 410 Stewart Avenue Ithaca, NY.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 15‑bedroom triplex with 3 kitchens and 3 living rooms; 3,997 square feet on a 0.05‑acre lot; Parking for 7 vehicles
