10-Unit Apartment
For Sale
$1,575,000
426 Winthrop Dr, Ithaca, NY 14850
Brick multifamily property with air conditioning, resident storage, laundry facilities, and off-street parking.
Property Size11,562 SF
Price / SF$136.22
Days on Market57
Property Features for 426 Winthrop Dr
General Information
Standard status
Active
Size
11,562 SF
Property subtype
Residential Income
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
10 x 2BR/1.5BA
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$25,637
Amenities
air conditioning
coin-operated laundry facilities
dedicated storage
free off-street parking
Building Details
Buildings
1
Construction
brick
Listing Agency:
Berkshire Hathaway HomeServices Heritage Realty
(607) 428-0708
Listed By:
Brian DeYoung
(607) 275-1234
Source:
Exprealty
Added: Aug 28
Changed: Oct 2
Last Checked: Oct 21 at 1:34AM
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 Heritage Realty
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Investment Insights
Based on property information with market context.
This 10-unit brick apartment building offers a consistent unit layout, with each apartment providing 2 bedrooms and 1.5 baths. Bright interiors and comfortable living areas are complemented by air conditioning, coin-operated laundry facilities, dedicated storage for every unit, and free off-street parking.
The property is located on Winthrop Drive in Ithaca’s Northeast neighborhood, near Cornell University, shopping, dining, healthcare, BOCES, and area schools. Multiple TCAT bus routes are within a short walk, with service to Cornell, Downtown Ithaca, Ithaca Mall, and other destinations. Additional transit access is available along nearby Triphammer Road.
The property is located on Winthrop Drive in Ithaca’s Northeast neighborhood, near Cornell University, shopping, dining, healthcare, BOCES, and area schools. Multiple TCAT bus routes are within a short walk, with service to Cornell, Downtown Ithaca, Ithaca Mall, and other destinations. Additional transit access is available along nearby Triphammer Road.
Key Highlights
- 10‑unit apartment building with 2‑bedroom, 1.5‑bath units
- Brick construction with bright interiors and comfortable living areas
- Air conditioning and coin‑operated laundry facilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$141,822
Cap Rate
9.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,836,440
$2.8M
Cap Rate 7%
$2,026,029
$2.0M
Cap Rate 9%
$1,575,800
$1.6M
Market Conditions
NOI Build-Up for 11,562 SF
Gross rent
$269.2K $23.28/SF
− Vacancy
−$11.3K −$0.98/SF
EGI
$257.9K $22.30/SF
− OpEx
−$116.0K −$10.04/SF
NOI
$141.8K $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 Rate 5%
$2,836,440
Cap Rate 7%
$2,026,029
Cap Rate 9%
$1,575,800
Alternative Uses
Best Use
Apartment 5plus
$2.03M
$1.77M – $2.36M
NOI $141,822 @ 7.0% cap · market cap 9.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.61M
$3.16M – $4.21M
NOI $252,550 @ 7.0% cap · market cap 16.03%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
10
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
307
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with air conditioning, resident storage, laundry facilities, and off-street parking.
Where is this apartment building located?
The property is located at 426 Winthrop Dr Ithaca, NY.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: 10‑unit apartment building with 2‑bedroom, 1.5‑bath units; Brick construction with bright interiors and comfortable living areas; Air conditioning and coin‑operated laundry facilities
