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 Market35
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: Sep 16
Last Checked: Oct 1 at 4:18PM
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
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 = 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
$141,822
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
9.00%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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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
