7-Unit Victorian Apartment
502 N Tioga St, Ithaca, NY 14850
For Sale
$1,100,000
Original interior details complement updated building systems, coin-operated laundry, and off-street parking.
Property Size5,655 SF
Price / SF$194.52
Days on Market49
Property Features for 502 N Tioga St
General Information
Standard status
Size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Additional Details
Road Access
Taxes and HOA fees
Annual Taxes
Amenities
coin-operated laundry
Building Details
Year Built
Buildings
Construction
Listing Agency:
Howard Hanna S Tier Inc
(607) 257-0800
Listed By:
Karen Hollands · License NY #10401308223
(607) 351-1823
Source:
Exprealty
Added: Sep 22
Changed: Oct 31
Last Checked: Nov 8 at 6:48AM
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 Howard Hanna S Tier Inc
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Investment Insights
Based on property information with market context.
Built in 1907, this 5,655-square-foot Victorian apartment property contains seven units: one two-bedroom apartment and six one-bedroom apartments. Interior details include hardwood floors, stained glass, millwork, bay windows, and fireplaces. A wraparound porch and mature landscaping frame the building, while two newer hot-water boilers and updated electrical service support its existing improvements. Multiple electric meters, coin-operated laundry, and off-street parking are also in place. The property is fully leased.
At 502 N Tioga St in downtown Ithaca, the building is within walking distance of the Ithaca Commons, Cornell University, restaurants, shops, and neighborhood conveniences.
At 502 N Tioga St in downtown Ithaca, the building is within walking distance of the Ithaca Commons, Cornell University, restaurants, shops, and neighborhood conveniences.
Key Highlights
- Seven apartments: one two‑bedroom unit and six one‑bedroom units
- 5,655 square feet; built in 1907
- Two newer hot‑water boilers and updated electrical service
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$69,366
Cap Rate
6.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,387,320
$1.4M
Cap Rate 7%
$990,943
$990.9K
Cap Rate 9%
$770,733
$770.7K
Market Conditions
NOI Build-Up for 5,655 SF
Gross rent
$131.6K $23.28/SF
− Vacancy
−$5.5K −$0.98/SF
EGI
$126.1K $22.30/SF
− OpEx
−$56.8K −$10.04/SF
NOI
$69.4K $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%
$1,387,320
Cap Rate 7%
$990,943
Cap Rate 9%
$770,733
Alternative Uses
Best Use
Apartment 5plus
$990.9K
$867.1K – $1.16M
NOI $69,366 @ 7.0% cap · market cap 6.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.76M
$1.54M – $2.06M
NOI $123,523 @ 7.0% cap · market cap 11.23%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
7
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,671
Businesses Nearby
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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
Properties on Market for Apartment buildings in Ithaca
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Original interior details complement updated building systems, coin-operated laundry, and off-street parking.
Where is this apartment building located?
The property is located at 502 N Tioga St Ithaca, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Seven apartments: one two‑bedroom unit and six one‑bedroom units; 5,655 square feet; built in 1907; Two newer hot‑water boilers and updated electrical service
