7-Unit Victorian Apartment
New
For Sale
$1,100,000
502 N Tioga St, Ithaca, NY 14850
Original interior details complement updated building systems, coin-operated laundry, and off-street parking.
Property Size5,655 SF
Price / SF$194.52
Days on Market4
Property Features for 502 N Tioga St
General Information
Standard status
Active
Size
5,655 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 2BR, 6 x 1BR
Multifamily Units
7
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$20,780
Amenities
coin-operated laundry
Building Details
Year Built
1907
Buildings
1
Construction
Victorian
Listing Agency:
Howard Hanna S Tier Inc
(607) 257-0800
Listed By:
Karen Hollands · License #10401308223
(607) 351-1823
Source:
Exprealty
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 24 at 1:57PM
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
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 = 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
$69,366
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
6.31%
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%
$1,387,320
$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
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
$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 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%
$1,387,320
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.
Property Analytics
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Current Use
Lease Details
7
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,671
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
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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
