Ithaca Multifamily Apartment
For Sale
$1,420,000
526 Seneca Street West, Ithaca, NY 14850
Five-unit apartment building in Ithaca's West End.
Property Size9,893 SF
Price / SF$143.54
Days on Market153
Property Features for 526 Seneca Street West
General Information
Standard status
Active
Size
9,893 SF
Property subtype
Multi-Unit
Building Details
Building Size
9,893 SF
Listing Agency:
Ithaca Office
(607) 277-2327
Listed By:
David Huckle, SIOR · License #10401231043
(607) 277-2327
Source:
Pyramidbrokerage
Added: Mar 27
Changed: Aug 23
Last Checked: Aug 25 at 4:44AM
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 Ithaca Office
Investment Insights
Based on property information with market context.
This is a two-story apartment building with five units located in the West End of Ithaca, New York, just off the commercial corridor. The property is offered as part of a package with two adjacent commercial properties: a newly constructed two-story duplex and a mixed-use two-story building with three units of office and apartments. The property has a size of 4577 square feet.
Key Highlights
- Multi‑Family (5‑Units) Apartment Building.
- Located in Ithaca's West End.
- Just off Commercial Corridor.
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
$121,350
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
8.55%
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%
$2,427,000
$2.4M
Cap Rate 7%
$1,733,571
$1.7M
Cap Rate 9%
$1,348,333
$1.3M
Market Conditions
NOI Build-Up for 9,893 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
$230.3K $23.28/SF
− Vacancy
−$9.7K −$0.98/SF
EGI
$220.6K $22.30/SF
− OpEx
−$99.3K −$10.04/SF
NOI
$121.3K $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%
$2,427,000
Cap Rate 7%
$1,733,571
Cap Rate 9%
$1,348,333
Alternative Uses
Best Use
Apartment 5plus
$1.73M
$1.52M – $2.02M
NOI $121,350 @ 7.0% cap · market cap 8.55%
Second Best
Mixed Use
$1.46M
$1.28M – $1.71M
NOI $102,393 @ 7.0% cap · market cap 7.21%
Theoretical Best
Office A
$3.09M
$2.70M – $3.60M
NOI $216,094 @ 7.0% cap · market cap 15.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,189
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit apartment building in Ithaca's West End.
Where is this apartment building located?
The property is located at 526 Seneca Street West Ithaca, NY.
What is the asking price?
The asking price for this property is $1,420,000.
What are key features of this property?
This property features: Multi‑Family (5‑Units) Apartment Building.; Located in Ithaca's West End.; Just off Commercial Corridor.
