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    808 Seneca St Ithaca, NY 14850

    Sponsored
    For Sale
    $2,175,000

    5-Unit Student Housing, High ROI

    Property size:
    4,150 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    This meticulously maintained three-story apartment building at 808 E. Seneca St., Ithaca, NY 14850, presents a rare investment opportunity in the heart of Cornell University's Collegetown. The 4,150 square foot building, constructed in 1995, boasts five units totaling 16 beds, with potential for expansion to 20 beds. Currently operating at 100% occupancy, the property generates a strong net operating income (NOI) of $125,000, resulting in a 5.75% cap rate. The asking price is $2,175,000, or $435,000 per unit, and $524.10 per square foot. The property features five off-street parking spaces and on-site coin-operated laundry. Situated on a 6,600 square foot lot, it is zoned R3-B and benefits from its prime location near Eddy Street, ensuring high demand and consistent rental income. The building is fully sprinklered, meeting all safety codes. This stabilized investment offers a compelling value-add opportunity with potential for increased returns through minor interior upgrades. Fully leased for the 2024-2025 school year, this property represents a strong addition to any investment portfolio.

    Property Features for 808 Seneca St

    General Information

    Property type
    Multifamily properties
    Square Feet
    4,150 SF

    Building Details

    Year Built
    1995
    Stories
    3
    Units
    5

    HighLights

    • Rare investment opportunity in Ithaca, NY's Collegetown, near Cornell University.
    • Three‑story, 4,150 sq ft building with 16 beds in five units (potential for 20 beds).
    • 100% occupancy, generating $125,000 NOI and a 5.75% cap rate.
    • Asking price: $2,175,000 ($435,000/unit, $524.10/sq ft).
    • Features five off‑street parking spaces and on‑site laundry.
    • 6,600 sq ft lot, R3‑B zoning.
    Property Profile Location Intelligence

    Current Use by Public Records

    Dormitories

    Suggested Use

    Realty agency Law Firm Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.4878262
    Latitude
    42.4409538

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    FAQs

    What type of property is this?
    Multifamily property - 5-Unit Student Housing, High ROI
    Where is this multifamily property located?
    The property is located at 808 Seneca St Ithaca, NY.
    What is the asking price?
    The asking price for this property is $2,175,000.
    What are key features of this property?
    This property features: Rare investment opportunity in Ithaca, NY's Collegetown, near Cornell University.; Three-story, 4,150 sq ft building with 16 beds in five units (potential for 20 beds).; 100% occupancy, generating $125,000 NOI and a 5.75% cap rate.
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    808 Seneca St Ithaca, NY 14850
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