Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    612 Buffalo St Ithaca, NY 14850
    Back to Search
    Property profile & analytics

    612 Buffalo St Ithaca, NY 14850

    View on Map
    • Dormitories
    • 3,876 SF
    • 0.05 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Dormitories

    Property Details for 612 Buffalo St

    Year built
    1870
    Lot size
    0.05 lot acres
    Property size
    3,876 SF
    Property type
    Dormitories
    Property subtype
    Student housing

    Description

    This exceptional investment opportunity presents a historic six-unit apartment building ideally situated in Ithaca's vibrant Collegetown, just minutes from Cornell University and downtown Ithaca. Built in 1870, this 3,876 square foot property boasts a strong rental history, making it an attractive prospect for investors seeking stable income. The building sits on a 0.05-acre lot and includes convenient off-street parking for up to six vehicles, a significant advantage in this highly sought-after location. The property's central location ensures high occupancy rates and ease of access to Cornell University, local amenities, and the bustling downtown area. With six individual units, this multifamily property offers a diversified income stream and potential for future appreciation. The asking price is $755,000. This is a rare chance to acquire a well-maintained, income-producing asset in a prime college town setting. The property's historical charm combined with its modern conveniences makes it a truly unique investment opportunity. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.4891
    Latitude
    42.4418

    Comparable in this City

    • Value Estimation by Request
      4,150 SF

      808 Seneca St

      Multifamily properties • 4,150 SF
      808 Seneca St, Ithaca, NY 14850
      View Details
    • Value Estimation by Request
      4,168 SF

      506 Seneca St

      Multifamily properties • 4,168 SF
      506 Seneca St, Ithaca, NY 14850
      View Details
    • Value Estimation by Request
      53,636 SF

      327 Eddy St

      Multifamily properties • 53,636 SF
      327 Eddy St, Ithaca, NY 14850
      View Details
    • Value Estimation by Request
      952 SF

      2271 Kraft Rd

      CAMPGROUND, RV PARK • 952 SF
      2271 Kraft Rd, Ithaca, NY 14850-9515
      View Details
    • Value Estimation by Request
      2,100 SF

      1419 Taughannock Blvd

      CAMPGROUND, RV PARK • 2,100 SF
      1419 Taughannock Blvd, Ithaca, NY 14850-9510
      View Details
    • Value Estimation by Request
      1,344 SF

      570 Bostwick Rd

      MOBILE HOME PARK, TRAILER PARK • 1,344 SF
      570 Bostwick Rd, Ithaca, NY 14850-9306
      View Details

    Similar Nearby for Sale

    • $5,400,000
      7,542 SF

      Student Housing Near Cornell University

      Fully leased student housing property near Cornell University.
      202 Linden Ave, Ithaca, NY 14850
      View Details
    • $2,500,000
      12,090 SF

      Ithaca Investment: Prime Restaurant Row Location

      Iconic 4-story building, 12,000 sq ft, high-demand location.
      224 State St, Ithaca, NY 14850
      View Details
    • Contact for pricing
      5,656 SF

      Downtown Ithaca Office Conversion Potential

      Two-story, 5,656 SF building with conversion potential.
      124 E Court St, Ithaca, NY 14850
      View Details
    • New
      $1,000,000
      3,598 SF

      Ithaca Stone Residence Near Cornell

      Stone residence near Cornell University, ideal for student housing.
      119 The Knl, Ithaca, NY 14850
      View Details
    • $1,200,000
      3,997 SF

      Collegetown Multi-Family Investment Opportunity

      Multi-family property near Cornell University with 15 bedrooms.
      410 Stewart Ave, Ithaca, NY 14850
      View Details
    • $1,000,000
      2,358 SF

      Ithaca Multifamily Investment Opportunity

      Seven units near Cornell University in Collegetown, Ithaca.
      308 Fairmount Ave, Ithaca, NY 14850
      View Details

    Similar Nearby for Lease

    • $24 SF/Yr

      Retail Storefront in Pedestrian Mall

      Retail storefront available for rent in a high-traffic pedestrian mall.
      208 E State St, Ithaca, NY 14850
      View Details
    • Contact for pricing

      Versatile Workspace Solutions Available

      Flexible office spaces, coworking, meeting rooms, and virtual office options.
      125 E State St, Ithaca, NY 14850
      View Details
    • Contact for pricing
      1,320 SF

      Retail Space in Ithaca Plaza

      Retail space available in a busy Ithaca shopping center.
      722 S Meadow St, Ithaca, NY 14850
      View Details
    • Contact for pricing

      Restaurant Space on Ithaca Commons

      Restaurant space with dedicated entrance and equipped kitchen.
      125 East State St, Ithaca, NY 14850
      View Details
    • $10,368 /Mo
      10,368 SF

      Ithaca Warehouse Space For Lease

      Versatile commercial warehouse space in Ithaca, NY, for lease.
      23 Cinema Dr, Ithaca, NY 14850
      View Details
    • Contact for pricing

      Class A Office in Busy Plaza

      Class A office space available for rent in busy plaza.
      311 E Green St, Ithaca, NY 14850
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    612 Buffalo St
    Ithaca, NY 14850
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    612 Buffalo St, Ithaca, NY, 14850
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!