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Michael Slusser

michael@michaelslusser.com +1(680) 310-9567

$ 845,000

Est. payment -/mo

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Active

315 S Albany ST Ithaca, NY 14850

4 Beds

5,606 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Other

Listing Status Active

Purchase Type For Sale

Square Footage 5,606 sqft

Price per Sqft $150

MLS Listing ID R1718256

Bedrooms 4

Construction Status Existing

HOA Y/N No

Year Built 1874

Annual Tax Amount $15,161

Lot Size 8,001 Sqft

Acres 0.1837

Lot Dimensions 80X100

Property Sub-Type Other

Property Description

Handsome downtown City of Ithaca investment property offering seven fully leased apartments with leases in place into 2027, providing an established income stream in a highly convenient location near parks, schools, shopping, dining, the TCAT bus line and city center. This well-maintained 19th-century building was once the home of a prominent Ithacan with deep ties to the community and retains an appealing blend of historic character and functionality. Rich woodwork, ornate detailing, stained glass, built-ins, a marble fireplace, high ceilings, hardwood floors and a distinctive Victorian-style staircase add character to select units and common areas while creating the appeal of a classic Ithaca apartment building. The seven-unit mix includes three studios, three one-bedroom apartments and one two-bedroom apartment, offering a diverse tenant mix with smaller units that can provide attractive rent-per-square-foot potential and access to a broad rental pool. Most tenants are established, contributing to stable occupancy and a solid rental history, with current gross rents totaling $92,760 annually. Units have been selectively updated over time as they became available, creating an opportunity for a new owner to continue improvements and capture potential future rental growth. A full walk-up attic provides valuable storage, while the full walkout basement offers additional utility and storage space. Off-street parking for multiple vehicles is an added benefit in this downtown setting. A well-cared-for investment property combining established rental income, a desirable unit mix, strong location and opportunities for continued value enhancement.

Location

State NY

County Tompkins

Area Ithaca-City-500700

Direction Between Clinton and North Titus Streets

Rooms

Basement Crawl Space, Full, Walk-Out Access

Interior

Interior Features Ceiling Fan(s), Window Treatments

Heating Gas, Hot Water, Radiator(s)

Flooring Hardwood, Varies, Vinyl

Fireplace No

Window Features Drapes

Appliance Gas Oven, Gas Range, Gas Water Heater, Refrigerator

Exterior

Exterior Feature Gravel Driveway

Community Features None

Utilities Available Cable Available, Electricity Available, Electricity Connected, High Speed Internet Available, Sewer Connected, Water Connected

Roof Type Membrane,Rubber,Shingle

Porch Covered, Porch

Garage No

Building

Lot Description Near Public Transit, Rectangular, Rectangular Lot, Residential Lot

Story 2

Sewer Connected

Water Connected, Public

Level or Stories Two

Structure Type Brick,Frame,Copper Plumbing

Construction Status Existing

Schools

Elementary Schools Belle Sherman

Middle Schools Dewitt Middle

High Schools Ithaca Senior High

School District Ithaca

Others

Senior Community No

Tax ID 500700-080-000-0008-013-000-0000

Acceptable Financing Cash

Listing Terms Cash

Special Listing Condition Standard

Listed by Warren Real Estate of Ithaca Inc. (Downtown) 607-280-4350