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Michael Slusser

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

$ 795,000

Est. payment -/mo

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222 N Albany ST Ithaca, NY 14850

6 Beds

4,484 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Other

Listing Status Active

Purchase Type For Sale

Square Footage 4,484 sqft

Price per Sqft $177

MLS Listing ID R1723455

Bedrooms 6

Construction Status Existing

HOA Y/N No

Year Built 1870

Annual Tax Amount $19,357

Lot Size 7,840 Sqft

Acres 0.18

Lot Dimensions 61X135

Property Sub-Type Other

Property Description

Centrally located in downtown Ithaca, this six-unit investment property offers eleven bedrooms, seven bathrooms, and 100% occupancy with leases in place into 2027. Ideally situated just a few blocks from the Ithaca Commons, the property is within easy reach of coffee shops, restaurants, an ice cream parlor, parks, playgrounds, open green space, schools, and a community pool. This vintage late-19th-century home has been well maintained and offers a solid rental history with a mix of long-term established residents, graduate students, and professionals. The central location and proximity to everyday amenities appeal to a broad pool of potential tenants. Spread across three levels, the property includes two one-bedroom apartments, three two-bedroom apartments, and a top-level three-bedroom apartment featuring heat pump heating and cooling. Current gross rents total $112,284 annually, with some units paying their own electricity. Additional features include a large wraparound porch where tenants can enjoy the neighborhood atmosphere, a separate main-level laundry facility, two driveways providing off-street parking, and a detached two-car garage. Retaining some of its vintage charm while offering a desirable combination of unit variety, established rental history, and convenient downtown access, this property presents an appealing investment opportunity in the heart of Ithaca. An excellent option for investors seeking a stable rental property appealing to graduate students, professionals, and long-term residents.

Location

State NY

County Tompkins

Area Ithaca-City-500700

Direction Corner of N Albany and West Buffalo Streets

Rooms

Basement Exterior Entry, Full, Walk-Up Access

Interior

Heating Electric, Gas, Heat Pump, Baseboard, Radiator(s)

Cooling Heat Pump

Flooring Ceramic Tile, Hardwood, Laminate, Varies, Vinyl

Furnishings Furnished

Fireplace No

Window Features Thermal Windows

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

Laundry Common Area, Coin-operated

Exterior

Exterior Feature Blacktop Driveway

Community Features Laundry Facilities

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

Roof Type Shingle

Porch Covered, Porch

Building

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

Story 3

Sewer Connected

Water Connected, Public

Structure Type Shake Siding,Wood Siding

Construction Status Existing

Schools

Elementary Schools Beverly J Martin Elementary

Middle Schools Dewitt Middle

High Schools Ithaca Senior High

School District Ithaca

Others

Senior Community No

Tax ID 500700-060-000-0005-010-000-0000

Acceptable Financing Cash

Listing Terms Cash

Special Listing Condition Standard

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