808 Seneca StIthaca, NY 14850

Property Details for 808 Seneca St

Year built

1995

Property size (Sq ft)

4,150 SF

Property type

Dormitories

Property subtype

Student housing

Description

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.

Location Insight

City

Ithaca

County

Tompkins

State

New York

Latitude

42.441

Longitude

-76.4878

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