114 S Geneva St
Ithaca, NY 14850
114 S. Geneva St · Multifamily Property For Sale
·
5 Units
INVESTMENT HIGHLIGHTS
- Entire exterior just painted and repaired
- Heart of downtown Ithaca
- Lead paint abatement performed
- Heating system 5 years old
PROPERTY FACTS
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.17 AC |
| Building Size | 3,915 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1975/2020 |
| Parking Ratio | 2.55/1,000 SF |
| Zoning | B-2D - Commercial |
AMENITIES
SITE AMENITIES
- Property Manager on Site
- Storage Space
ABOUT 114 S GENEVA ST , ITHACA, NY 14850
Fantastic location and excellent ROI with 8% CAP rate. Multi-unit commercial property in the heart of downtown Ithaca. Take over an existing lease ending 10/31/21 providing a gross yearly rent of $68,676 with automatic annual renewal. 2,284 square feet of office space on the main floor with 2 bathrooms. 3 apartments upstairs legal for 6 unrelated occupants. Apartments are 2 bedroom, 1 bedroom, and a studio. Current tenant Master leases the building and is responsible for all utilities, trash, landscaping, snow removal. Tenant maintains all interior including: heating, window AC units, doors, walls, fixtures, and responsible for repairs to keep premises in good repair. Owner maintains the roof, driveway, plumbing and exterior walls. Contractor in place to paint the exterior. Ample parking lot w/ entry from Green or Geneva St, with room for more than 10 cars. This is an instant source of income, and has a lot of potential for increased revenues, and future redevelopment.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 5+5 | 5 | - | - |
PROPERTY TAXES
| Parcel Number | 500700-071-000-0004-007-000-0000 | Improvements Assessment | $485,000 |
| Land Assessment | $65,000 | Total Assessment | $550,000 |
