405 Lake St | Ithaca, NY 14850
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- LoopNet Team
405 Lake St
Ithaca, NY 14850
Cliffside Terrace Apartments · Multifamily Property For Sale
·
36 Units
INVESTMENT HIGHLIGHTS
- Adjacent to Cornell University
- Very little deferred maintenance
- Massive upside in rents -low hanging fruit for experienced operator (Student conversion with even greater upside)
- HUGE UPSIDE POTENTIAL THROUGH CONVERSION TO STUDENT HOUSING OR BY BRINGING ALL RENTS TO MARKET
PROPERTY FACTS
| No. Units | 36 | Lot Size | 4.32 AC |
| Property Type | Multifamily | Building Size | 40,260 SF |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built | 1990 |
| Building Class | B | ||
| Zoning | R-3B - 411 - Apartment | ||
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 4.32 AC |
| Building Size | 40,260 SF |
| No. Stories | 3 |
| Year Built | 1990 |
| Zoning | R-3B - 411 - Apartment |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Heating
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Tub/Shower
- Patio
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | - | 850 |
| 2+2 | 24 | - | 1,050 - 1,200 |
| 3+2 | 6 | - | 1,300 - 1,450 |
PROPERTY TAXES
| Parcel Number | 500700-006-000-0002-001-000-0000 | Improvements Assessment | $2,760,000 |
| Land Assessment | $540,000 | Total Assessment | $3,300,000 |
PROPERTY TAXES
Parcel Number
500700-006-000-0002-001-000-0000
Land Assessment
$540,000
Improvements Assessment
$2,760,000
Total Assessment
$3,300,000
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