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The Dorm Hotel 518 Stewart Ave 31 Room Hotel Ithaca, NY 14850 $7,000,000 ($225,806/Room) 11% Cap Rate
Investment Highlights
- Adjacent to the Prestigious Cornell University
- Unique Design Elements
- Management Availability
- Excellent Margins & Strong In Place Cash Flow
- Recent Comprehensive Renovation
Executive Summary
JLL’s Hotels & Hospitality Group, as sole and exclusive agent, has been retained to offer the 31-room Dorm Hotel and an accompanying student housing unit (collectively, the “Property”). Positioned directly adjacent to Cornell University—the only Ivy League institution in upstate New York and the dominant demand engine of the Ithaca lodging market—the Property occupies a location that cannot be replicated. Local zoning prohibits new hotel construction this close to campus, creating a permanent supply barrier that insulates the Property from competition and supports sustained rate and occupancy performance.
Ithaca itself has emerged as one of the most compelling small-market lodging destinations in the Northeast. Cornell’s nearly 27,000-student enrollment and year-round academic and events calendar anchor a consistent transient demand base, supplemented by a growing healthcare sector anchored by Centralus Health (a 6,000-employee system formed in 2025) and a nationally recognized leisure profile anchored by CNN’s designation of Ithaca as the #1 Best Town to Visit in America. The broader market has recorded RevPAR growth of 23% above 2019 levels with no new supply in the pipeline.
Against this backdrop, the Property delivers strong in-place cash flow, high GOP margins, and recently renovated offerings between both the hotel and student housing components. The Dorm Hotel presents a compelling opportunity with a truly irreplaceable asset at the doorstep of one of America’s great universities.
Ithaca itself has emerged as one of the most compelling small-market lodging destinations in the Northeast. Cornell’s nearly 27,000-student enrollment and year-round academic and events calendar anchor a consistent transient demand base, supplemented by a growing healthcare sector anchored by Centralus Health (a 6,000-employee system formed in 2025) and a nationally recognized leisure profile anchored by CNN’s designation of Ithaca as the #1 Best Town to Visit in America. The broader market has recorded RevPAR growth of 23% above 2019 levels with no new supply in the pipeline.
Against this backdrop, the Property delivers strong in-place cash flow, high GOP margins, and recently renovated offerings between both the hotel and student housing components. The Dorm Hotel presents a compelling opportunity with a truly irreplaceable asset at the doorstep of one of America’s great universities.
Property Facts
| Price | $7,000,000 | Lot Size | 0.22 AC |
| Price Per Room | $225,806 | Building Size | 9,128 SF |
| Sale Type | Investment | No. Rooms | 31 |
| Cap Rate | 11% | No. Stories | 3 |
| Property Type | Hospitality | Year Built | 1947 |
| Property Subtype | Hotel | Parking Ratio | 1.42/1,000 SF |
| Building Class | C | Corridor | Interior |
| Zoning | R-3A | ||
| Price | $7,000,000 |
| Price Per Room | $225,806 |
| Sale Type | Investment |
| Cap Rate | 11% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 9,128 SF |
| No. Rooms | 31 |
| No. Stories | 3 |
| Year Built | 1947 |
| Parking Ratio | 1.42/1,000 SF |
| Corridor | Interior |
| Zoning | R-3A |
Amenities
- High Speed Internet Access
- Patio
- On-Site Bar
- Boutique/Lifestyle Hotel
- Meeting Event Space
- Public Access Wifi
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Guest Room | 31 | $112.00 | - |
1 1
Moderately walkable
70/100
Moderately drivable
60/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 500700-048-000-0004-006-000-0000 | Improvements Assessment | $1,450,000 |
| Land Assessment | $100,000 | Total Assessment | $1,550,000 |
Property Taxes
Parcel Number
500700-048-000-0004-006-000-0000
Land Assessment
$100,000
Improvements Assessment
$1,450,000
Total Assessment
$1,550,000
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The Dorm Hotel | 518 Stewart Ave
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