405 LAKE St - Apartments FOR SALE


Ithaca, NY 14850- Cayuga Heights
$6,250,000 USD
631-751-4300
405 LAKE St, Ithaca, NY for Sale
$6,250,000 USD
Apartments - FOR SALE
1/1
null | 7.99% Cap Rate

405 LAKE St
Ithaca, NY 14850
Cayuga Heights


HIGHLIGHTS

  • Adjacent to Cornell University
  • Massive upside in rents -low hanging fruit for experienced operator (Student conversion with even greater upside)
  • very little deferred maintenance

OVERVIEW

Fabulous location by Cornell University. Units are very large offering many possibilities. Rents are low and can be pushed significantly. Very little deferred maintenance. Recent Capital expenditures include parking lot, roofs, entryways, interior renovations, new terraces and many new sliding glass doors.

FOR SALE DETAILS

PRICE

$6,250,000 USD

PRICE/SF

$155 USD /SF

# OF UNITS

36

PRICE/UNIT

$173,611

CAP RATE

7.99%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Cliffside Terrace Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1969

PARKING SPACES

-

LAND DETAILS

LAND ACRES

4.32 AC

LAND SF

188,179 SF

ZONING

R-3B

APN/PARCEL ID

500700-006-000-0002-001-000-0000

ASK ABOUT THIS PROPERTY

John ChiaramonteSelect Investment Properties, Inc.More Info
631-751-4300

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John ChiaramonteSelect Investment Properties, Inc.More Info
631-751-4300

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.