315 S Albany St, Ithaca, NY 14850

Handsome downtown City of Ithaca investment property offering seven fully leased apartments with leases in place into 2027, providing an established income stream in a highly convenient location near parks, schools, shopping, dining, the TCAT bus line and city center. This well-maintained 19th-century building was once the home of a prominent Ithacan with deep ties to the community and retains an appealing blend of historic character and functionality. Rich woodwork, ornate detailing, stained glass, built-ins, a marble fireplace, high ceilings, hardwood floors and a distinctive Victorian-style staircase add character to select units and common areas while creating the appeal of a classic Ithaca apartment building. The seven-unit mix includes three studios, three one-bedroom apartments and one two-bedroom apartment, offering a diverse tenant mix with smaller units that can provide attractive rent-per-square-foot potential and access to a broad rental pool. Most tenants are established, contributing to stable occupancy and a solid rental history, with current gross rents totaling $92,760 annually. Units have been selectively updated over time as they became available, creating an opportunity for a new owner to continue improvements and capture potential future rental growth. A full walk-up attic provides valuable storage, while the full walkout basement offers additional utility and storage space. Off-street parking for multiple vehicles is an added benefit in this downtown setting. A well-cared-for investment property combining established rental income, a desirable unit mix, strong location and opportunities for continued value enhancement.