This is an adjustable sized home for a live-in owner! There are about 15 bedrooms, 10 bathrooms, and lots of square footage. There is even a 1300 square foot basement with a workshop! 3D tours of 5 of the six apartments are available or our home page, provided upon request. Use the amount of space for your family that you want, and rent the rest. Own your own family-friendly micro-neighborhood or multi-lingual international house! Currently, 811 N Tioga is a community of mostly Cornell graduate students and PhD candidates, many from outside the US. Is the price negotiable? Yes, if you work directly with the owner. I am not willing to hold a mortgage for a buyer, and this property is not for everyone. I am not interested in low ball offers, meaning those around $1 million. This property is currently best suited for a cash buyer who would live on site. This extremely desirable huge house and carriage house is a great place for owner-occupied with extra income. These apartments have about $500,000 worth of renovations that other multifamily properties don’t have. Four of the apartments are between 1300 and 1500 square feet, each with 1.5 baths and around 3-4 bedrooms. There are 15+ bedrooms altogether. All apartments except 3n have large kitchens. Two of the larger apartments (the first and second floors of the main house) have 9+ foot ceilings. All kitchens have dishwashers, 1 or 2 home-sized fridges, garbage disposals, and full-sized gas stoves. None of the kitchens have standard pressed-board kitchen cabinets, which do not last long in rental properties. Many kitchens have stainless steel commercial restaurant sinks and counters. Current Rents: Apt. 1: $2200 (Thomas Ward is the manager of the apartments, and lives in apartment 1 and pays $2200 rent. Thomas bills me $30 per hour for work, and sublets to two housemates in this apartment. Thomas uses a little more revenue than the $26,400 that this apartment generates annually, probably closer to $30,000.) Apt. 2: $2600 Apt. 3N: $1275 Apt. 3S: $1300 Apt. A: $2800 Apt. B: $2800 Total: 2600+1200+1300+2700+2700 = $10775 per month Annual total: $129300 The property is assessed at $780,000 for 2022 and taxes should be $26501.4. Any buyer may face an adjusted assessment and higher taxes, although the department of assessment says they do not use selling prices for assessments on rental properties, but rather they always use current values. Property Tax 26501.4 insurance 1263.22 Management/Maintenance 2600.00 (plus $26400 rent for apartment 1 used directly by Thomas as management costs) Utilities 21560.82 Supplies 3951.61 Advertising 198.38 ------------------------------------------------------------ Total expenses: 26501.4 + 1263.22 + 2600 + 21560.82 + 3951.61 + 198.38 = 56075.43 Profit could be calculated this way: 129300 - 56075.43 = 73224.57 One way to calculate the cap rate is: 73224.57 / 1250000 = 0.058 Cabinetry and counters in the kitchens in our kitchens are designed to last much longer than normal apartment kitchens. We have stainless steel counters in many kitchens, and cabinetry made from dimensional lumber. I liked using 2x12 lumber for kitchen shelving because it lasts forever. Floors are mostly 3/4 inch hardwood, also because it lasts generations. I am not a fan of short lived materials. The price per square foot is just below $180 per square foot, which is a bargain by Ithaca standards. That per square foot price does not count the roughly 1300 square foot basement, which is not heated, but remains comfortable year round. Comparing our property to others sold or currently on the market, the higher state of renovation represents a few hundred thousand dollars of additional value. For the past 10 years, nearly all our renters are Cornell graduate students from a myriad of countries.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
