410 Stewart Ave · Ithaca, NY 14850

$1,200,000

15 bd · 4.0 ba · 3,969 sqft · MultiFamily public records · 171 Days on market

Built 1910 2,178 sqft lot $302/sqft · 5% below area Est $1272k · 6% under

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.5/30.0
• ARV discount +10.1/15.0
• DSCR +8.5/10.0
• 1% rule +6.5/10.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Welcome to your next investment opportunity at 410 Stewart Avenue, a remarkable multi-family property available for sale. This investment property is situated in the heart of Lower Collegetown, offering an excellent location for both residents and investors. With 15 bedrooms, 3 bathrooms, 3 kitchens, 3 living rooms and ample parking space for 7 vehicles, this property is perfect for those seeking a profitable venture. Spanning over 5000 square feet, the property boasts proximity to Cornell University, making it an ideal choice for students and faculty/staff members. Don't miss out on this chance to own a valuable piece of real estate in a sought-after neighborhood. Solid building with a tile roof, new boiler, and on-demand water heater. Contact David or your Buyer agent today to schedule a viewing!

Key facts

• New boiler
• Tile roof
• Solid building

Tags

• MULTI-FAMILY PROPERTY
• EXCELLENT LOCATION
• SOLID BUILDING
• TILE ROOF
• NEW BOILER
• ON-DEMAND WATER HEATER

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/?-bath units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $562/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.20M).
• Recommended offer: $1.06M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 5.3% in Ithaca — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#210 in NY, #3,240 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: housing C-, employment D+, cost of living D.
• Ithaca City School District (urban): math 57% / reading 71% proficiency, ranked #195 of 590 in NY (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.2%/yr); 327 active listings in the ZIP; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• At $13,758/mo this rent would consume 231% of the median local household income ($71k/yr) (locally 5169% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $336k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 171 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $575k; list at $1.20M implies a 109% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,056,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 171 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.15% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.03%
• DSCR: 1.45
• GRM: 7.3

CMA / ARV

• ARV (median comp): $1,272,489
• List price: $1,200,000
• Delta: -5.70%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.22% rent growth · sell at horizon

5-year hold

• IRR: 1.2%
• Equity multiple: 1.05×
• Total profit: $15,975
• Equity at exit: $178,924

10-year hold

• IRR: 12.9%
• Equity multiple: 2.13×
• Total profit: $379,487
• Equity at exit: $103,754

Cash invested: $336,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 14850

• Rents YoY: 5.2%
• Active inventory: 327
• Price-to-rent: 36.3×

Monthly cashflow live

• Estimated rent: $13,758 high
• Mortgage (P&I): −$6,293
• Tax from tax record: −$1,266 /mo · $15,194/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,889
• Net cashflow: $2,810

Break-even live

Break-even rent $10,201

Max offer price $1,200,000

Occupancy floor 75%

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	3	—	$13,760
Total (5 units)			$13,758

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-19
   days on market $1,200,000 Active 171 DOM
2. 2026-06-18
   days on market $1,200,000 Active 170 DOM
3. 2026-06-17
   days on market $1,200,000 Active 169 DOM
4. 2026-06-16
   days on market $1,200,000 Active 168 DOM
5. 2026-06-15
   days on market $1,200,000 Active 167 DOM
6. 2026-06-14
   days on market $1,200,000 Active 165 DOM
7. 2026-06-13
   days on market $1,200,000 Active 164 DOM
8. 2026-06-10
   days on market $1,200,000 Active 162 DOM
9. 2026-06-09
   days on market $1,200,000 Active 161 DOM
10. 2026-06-08
    days on market $1,200,000 Active 160 DOM
11. 2026-06-07
    days on market $1,200,000 Active 159 DOM
12. 2026-06-05
    days on market $1,200,000 Active 156 DOM
13. 2026-06-02
    days on market $1,200,000 Active 154 DOM
14. 2026-06-01
    days on market $1,200,000 Active 153 DOM
15. 2026-05-31
    days on market $1,200,000 Active 152 DOM
16. 2026-05-30
    days on market $1,200,000 Active 151 DOM
17. 2026-05-01
    price $1,200,000 809-char remark

    Show marketing remark (809 chars)

    Welcome to your next investment opportunity at 410 Stewart Avenue, a remarkable multi-family property available for sale. This investment property is situated in the heart of Lower Collegetown, offering an excellent location for both residents and investors. With 15 bedrooms, 3 bathrooms, 3 kitchens, 3 living rooms and ample parking space for 7 vehicles, this property is perfect for those seeking a profitable venture. Spanning over 5000 square feet, the property boasts proximity to Cornell University, making it an ideal choice for students and faculty/staff members. Don't miss out on this chance to own a valuable piece of real estate in a sought-after neighborhood. Solid building with a tile roof, new boiler, and on-demand water heater. Contact David or your Buyer agent today to schedule a viewing!

18. 2025-12-30
    listed $1,250,000 Active 809-char remark

    Show marketing remark (809 chars)

    Welcome to your next investment opportunity at 410 Stewart Avenue, a remarkable multi-family property available for sale. This investment property is situated in the heart of Lower Collegetown, offering an excellent location for both residents and investors. With 15 bedrooms, 3 bathrooms, 3 kitchens, 3 living rooms and ample parking space for 7 vehicles, this property is perfect for those seeking a profitable venture. Spanning over 5000 square feet, the property boasts proximity to Cornell University, making it an ideal choice for students and faculty/staff members. Don't miss out on this chance to own a valuable piece of real estate in a sought-after neighborhood. Solid building with a tile roof, new boiler, and on-demand water heater. Contact David or your Buyer agent today to schedule a viewing!

19. 2025-11-10
    price $1,250,000
20. 2025-10-06
    status Active
21. 2025-09-12
    historical Active Under Contract
22. 2025-03-26
    price $1,300,000
23. 2025-01-10
    listed $1,400,000 Active
24. 2004-12-17
    soldstatus $575,000
25. 2004-12-17
    soldstatus $575,000
26. 2004-09-01
    listed $610,000
27. 2000-10-30
    soldstatus $440,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $15,194 · $1,266/mo
• Projected year-2 tax: $17,737 · $1,478/mo
• Expected delta: +$2,543/yr (+$212/mo · 16.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $165,096
• − Mortgage interest: −$67,219
• − Property taxes: −$15,194
• − Insurance: −$6,000
• − Repairs & maintenance: −$13,208
• − Management: −$13,208
• − Depreciation: −$34,909
• Taxable income: $15,359
• Est. tax owed @ 24.0%: −$3,686
• After-tax cash flow: $30,030/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Ithaca City School District
• NCES district ID: 3615570
• Math proficiency: 57% ▼ -5.00%
• Reading proficiency: 71% ▲ 11.00%
• Median HH income: $46,528
• Composite: 54.01/100
• National rank: #1397
• State rank: #195 of 590 in NY

Livability — Ithaca

• Score: 77/100
• State rank: #210
• US rank: #3240

Category grades

Amenities A+ Commute A+ Cost of living D Crime C Employment D+ Housing C- Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ithaca, NY
• County: Tompkins County · 68,610 people
• City population: 68,610
• Metro: Ithaca, NY
• Population (ZIP): 68,610
• Household income: $71,445
• Rent vs Own: 55.2% rent · 44.8% own
• Severe rent burden: 5169.0

Population outlook (Tompkins County) Hauer SSP2

• Today (2025): 113,958 people
• By 2030: 118,774 · +4.2%
• By 2040: 125,927 · +10.5%
• By 2050: 133,599 · +17.2%
• By 2075: 156,759 · +37.6%
• By 2100: 169,896 · +49.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Asian 13% Hispanic / Latino 8% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 3% Italian 3% Scotch-Irish 2%
• Foreign-born: 18% · China, Canada, South Korea
• Languages at home: 79% English-only · Chinese 5% Spanish 4% Other Indo-European 4%

Political lean MEDSL · Tompkins

• 2024 margin: Solid D (+50.6) · D 75.3% · R 24.7%
• 2008→2024 swing: +8.6pp toward D · 2008: 42.1pp · 2024: 50.6pp
• All cycles: 2024: D+50.6 2020: D+49.2 2016: D+42.1 2012: D+39.8 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -276.59%
• Current HPI: 389.7215
• Rent YoY: ▲ 5.22%
• Metro: Ithaca, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+172.7% since first listed

11 events — show timeline

• 2026-05-01 Price Changed $1,200,000 IBRMLS
• 2025-12-30 Listed $1,250,000 IBRMLS
• 2025-11-10 Price Changed $1,250,000 IBRMLS
• 2025-10-06 Relisted — IBRMLS
• 2025-09-12 Contingent — IBRMLS
• 2025-03-26 Price Changed $1,300,000 IBRMLS
• 2025-01-10 Listed $1,400,000 IBRMLS
• 2004-12-17 Sold (Public Records) $575,000 Public Records
• 2004-12-17 Sold (MLS) $575,000 IBRMLS
• 2004-09-01 Listed $610,000 IBRMLS
• 2000-10-30 Sold (Public Records) $440,000 Public Records

Property tax history

-3.9%/yr

Latest (2025): $15,194 · +2.3% YoY. Source: county tax records.