132 Cherry Street, Ithaca, NY - Multi-Unit For Sale

One of a kind project in the Ithaca City Waterfront Cherry Street District. Very rare opportunity to acquire shovel ready multi-family / mixed use development project in the vibrant college town of Ithaca, NY. Fully entitled luxury housing project with plans & municipal approval. Additionally, two small retail spaces planned. Optimal unit mix for high value returns consisting of 28 studios, 72 one bedrooms, 43 two bedrooms on average ~$3.5/sf rental rates projected. Efficiently designed construction with standard and unmatched amenity offerings compared to the existing housing stock. Extremely strong rent growth and high occupancy rates annually within the marketplace. Extremely rare opportunity to acquire multi-family housing at scale, in a high barrier to entry, highly desirable, high demand marketplace. At a 6% CAP NOI valuation upon completion/stabilization: ~$66.770mm value - total project cost acquisition + construction ~$43.658mm = ~$23.112mm equity.

Property Details

  • Property Name: The Hive
  • Sale/Lease: Sale
  • Major Use: Multi-Unit
  • Subuse: Mixed-Use
  • Available: 170,528 +/-SF
  • Price: $5,005,000

More Information

Cushman & Wakefield | Pyramid Brokerage Company Copyright 2024. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

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