Ithaca Multifamily Buyer
Sell Your Commercial Property In Ithaca, NY
Skyline Capital Investments buys commercial apartment buildings of 5+ units in Ithaca and across Tompkins County — listed or off-market, stabilized or value-add. Get clear feedback on your deal, typically within 48 hours.
- Clear feedback on your deal, typically within 48 hours
- 5 to 100+ units, stabilized or distressed, listed or off-market
- Owners, agents, and brokers welcome — every conversation is confidential
We buy:Tired landlordsEstate & trust sales1031 exchangesDeferred maintenanceHigh vacancyPartnership splits
Areas We Target: Collegetown · Fall Creek · Downtown Ithaca · Northside — Tompkins County, NY
Local Demand
Our View On Ithaca
Ithaca, New York, in Tompkins County, counts 32,814 residents under the Census Bureau's ACS 2020-2024 estimates. Renters occupy 70.4% of the city's occupied homes, a share driven by Cornell University and Ithaca College enrollment in Collegetown and the surrounding neighborhoods. Median gross rent is $1,447 a month, and rental vacancy is 3.5%, a tight market for a small city. Owners who sell commercial property in Ithaca, NY are working in a supply where 41.4% of housing sits in five-plus-unit buildings, a dense, university-driven apartment stock near downtown Ithaca.
Cornell University
Cornell enrolls 16,138 undergraduate and 10,423 graduate and professional students, 26,561 total, per its official about page.Ithaca College
Ithaca College reports about 4,700 students, 4,200 undergraduate and 500 graduate, per its official at-a-glance page.Cayuga Medical Center
Cayuga Medical Center's state staffing plan lists 121 medical, telemetry, ICU, rehab and emergency department beds.Our Buy Box
What We Buy In Ithaca
Asset Type
Multifamily, 5+ Units
Apartment buildings and income-producing residential.
Size
5 – 100+ Units
Sweet spot: 15–25 units.
Condition
Stabilized To Distressed
Value-add, mismanaged, and high-vacancy properties welcome.
Deal Types
Listed Or Off-Market
Direct-to-owner, pocket listings, portfolios.
Local Market Data
Ithaca Apartment Market
Figures gathered October 2026 from public market data.
Who rents in Ithaca
Renters occupy 70.4% of Ithaca's occupied homes, or 9,971 of 14,167, per the ACS 2020-2024 tenure table. Buildings of five or more units hold 41.4% of the city's 16,183 housing units, or 6,700 units, per the units-in-structure table. Ithaca's housing stock is old: 65.4% of homes predate 1980, with a median year built of 1956, per the year-built table.
Rents and affordability in Ithaca
Median gross rent in Ithaca is $1,447 a month under ACS 2020-2024, per the Census median rent table. Under HUD FY2027 fair market rents, the Ithaca, NY MSA two-bedroom figure is $1,709, or $262 higher. Rental vacancy in Ithaca is 3.5%, per the housing profile.
| Unit size | HUD FY2027 FMR, Ithaca, NY MSA |
|---|---|
| Efficiency | $1,198 |
| One-bedroom | $1,427 |
| Two-bedroom | $1,709 |
| Three-bedroom | $2,040 |
| Four-bedroom | $2,631 |
Anyone weighing when to sell commercial real estate in Ithaca, NY can point buyers to that in-place-to-FMR gap as upside.
Property taxes in Tompkins County
A $2,000,000 building in Ithaca would owe about $66,280 a year at full value. New York's tax rate and levy dataset lists 4.6 for Tompkins County, 12.32 for the City of Ithaca and 16.22 for the Ithaca City School District, all per $1,000 of full value for the 2023 roll, a combined 33.14.
- Tax: $2,000,000 x 33.14 / 1,000 = $66,280 a year.
Owners who sell commercial property in Ithaca, NY also pay New York's transfer tax of $2 per $500, or $8,000 on $2,000,000; the mansion tax covers only one- to three-family homes, condos and co-ops, so it does not apply here.
Landlord rules in Ithaca
New York caps security deposits at one month's rent and requires an itemized statement and return within 14 days, under General Obligations Law 7-108. A nonpayment case needs a written rent demand with at least 14 days' notice under RPAPL 711.
Rent increases of 5% or more need 30, 60 or 90 days' notice, by tenancy length, under Real Property Law 226-c. Selling commercial property in Ithaca does not change those pending notice periods.
What this means for an Ithaca owner
Ithaca's 70.4% renter share, driven by Cornell University and Ithaca College, gives buyers a deep tenant base. If you sell commercial property in Ithaca, NY, buyers will price in a 65.4% pre-1980 stock and a 33.14 combined tax rate.
Skyline Capital Investments buys buildings of five or more units in Ithaca. When you sell your apartment building in Ithaca, test your numbers in the cap rate calculator and send the address through our seller page.
Before You Sell
What Shapes A Ithaca Offer
More about selling in New York →Investing in Ithaca? See apartment syndications in Ithaca →
- Ithaca's 41.4% five-plus-unit share reflects dense, university-driven apartment demand near Cornell and Ithaca College.
- Ithaca's combined county, city and school tax rate is 33.14 per $1,000 of full value, 2023 roll.
- Owners who sell commercial real estate in Ithaca, NY pay $2 per $500 in New York transfer tax.
Seller Guides
Ithaca Seller Situations
Learn More
Taxes & Rules For Ithaca Property
The New York rules that shape any deal in Ithaca: what a sale costs in tax, how buildings are taxed, what landlords must follow, and how to defer gains.
Ithaca Seller FAQ
What should I know before I sell commercial property in Ithaca, NY?
Renters occupy 70.4% of Ithaca homes, and rental vacancy is 3.5% under ACS 2020-2024. A $2,000,000 building at the combined 33.14 per $1,000 full-value rate owes about $66,280 a year. Most homes in the city predate 1980.
What does it cost to sell commercial real estate in Ithaca, NY?
New York's real estate transfer tax is $2 per $500 of consideration. On a $2,000,000 sale, that comes to $8,000. The mansion tax applies only to one- to three-family homes, condos and co-ops, so it does not reach an apartment building.
How much notice do Ithaca tenants get before a rent increase?
Under Real Property Law 226-c, an increase of 5% or more needs 30 days' notice for tenants under one year. Tenants of one to two years get 60 days' notice. Tenants of two years or more get 90 days' notice.
How do HUD rents compare with what Ithaca tenants pay?
HUD's FY2027 two-bedroom fair market rent for the Ithaca, NY MSA is $1,709. Median gross rent in Ithaca is $1,447 under ACS 2020-2024, which is $262 lower, a gap buyers can use as a renewal target.
Can I sell multifamily property in Ithaca with tenants in place?
Yes. Skyline Capital Investments buys occupied buildings of five or more units in Ithaca. Tenant security deposits stay governed by General Obligations Law 7-108, which caps deposits at one month's rent and requires return within 14 days.
Will you buy a Ithaca property that needs work or has high vacancy?
Yes. We regularly evaluate value-add, mismanaged, and distressed multifamily properties and underwrite them as they are today — no repairs or lease-up required before selling.
How does a sale to you work in Tompkins County?
Send the address, unit count, and any financials. We give feedback, then a written letter of intent if it fits, followed by diligence and a closing date that works for you.
Can I sell rental property in Ithaca with tenants in place?
Yes. We buy apartment buildings with tenants in place and keep existing leases intact. As a commercial real estate buyer focused on 5+ unit properties, we underwrite the current rent roll as it stands.
How fast can I sell my apartment building in Ithaca?
Most owners get clear feedback within 48 hours of sending the address, unit count, and a rent roll. Closing is typically set around your timeline, including extra time for a 1031 exchange.
Submit A Deal
Tell Us About Your Property In Ithaca
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