Investment Property
For Sale
  • Multi-Unit

    • The Hive

    132 Cherry Street, Ithaca, NY 14850 United States
    Investment Property
    For Sale
  • Multi-Unit

    • The Hive

    132 Cherry Street, Ithaca, NY 14850 United States
    Building Size
    170,528 SF
    Building Size
    170,528 SF

    OVERVIEW

    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.

    CONTACT

    Key Features
    • Visit pyramidbrokerage.com for more information.

    Details

    Building Size:
    170,528 SF
    Sale Price:
    Negotiable

    CONTACT

    The Hive

    AVAILABILITIES

    SORT: AVAILABLE SPACE

    LOCATION

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