222 Albany Street

About this home

Centrally located in downtown Ithaca, this six-unit investment property offers eleven bedrooms, seven bathrooms, and 100% occupancy with leases in place into 2027. Ideally situated just a few blocks from the Ithaca Commons, the property is within easy reach of coffee shops, restaurants, an ice cream parlor, parks, playgrounds, open green space, schools, and a community pool. This vintage late-19th-century home has been well maintained and offers a solid rental history with a mix of long-term established residents, graduate students, and professionals. The central location and proximity to everyday amenities appeal to a broad pool of potential tenants. Spread across three levels, the property includes two one-bedroom apartments, three two-bedroom apartments, and a top-level three-bedroom apartment featuring heat pump heating and cooling. Current gross rents total $112,284 annually, with some units paying their own electricity. Additional features include a large wraparound porch where tenants can enjoy the neighborhood atmosphere, a separate main-level laundry facility, two driveways providing off-street parking, and a detached two-car garage. Retaining some of its vintage charm while offering a desirable combination of unit variety, established rental history, and convenient downtown access, this property presents an appealing investment opportunity in the heart of Ithaca. An excellent option for investors seeking a stable rental property appealing to graduate students, professionals, and long-term residents.

Exterior features

• Blacktop Driveway

Appliances

• Gas Oven
• Gas Range
• Gas Water Heater
• Refrigerator

Mechanical

Schools

Tax & finance

Location

Ithaca, NY 14850 · Tompkins County

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