508 University Ave

Ithaca, NY

Offer Accepted!

This house was built as a rooming house and income property by Evelyn Powelson, who lived at 504 University. This house has 5 units, legal for 12 unrelated tenants. Owner working on new C of C, including fresh electrical cert. Gross income is $81,200 including $2k annually from 2 washers and 3 dryers in laundry. Tenants in neighboring bldgs also use laundry machines. 2 Navien combo boilers/hot water heaters; one serves the ground floor apartment, and the other heats the other units. One of the Naviens makes hot water for the laundry. The seller pays for all heat and hot water, including laundry. 2 units on the main level pay their own electricity, but the landlord pays for all other electric. Apartments are provided partially furnished; seller will provide inventory of furniture and appliances.

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