614 E State St Ithaca, NY 14850

Located at the highly visible corner of East State Street and Quarry Street, 614–618 E State Street presents a compelling opportunity to acquire a well-positioned, income-producing multifamily asset in Ithaca’s sought-after Lower Collegetown area. This five-unit property combines a diversified unit mix, recent capital improvements, and a prime corner location that benefits from strong rental demand driven by proximity to Cornell University, Downtown Ithaca, and key transit corridors.
The building comprises five apartments thoughtfully configured to appeal to a broad tenant base. The unit mix includes 2 two-bedroom units, 1 three-bedroom unit, and 2 one-bedroom units, providing flexibility and resilience across leasing cycles. Two of the apartments—one on the top floor and one on the bottom floor—have been recently renovated, offering immediate upside and are presently being leased up. These updated units help elevate the overall rental profile of the property while demonstrating the potential to systematically renovate remaining apartments over time. Investors can pursue a phased value-add strategy, increasing rents through continued interior upgrades while maintaining cash flow from occupied units.
The corner location at East State Street and Quarry Street significantly enhances the property’s appeal. East State Street is a major east–west corridor connecting Downtown Ithaca to Collegetown and Cornell University, providing excellent visibility, accessibility, and long-term desirability