213 Dearborn Place

An exceptional investment opportunity in Ithaca's nationally recognized Cornell Heights Historic District, just steps from Cornell University's North Campus. Combining historic character, proven rental performance, and significant upside potential, this well-maintained income property is legally approved for occupancy by up to 13 unrelated individuals within the R-2A zoning district, offering remarkable flexibility for investors. Currently configured for strong cash flow, the property features three separate kitchens, four full bathrooms, one half bath, and a flexible rental layout consisting of a private one-bedroom lower-level apartment, a two-bedroom main-level apartment, and a five bedroom apartment occupying the second and third floors. The current configuration generates $$89,400 in annual gross rental income, while the property's legal occupancy provides an attractive value-add opportunity for future income growth. Rich in architectural character, the residence showcases original hardwood floors, classic woodwork, high ceilings, oversized windows, and generously proportioned living spaces that continue to attract tenants year after year. The updated kitchens and baths blend modern functionality with the home's historic charm, while the spacious bedrooms, multiple common areas, and flexible floor plan accommodate a variety of rental configurations. Outside, the property offers off-street parking, an amenity in high demand for Cornell-area rentals, along with an unbeatable location within easy walking distance of Cornell University's North Campus, nearby bus routes, dining, and shopping. The enduring appeal of the Cornell Heights Historic District, combined with consistent rental demand and legal occupancy for up to 13 unrelated residents, makes 213 Dearborn Place a compelling opportunity for investors seeking both immediate cash flow and long-term appreciation.