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The Dorm Hotel 518 Stewart Ave 31 Room Hotel Ithaca, NY 14850 $9,590,000 CAD ($309,355 CAD/Room) 11% Cap Rate
Investment Highlights
- Adjacent to the Prestigious Cornell University
- Unique Design Elements
- Management Availability
- Excellent Margins & Strong In Place Cash Flow
- Recent Comprehensive Renovation
Executive Summary
JLL’s Hotels & Hospitality Group, as sole and exclusive agent for the owner, has been retained to offer for sale the fee simple interest in the 31-room The Dorm Hotel and an accompanying student housing unit (collectively, the “Property”). Positioned directly adjacent to Cornell University- the only Ivy League institution in upstate New York and the dominant demand engine of the Ithaca lodging market- the Property occupies a location that cannot be replicated. Local zoning prohibits new hotel construction at this proximity to campus, conferring a permanent supply barrier that insulates the Property from competition and supports sustained rate and occupancy performance.
Ithaca itself has emerged as one of the most compelling small-market lodging destinations in the Northeast. Cornell’s nearly 27,000-student enrollment and year-round academic and events calendar anchor a consistent transient demand base, supplemented by a growing healthcare sector anchored by Centralus Health (a 6,000-employee system formed in 2025) and a nationally recognized leisure profile anchored by CNN’s designation of Ithaca as the #1 Best Town to Visit in America. The broader market has recorded RevPAR growth of 23% above 2019 levels with no new supply in the pipeline.
Against this backdrop, the Property delivers strong in-place cash flow, GOP margins consistently near 65%, and recently renovated offerings between both the hotel and student housing components. The Dorm Hotel presents a compelling opportunity to acquire a truly irreplaceable asset at the doorstep of one of America’s great universities.
Ithaca itself has emerged as one of the most compelling small-market lodging destinations in the Northeast. Cornell’s nearly 27,000-student enrollment and year-round academic and events calendar anchor a consistent transient demand base, supplemented by a growing healthcare sector anchored by Centralus Health (a 6,000-employee system formed in 2025) and a nationally recognized leisure profile anchored by CNN’s designation of Ithaca as the #1 Best Town to Visit in America. The broader market has recorded RevPAR growth of 23% above 2019 levels with no new supply in the pipeline.
Against this backdrop, the Property delivers strong in-place cash flow, GOP margins consistently near 65%, and recently renovated offerings between both the hotel and student housing components. The Dorm Hotel presents a compelling opportunity to acquire a truly irreplaceable asset at the doorstep of one of America’s great universities.
Property Facts
| Price | $9,590,000 CAD | Lot Size | 0.22 AC |
| Price Per Room | $309,355 CAD | Building Size | 9,128 SF |
| Sale Type | Investment | No. Rooms | 31 |
| Cap Rate | 11% | No. Stories | 3 |
| Property Type | Hospitality | Year Built | 1947 |
| Property Subtype | Hotel | Parking Ratio | 1.42/1,000 SF |
| Building Class | C | Corridor | Interior |
| Zoning | R-3A | ||
| Price | $9,590,000 CAD |
| Price Per Room | $309,355 CAD |
| Sale Type | Investment |
| Cap Rate | 11% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 9,128 SF |
| No. Rooms | 31 |
| No. Stories | 3 |
| Year Built | 1947 |
| Parking Ratio | 1.42/1,000 SF |
| Corridor | Interior |
| Zoning | R-3A |
Amenities
- High Speed Internet Access
- Patio
- On-Site Bar
- Boutique/Lifestyle Hotel
- Meeting Event Space
- Public Access Wifi
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Guest Room | 31 | $153.44 CAD | - |
1 1
Moderately walkable
70/100
Moderately drivable
60/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 500700-048-000-0004-006-000-0000 | Improvements Assessment | $1,986,500 CAD |
| Land Assessment | $137,000 CAD | Total Assessment | $2,123,500 CAD |
Property Taxes
Parcel Number
500700-048-000-0004-006-000-0000
Land Assessment
$137,000 CAD
Improvements Assessment
$1,986,500 CAD
Total Assessment
$2,123,500 CAD
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The Dorm Hotel | 518 Stewart Ave
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