Updated Multi-Family Ranch
106 Clover Lane Ithaca, NY 14850
MULTI_FAMILY - Ithaca, NY
Property size:
2,258 SFLot size:
0.32 AcresPrice / SF:
$260/SF- Added:
- May 24, 2026
- Days on Market:
- 48
- Last Refresh:
- Jul 10 at 8:06 am
Property Features for 106 Clover Lane
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 3
- Rooms
- Bathroom 1, Bedroom 4, Bathroom 3, Bedroom 2, Bedroom 1, Bedroom 3, Basement, Bathroom 2
- Parking features
- Open, On Street, Garage
- Window features
- Skylight(s)
- Patio and Porch features
- Deck
- Interior features
- CeilingFans, Skylights
- Exterior features
- Deck, Fence
- Fencing
- Fenced
- Fireplace
- 1
- Appliances
- GasWaterHeater
- Standard status
- Active Under Contract
- APN
- 503089-059-000-0002-005-000-0000
- Size
- 2,258 SF
- Lot size
- 0.32 Acres
Taxes and HOA fees
- Tax Annual Amount
- 12976
Utilities
- Heating system
- Natural Gas, Baseboard
- Water source
- Public
Building Details
- Year built
- 1961
- Floors in Building
- 1
- Number of units
- 1
- Flooring type
- Vinyl
- Building materials
- Frame, PexPlumbing
- Roof type
- Asphalt
Listing agent Melynda L Johnson-Wissar License #10401271621 (315) 729-5072
Listing office Warren Real Estate of Ithaca Inc. (Downtown) 140 Seneca Way Suite 200, Ithaca, NY (607) 257-0666
Listing date May 24, 2026
MLS# R1669350
Listing URL
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully updated 1960s ranch offers a multi-family setup with separate living space on the main level and a lower-level apartment. The main level includes a 3-bedroom, 2-bathroom layout. The lower level is configured as an income-producing basement apartment with a private rear entrance, a permitted bedroom with a full closet, a private bathroom, and a second kitchen.
Updates and improvements include new flooring across the main level, fresh interior paint, upgraded electrical with new outlets, switches, and light fixtures, and kitchen renovations with new countertops and a contemporary tile backsplash. Bathrooms have been fully renovated with new modern vanities, toilets, and tile work. Mechanical and efficiency upgrades include a new boiler and a new hot water heater.
Outside, the property includes a fenced backyard. Located in Ithaca’s Belle Sherman neighborhood on Clover Lane, it is described as just moments from Cornell University, with nearby access to local schools, parks, and East Hill Plaza.
Updates and improvements include new flooring across the main level, fresh interior paint, upgraded electrical with new outlets, switches, and light fixtures, and kitchen renovations with new countertops and a contemporary tile backsplash. Bathrooms have been fully renovated with new modern vanities, toilets, and tile work. Mechanical and efficiency upgrades include a new boiler and a new hot water heater.
Outside, the property includes a fenced backyard. Located in Ithaca’s Belle Sherman neighborhood on Clover Lane, it is described as just moments from Cornell University, with nearby access to local schools, parks, and East Hill Plaza.
Key Highlights
- Fully updated 1961 ranch in the Belle Sherman neighborhood
- Lower level includes a permitted income‑producing basement apartment with private rear entrance, private bathroom, and second kitchen
- Heating includes natural gas with baseboard; new boiler and gas water heater
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $44.7k | $19.80 |
| − Vacancy | −$2.0k | −$0.89 |
| EGI | $42.7k | $18.91 |
| − OpEx | −$12.8k | −$5.67 |
| NOI | $29.9k | $13.24 |
2,258 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$427.0K
$373.6K – $498.1K
NOI $29,888 @ 7.0% cap · market cap 5.07%
Second Best
Apartment 5plus
$395.7K
$346.2K – $461.6K
NOI $27,697 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$704.6K
$616.5K – $822.0K
NOI $49,322 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Updated 1960s ranch with an income-producing lower-level apartment featuring a private rear entrance and fenced backyard.
Where is this duplex located?
The property is located at 106 Clover Lane Ithaca, NY.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: Fully updated 1961 ranch in the Belle Sherman neighborhood; Lower level includes a permitted income‑producing basement apartment with private rear entrance, private bathroom, and second kitchen; Heating includes natural gas with baseboard; new boiler and gas water heater
