Cornell Heights Duplex Investment
150 Highland Avenue Ithaca, NY 14850
For Sale
$349,000
Pending
MULTI_FAMILY - Other - Ithaca, NY
Property Size2,022 SF
Days on Market148
Property Features for 150 Highland Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 3
- Rooms
- Bedroom 1, Bedroom 4, Bedroom 2, Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 3
- Patio and Porch features
- Deck
- Exterior features
- Deck
- Appliances
- GasWaterHeater
- Standard status
- Pending
- APN
- 8.-1-6
- Size
- 2,022 SF
Taxes and HOA fees
- Tax Annual Amount
- 10837
Utilities
- Heating system
- Hot Water(Heating), Natural Gas
- Water source
- Public
Building Details
- Year built
- 1920
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Hardwood, Varies, Vinyl, Carpet
- Building materials
- Cedar
- Roof type
- Asphalt
- Architectural style
- Other
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Kathleen (Kate) Seaman · License #30SE0908346
(607) 280-3339
Added: Feb 25
Changed: Jul 14
Last Checked: Jul 23 at 8:06PM
MLS# R1663151
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.
Located in Cornell Heights, adjacent to Cornell University, this bungalow-style duplex offers an investment opportunity in a sought-after neighborhood. The first floor features a 2-bedroom, 2-bath apartment with off-street parking, a carport, and a private deck overlooking a wooded lot. The lower level includes a 2-bedroom, 1-bath apartment, also with off-street parking and views of the natural surroundings. The property has a rental history and is located close to campus. The total square footage is 2022, with 1206 square feet upstairs and 816 square feet downstairs. The property is intended for use as an income property. An adjacent 2.5-acre parcel with building potential is also available. Offers will be reviewed March 5th 2026.
Key Highlights
- Duplex in Cornell Heights adjacent to Cornell University, steps from campus
- 2,202 SF total: 1st floor 2BR/2BA (1206 SF) and lower level 2BR/1BA (816 SF)
- Both units have off‑street parking, plus a carport for the first‑floor unit
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 | $40.0k | $19.80 |
| − Vacancy | −$1.8k | −$0.89 |
| EGI | $38.2k | $18.91 |
| − OpEx | −$11.5k | −$5.67 |
| NOI | $26.8k | $13.24 |
2,022 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$382.3K
$334.6K – $446.1K
NOI $26,764 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$354.3K
$310.0K – $413.4K
NOI $24,802 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$631.0K
$552.1K – $736.1K
NOI $44,167 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Charming duplex near Cornell University, ideal for income property.
Where is this duplex located?
The property is located at 150 Highland Avenue Ithaca, NY.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Duplex in Cornell Heights adjacent to Cornell University, steps from campus; 2,202 SF total: 1st floor 2BR/2BA (1206 SF) and lower level 2BR/1BA (816 SF); Both units have off‑street parking, plus a carport for the first‑floor unit
