Top and Bottom
For Sale
$449,000
158 Troy Road, Ithaca, NY 14850
MULTI_FAMILY - Ithaca, NY
Property Size2,981 SF
Lot Size0.99 Acres
Price / SF$150.62
Days on Market46
Property Features for 158 Troy Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 3, Bedroom 6, Bathroom 3, Bathroom 4, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 4, Bedroom 5
Appliances
GasWaterHeater
Lot features
Irregular Lot
Elementary school
South Hill
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Subdivision
Ithaca-Town-503089
Standard status
Active
APN
503089-044-000-0001-004-053-0000
Size
2,981 SF
Lot size
0.99 Acres
Taxes and HOA fees
Tax Annual Amount
9847
Utilities
Heating system
Hot Water(Heating), Natural Gas, Baseboard, Electric (Heating)
Water source
Public
Building Details
Year built
1988
Floors in Building
1
Number of units
2
Flooring type
Carpet, Vinyl, Varies
Building materials
AtticCrawlHatchwaysInsulated, VinylSiding
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Jill Burlington · License #30BU0950986
(607) 592-0474
Added: Jul 24
Changed: Aug 4
Last Checked: Sep 7 at 4:06AM
MLS# R1698560
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.
Spacious top and bottom duplex in Ithaca with each unit featuring three bedrooms and one and a half baths. The property has a functional layout with comfortable living areas, supporting use as an owner-occupied home with rental income from the second unit or as an investor play.
The duplex sits on a 0.99-acre lot and was built in 1988. Total building size is 2,981 square feet. Water is provided by public service, and the home includes a gas water heater. Heating systems listed include natural gas with hot water, electric heating, and baseboard.
As of 2026, the upper unit has new carpet and LVP. In the downstairs unit, there is new LVP in the kitchen and new LVP in two bathrooms. Vinyl siding is indicated as part of the construction materials.
The duplex sits on a 0.99-acre lot and was built in 1988. Total building size is 2,981 square feet. Water is provided by public service, and the home includes a gas water heater. Heating systems listed include natural gas with hot water, electric heating, and baseboard.
As of 2026, the upper unit has new carpet and LVP. In the downstairs unit, there is new LVP in the kitchen and new LVP in two bathrooms. Vinyl siding is indicated as part of the construction materials.
Key Highlights
- Top and bottom duplex with three bedrooms and 1.5 baths per unit
- 0.99‑acre lot and 2,981 SF building size
- Built in 1988
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$39,457
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$789,140
$789.1K
Cap Rate 7%
$563,671
$563.7K
Cap Rate 9%
$438,411
$438.4K
Market Conditions
NOI Build-Up for 2,981 SF
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.
Gross rent
$59.0K $19.80/SF
− Vacancy
−$2.7K −$0.89/SF
EGI
$56.4K $18.91/SF
− OpEx
−$16.9K −$5.67/SF
NOI
$39.5K $13.24/SF
Area
Tompkins County, NY
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$789,140
Cap Rate 7%
$563,671
Cap Rate 9%
$438,411
Alternative Uses
Best Use
Multifamily LT 5
$563.7K
$493.2K – $657.6K
NOI $39,457 @ 7.0% cap · market cap 8.79%
Second Best
Apartment 5plus
$522.4K
$457.1K – $609.4K
NOI $36,566 @ 7.0% cap · market cap 8.14%
Theoretical Best
Office A
$930.2K
$813.9K – $1.09M
NOI $65,114 @ 7.0% cap · market cap 14.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Explore this area
Business Placement
Demographics for 14850, NY
69,271
Population
31,772
Households
2.2
Avg Household Size
29
Median Age
72%
College-Educated
96%
High-School Grad
124.8 sq mi
ZIP Area
555
Density / Sq Mi
$69,689
Median Household Income
$36,115
Median Earnings
$1,446
Median Rent
$334,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Top and bottom duplex with three bedrooms and 1.5 baths per unit on public water service.
Where is this duplex located?
The property is located at 158 Troy Road Ithaca, NY.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Top and bottom duplex with three bedrooms and 1.5 baths per unit; 0.99‑acre lot and 2,981 SF building size; Built in 1988
