Duplex with Separate Lower-Level
For Sale
$750,000
300 Kline Road, Ithaca, NY 14850
MULTI_FAMILY - Ithaca, NY
Property Size4,685 SF
Lot Size0.76 Acres
Price / SF$160.09
Days on Market49
Property Features for 300 Kline Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
6
Full bathrooms
4
Half bathrooms
2
Rooms
Bedroom 2, Bedroom 4, Bathroom 3, Basement, Bathroom 5, Bathroom 2, Bathroom 1, Bedroom 3, Bathroom 4, Bathroom 6, Bedroom 1, Bedroom 7, Bedroom 6, Bedroom 5
Fireplace
1
Appliances
ElectricWaterHeater
Lot features
Rectangular, Rectangular Lot, Wooded
Elementary school
Cayuga Heights Elementary
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Subdivision
Cayuga Heights-Village-503001
Standard status
Active
APN
503001-015-000-0001-001-001-0000
Size
4,685 SF
Lot size
0.76 Acres
Taxes and HOA fees
Tax Annual Amount
16262
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1986
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Carpet, Varies
Building materials
Frame
Listing Agency:
Keller Williams Realty
(607) 275-5600
Listed By:
Rio Lange · License #10401301832
(607) 275-5600
Added: Jun 25
Changed: Aug 4
Last Checked: Aug 12 at 7:06AM
MLS# R1693766
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 duplex includes a main home plus a separate lower-level apartment with its own entrance and patio. The main level features an open living and dining area anchored by a wood burning fireplace, vaulted ceilings, skylights, and hardwood floors. The flexible layout provides five bedrooms in the main home, including a spacious first-floor primary suite with a private office and a bay window with a built-in window seat. Upstairs are two additional bedrooms, and the finished walkout lower level adds two more bedrooms, including an en suite, along with a large recreation room with direct outdoor access.
The separate lower-level apartment includes two bedrooms and a full bath. Outside, there’s a screened porch and an open air deck, plus a path through the forest. Additional improvements include an attached garage connected by a breezeway and ample interior and exterior storage.
Built in 1986, the property sits on a 0.76-acre lot and is served by public water. Heating is natural gas forced air and cooling is central air, with an electric water heater and a wood burning fireplace.
The separate lower-level apartment includes two bedrooms and a full bath. Outside, there’s a screened porch and an open air deck, plus a path through the forest. Additional improvements include an attached garage connected by a breezeway and ample interior and exterior storage.
Built in 1986, the property sits on a 0.76-acre lot and is served by public water. Heating is natural gas forced air and cooling is central air, with an electric water heater and a wood burning fireplace.
Key Highlights
- Separate lower‑level apartment with its own entrance and patio
- Main home open living and dining anchored by a wood burning fireplace
- Five bedrooms in the main home plus two additional bedrooms in the walkout lower level
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
$62,012
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
8.27%
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%
$1,240,240
$1.2M
Cap Rate 7%
$885,886
$885.9K
Cap Rate 9%
$689,022
$689.0K
Market Conditions
NOI Build-Up for 4,685 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
$92.8K $19.80/SF
− Vacancy
−$4.2K −$0.89/SF
EGI
$88.6K $18.91/SF
− OpEx
−$26.6K −$5.67/SF
NOI
$62.0K $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%
$1,240,240
Cap Rate 7%
$885,886
Cap Rate 9%
$689,022
Alternative Uses
Best Use
Multifamily LT 5
$885.9K
$775.2K – $1.03M
NOI $62,012 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$821.0K
$718.3K – $957.8K
NOI $57,467 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,335 @ 7.0% cap · market cap 13.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
416
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 - Duplex offering a separate lower-level apartment with its own entrance and patio, plus central air and natural gas forced-air heat.
Where is this duplex located?
The property is located at 300 Kline Road Ithaca, NY.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Separate lower‑level apartment with its own entrance and patio; Main home open living and dining anchored by a wood burning fireplace; Five bedrooms in the main home plus two additional bedrooms in the walkout lower level
