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    Three-Unit Income Property Title is generated by Realmo AI

    524 Hayts Road, Ithaca, NY 14850

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    For Sale
    $355,000

    MULTI_FAMILY - Other - Ithaca, NY

    Property size:
    2,678 SF
    Lot size:
    7.00 Acres
    Price / SF:
    $132/SF
    Added:
    May 22, 2026
    Days on Market:
    14
    Last Refresh:
    Jun 4 at 1:06 am

    Property Features for 524 Hayts Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    4
    Rooms
    Bedroom 5, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 4, Bedroom 2
    Security features
    Security
    Window features
    Skylight(s)
    Patio and Porch features
    Deck
    Interior features
    JettedTub, Skylights, NaturalWoodwork, BedroomOnMainLevel
    Exterior features
    Deck, PrivateYard, PropaneTankOwned
    Appliances
    ElectricWaterHeater, WaterSoftenerOwned
    Standard status
    Active
    APN
    502600-003-000-0002-018-000-0000
    Size
    2,678 SF
    Lot size
    7.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    7393

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Forced Air, Electric (Heating), Propane (Heating), Heat Pump (Heating)
    Cooling system
    Window Unit(s), Central Air, Heat Pump
    Water source
    Well

    Building Details

    Year built
    1990
    Floors in Building
    1
    Number of units
    3
    Flooring type
    Carpet, Laminate, Varies, Vinyl
    Building materials
    AtticCrawlHatchwaysInsulated, BlownInInsulation, VinylSiding, WoodSiding, PexPlumbing
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Anthony Vaughn

    Listing agent Anthony Vaughn License #10401375378

    Listing office Keller Williams Realty 602 W State St, Ithaca, NY

    Listing date May 22, 2026

    MLS# R1682018 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.

    HighLights

    • Fully occupied three‑unit property at 524 Hayts Rd in Ithaca—main residence plus two additional rental units from a converted three‑bay garage
    • Main residence plus one‑bedroom apartment and studio unit; all three units currently rented
    • Circular driveway for convenient access and ample on‑site parking
    • Converted garage adds extra income potential with a 1‑bedroom apartment and studio configuration
    • Home built in 1990 with vinyl and wood siding and an asphalt shingle roof
    • Well water with septic tank service; propane tank owned; central air plus window A/C and heat pump

    Overview

    524 Hayts Road is a fully occupied three-unit residential income property. The main residence is complemented by a converted three-bay garage, which has been configured into two additional rental units, including a one-bedroom apartment and a studio. All three units are currently rented.

    The property sits on a 7-acre lot and includes a circular driveway designed to provide convenient access and ample parking for tenants and visitors.

    This offering is well suited for investors looking for an in-place, cash-flowing multifamily asset, or for an owner-occupant seeking rental income that can help offset expenses. Please note that any potential subdivision or related land use considerations should be verified by the buyer. The listing also states that the offer is contingent on subdivision. Agent is related to the seller.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Spa & Massage Center Building Supply Auto Repair Shop HVAC Service Garden Center Storage Facility Travel Agency Veterinary Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.594376
    Latitude
    42.466847

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    FAQs

    What type of property is this?
    Triplex - Fully occupied three-unit property with a circular driveway and converted garage creating two additional rental units.
    Where is this triplex located?
    The property is located at 524 Hayts Road Ithaca, NY.
    What is the asking price?
    The asking price for this property is $355,000.
    What are key features of this property?
    This property features: Fully occupied three‑unit property at 524 Hayts Rd in Ithaca—main residence plus two additional rental units from a converted three‑bay garage; Main residence plus one‑bedroom apartment and studio unit; all three units currently rented; Circular driveway for convenient access and ample on‑site parking
    (607) 391-5249
    We can help!
    Listing Contact
    Anthony Vaughn
    Real Estate License ID: 10401375378
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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