Renovated Duplex with
For Sale
$395,000
580 King Road W, Ithaca, NY 14850
Residential, Ithaca, NY
Property Size2,964 SF
Lot Size0.95 Acres
Price / SF$133.27
Days on Market14
Property Features for 580 King Road W
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential 2 Unit
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 4, Basement, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 5
Patio and Porch features
Deck, Porch
Interior features
CeilingFans
Exterior features
Deck, PrivateYard
Appliances
ElectricWaterHeater
Lot features
Rectangular, Rectangular Lot, Wooded
Elementary school
South Hill
Middle school
Boynton Middle
High school
Ithaca Senior High
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Directions
W King Rd. Past Sand Bank on the right
Subdivision
Danby-502200
Standard status
Active
APN
502200-001-000-0001-012-003-0000
Size
2,964 SF
Lot size
0.95 Acres
Taxes and HOA fees
Tax Annual Amount
7525
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Baseboard
Water source
Well
Building Details
Year built
1987
Floors in Building
2
Number of units
2
Flooring type
Varies, Laminate, Vinyl
Building materials
Frame, VinylSiding, PexPlumbing
Roof type
Asphalt
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Rebecca Driscoll · License #30DR0907810
(607) 342-1073
Added: Aug 20
Changed: Aug 29
Last Checked: Sep 2 at 4:06AM
MLS# R1707644
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 2,964-square-foot duplex on 0.95 acres was built in 1987 and includes two primary living areas with additional basement space. The property has recently renovated interiors, updated appliances, fresh paint, and washer and dryer access for each area. Separate electric meters serve the two main areas, while the basement areas share one meter. Exterior features include a deck, porch, and private yard.
The property is located at 580 King Road W in Ithaca, near Ithaca College and Upper Buttermilk Park and trails. It is served by a well and septic tank, with a new septic system installed last year. Town-replaced driveway drainage was completed in April. Frame construction, vinyl siding, PEX plumbing, asphalt roofing, electric baseboard heat, and varied vinyl and laminate flooring complete the property profile.
The property is located at 580 King Road W in Ithaca, near Ithaca College and Upper Buttermilk Park and trails. It is served by a well and septic tank, with a new septic system installed last year. Town-replaced driveway drainage was completed in April. Frame construction, vinyl siding, PEX plumbing, asphalt roofing, electric baseboard heat, and varied vinyl and laminate flooring complete the property profile.
Key Highlights
- Duplex contains 2,964 square feet on 0.95 acres
- Fully rented with established rental history
- Recently renovated with updated appliances and fresh paint
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
$36,357
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
9.20%
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%
$727,140
$727.1K
Cap Rate 7%
$519,386
$519.4K
Cap Rate 9%
$403,967
$404.0K
Market Conditions
NOI Build-Up for 2,964 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
$69.0K $23.28/SF
− Vacancy
−$2.9K −$0.98/SF
EGI
$66.1K $22.30/SF
− OpEx
−$29.7K −$10.04/SF
NOI
$36.4K $12.27/SF
Area
Tompkins County, NY
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$727,140
Cap Rate 7%
$519,386
Cap Rate 9%
$403,967
Alternative Uses
Best Use
Multifamily LT 5
$560.5K
$490.4K – $653.9K
NOI $39,232 @ 7.0% cap · market cap 9.93%
Second Best
Apartment 5plus
$519.4K
$454.5K – $606.0K
NOI $36,357 @ 7.0% cap · market cap 9.20%
Theoretical Best
Office A
$924.9K
$809.3K – $1.08M
NOI $64,743 @ 7.0% cap · market cap 16.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
8
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied rental property with updated appliances, individual laundry, and separate electric metering for the two main living areas.
Where is this duplex located?
The property is located at 580 King Road W Ithaca, NY.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Duplex contains 2,964 square feet on 0.95 acres; Fully rented with established rental history; Recently renovated with updated appliances and fresh paint
