Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    599 Spencer Rd Ithaca, NY 14850

    Sponsored
    For Sale
    $239,000

    MULTI_FAMILY - Other - Ithaca, NY

    Property size:
    2,034 SF
    Lot size:
    0.29 Acres
    Days on Market:
    4
    Last Refresh:
    Feb 15 at 5:06 pm

    Property Features for 599 Spencer Rd

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Rooms
    Bathroom 2, Bathroom 1, Bedroom 1, Basement, Bedroom 2, Bedroom 4, Bedroom 3, Bathroom 3
    Bedrooms
    4
    Bathrooms
    3
    APN
    500700-129-000-0002-004-000-0000
    Parking features
    Paved or Surfaced, Garage
    Interior features
    CeilingFans, Storage, NaturalWoodwork, BedroomOnMainLevel
    Fireplace
    1
    Appliances
    GasWaterHeater
    Size
    2,034 SF
    Lot size
    0.29 Acres

    Utilities

    Heating system
    Zoned, Hot Water(Heating), Natural Gas
    Cooling system
    Zoned
    Water source
    Public

    Building Details

    Year built
    1910
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Varies, Carpet, Hardwood
    Building materials
    Frame, SprayFoamInsulation, WoodSiding
    Roof type
    Asphalt
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Emily Russell

    Warren Real Estate (607) 257-0666

    Listing agent Emily Russell (607) 257-0666 License #10401375685

    Listing date Feb 12, 2026

    MLS# R1659188

    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.

    Learn more

    Property Insight Report

    Overview

    Ithaca Triplex Near Gateway Trail

    This three-unit investment property, featuring three addresses, is situated in a convenient location near shopping and dining in Ithaca, NY. The property at 599 Spencer Road includes two one-bedroom apartments and one two-bedroom apartment, with original sections dating back to 1910. Adjacent to the Gateway Trail, the location provides immediate access to walking and biking paths. Apartment #599 is equipped with a newer Morso wood stove, wood trim, and bonus attic space, and offers a waterfall view. Each unit includes newer washer and dryers. Additional features include a two-car heated garage and a detached former single-car garage, suitable for storage, with an unheated bonus room above. The property occupies a 0.2853-acre lot. The new owner will be required to obtain a Certificate of Occupancy. Previous rental amounts, utility information, and a recent inspection report are available to interested buyers. The property is being sold in its current condition. The total property size is 2034 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care 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
    -76.513511
    Latitude
    42.422798

    Nearby Similar for Sale

    • $975,000
      Pending

      Three Houses in Downtown Ithaca

      Three single-family homes near The Commons, ideal for multi-generational living.
      S Aurora St, Ithaca, NY 14850
      View Details
    • $4,500,000
      13,969 SF

      Hillendale Golf Course Estate Retreat

      141-acre golf course estate near Ithaca with development potential.
      218 N Applegate Rd, Ithaca, NY 14850
      View Details
    • $949,000
      13,248 SF

      Historic Inn and Restaurant

      Turn-key historic inn and restaurant in the Finger Lakes region.
      2075-79 East Shore Dr, Lansing, NY 14882
      View Details
    • $1,000,000
      4,283 SF

      Collegetown Multi-Family Investment Opportunity

      Prime Collegetown multi-family property near Cornell University with investment potential.
      411 Dryden Rd, Ithaca, NY 14850
      View Details
    • $1,250,000
      3,997 SF

      Collegetown Multifamily Investment Opportunity

      Multifamily property near Cornell University with 16 bedrooms.
      410 Stewart Ave, Ithaca, NY 14850
      View Details
    • $1,750,000
      13,725 SF

      Ithaca Commercial Property with Pool

      Versatile commercial property near downtown Ithaca with unique amenities.
      92 Genung Cir, Ithaca, NY 14850
      View Details
    • $550,000
      2,938 SF

      Downtown Ithaca Versatile Commercial Building

      Classic building in central location, suitable for office or residence.
      411 N Tioga St, Ithaca, NY 14850
      View Details
    • $2,000,000
      10,193 SF

      Prime Ithaca Commercial Corner Property

      Fully leased commercial property in Ithaca's desirable Fall Creek neighborhood.
      1201-15 N Tioga St, Ithaca, NY 14850
      View Details
    • $418,800
      2,389 SF

      Ithaca Commercial Buildings on Route 13

      Two buildings on Route 13, suitable for office or retail.
      313 N Meadow St, Ithaca, NY 14850
      View Details
    • $444,000
      Pending

      Ithaca Multifamily with Income Potential

      Ithaca ranch with income-producing apartment near Cayuga Medical Center.
      104 Happy Ln, Ithaca, NY 14850
      View Details
    • $1,175,000
      4,507 SF

      Spacious Multi-Family Near Cornell

      Ithaca multi-family property near Cornell, ideal for investors.
      306 Stewart Ave, Ithaca, NY 14850
      View Details
    • $529,000
      2,234 SF

      Ithaca Duplex in Fall Creek

      Desirable Ithaca duplex with strong rental income and updated features.
      445 N Tioga St, Ithaca, NY 14850
      View Details

    FAQs

    What type of property is this?
    Triplex - Three-unit investment property near shopping, dining, and Gateway Trail.
    Where is this triplex located?
    The property is located at 599 Spencer Rd Ithaca, NY.
    What is the asking price?
    The asking price for this property is $239,000.
    What are key features of this property?
    This property features: - Three-unit investment property in a prime Ithaca location near shopping and dining.; - Abuts the Gateway Trail, providing immediate access to walking and biking trails.; - All units include newer washer and dryers.
    (607) 280-7359
    Request Owner's contact information
    599 Spencer Rd Ithaca, NY 14850
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    599 Spencer Rd
    Ithaca, NY 14850
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    599 Spencer Rd Ithaca, NY 14850
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Emily Russell
    Real Estate License ID: 10401375685
    (607) 280-7359 (607) 257-0666
    Learn more
    Google sign-in failed. Please try again or use another login method.