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    599 Spencer Road Ithaca, NY 14850

    View on Map
    Pending
    $239,000

    MULTI_FAMILY - Other - Ithaca, NY

    Property size:
    2,034 SF
    Lot size:
    0.29 Acres
    Added:
    Feb 12, 2026
    Days on Market:
    49
    Last Refresh:
    Apr 2 at 3:06 am

    Property Features for 599 Spencer Road

    General Information

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

    Taxes and HOA fees

    TaxAnnualAmount
    8713

    Utilities

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

    Building Details

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

    We can help!

    Listing Contact
    Emily Russell

    Listing agent Emily Russell License #10401375685

    Listing office Warren Real Estate of Ithaca Inc. 830 Hanshaw Rd, Ithaca, NY

    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.

    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. The property's location abuts the Gateway Trail, providing 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 size is 2034 square feet, situated on a 0.2853-acre lot. A new owner will need to obtain a Certificate of Compliance. Previous rental amounts, utility information, and a recent inspection are available to interested buyers. The property is being sold in its current condition.
    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

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    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 Road 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.; Includes a **two‑car heated garage** plus a detached garage with bonus room above.
    (607) 280-7359
    We can help!
    Listing Contact
    Emily Russell
    Real Estate License ID: 10401375685
    Learn More
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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.

    More about this property
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