Duplex with Separate
For Sale
$599,000
616 N Cayuga Street, Ithaca, NY 14850
Residential, Ithaca, NY
Property Size3,940 SF
Price / SF$152.03
Days on Market85
Property Features for 616 N Cayuga Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 4, Bedroom 7, Bathroom 1, Bedroom 2, Bathroom 4, Basement, Bedroom 8, Bedroom 6, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 5
Parking features
On Street, Driveway
Patio and Porch features
Porch
Interior features
Attic, CathedralCeilings, ProgrammableThermostat
Appliances
GasWaterHeater
Lot features
Corner Lot, Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school
Fall Creek Elementary
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Subdivision
Ithaca-City-500700
Standard status
Active
APN
500700-034-000-0008-007-000-0000
Size
3,940 SF
Taxes and HOA fees
Tax Annual Amount
17190
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
front porches
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Varies, Vinyl
Building materials
BlownInInsulation, SprayFoamInsulation, VinylSiding, CopperPlumbing, PexPlumbing
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Jill Rosentel · License #10301201202
(607) 280-2491
Added: Jun 15
Changed: Aug 31
Last Checked: Sep 7 at 4:06AM
MLS# R1688656
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 3,940-square-foot duplex, built in 1890, is arranged as two residential units with separate utility service and entrances addressing two streets. Each unit includes a main-level bathroom, living and dining areas connected to the kitchen, three upper-level bedrooms, a full bathroom, and finished attic space that can serve as additional household or work area. Front porches provide outdoor space for each unit.
The property includes a dry, insulated basement with laundry equipment, updated mechanicals, and walk-up exterior access. Energy-efficient vinyl replacement windows, blown-in and spray-foam insulation, vinyl siding, copper and PEX plumbing, hardwood and vinyl flooring, natural-gas forced-air heat, public water, and an asphalt roof are among the documented improvements and systems. Parking consists of a driveway and on-street spaces. Located on N Cayuga Street in Ithaca’s Fall Creek area.
The property includes a dry, insulated basement with laundry equipment, updated mechanicals, and walk-up exterior access. Energy-efficient vinyl replacement windows, blown-in and spray-foam insulation, vinyl siding, copper and PEX plumbing, hardwood and vinyl flooring, natural-gas forced-air heat, public water, and an asphalt roof are among the documented improvements and systems. Parking consists of a driveway and on-street spaces. Located on N Cayuga Street in Ithaca’s Fall Creek area.
Key Highlights
- 3,940‑square‑foot duplex built in 1890
- Separate utility service for each unit
- Two street‑facing entrances create distinct access to the units
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
$52,151
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
8.71%
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%
$1,043,020
$1.0M
Cap Rate 7%
$745,014
$745.0K
Cap Rate 9%
$579,456
$579.5K
Market Conditions
NOI Build-Up for 3,940 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
$78.0K $19.80/SF
− Vacancy
−$3.5K −$0.89/SF
EGI
$74.5K $18.91/SF
− OpEx
−$22.4K −$5.67/SF
NOI
$52.2K $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%
$1,043,020
Cap Rate 7%
$745,014
Cap Rate 9%
$579,456
Alternative Uses
Best Use
Multifamily LT 5
$745.0K
$651.9K – $869.2K
NOI $52,151 @ 7.0% cap · market cap 8.71%
Second Best
Apartment 5plus
$690.4K
$604.1K – $805.5K
NOI $48,329 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$1.23M
$1.08M – $1.43M
NOI $86,062 @ 7.0% cap · market cap 14.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,377
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 - Two-unit layout includes front porches, finished attic space, and individually metered utility service.
Where is this duplex located?
The property is located at 616 N Cayuga Street Ithaca, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 3,940‑square‑foot duplex built in 1890; Separate utility service for each unit; Two street‑facing entrances create distinct access to the units
