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    937 E State St Ithaca, NY 14850

    View on Map
    Sponsored
    For Sale
    $649,000

    MULTI_FAMILY - Other - Ithaca, NY

    Property size:
    1,920 SF
    Days on Market:
    17
    Last Refresh:
    Mar 15 at 9:06 am

    Property Features for 937 E State St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 7, Bedroom 2, Bathroom 3, Basement, Bedroom 3, Bedroom 5, Bedroom 4, Bedroom 1, Bedroom 6
    Bedrooms
    7
    Bathrooms
    3
    APN
    89.-3-12
    Parking features
    Garage
    Patio and Porch features
    Patio, Deck
    Interior features
    Attic
    Exterior features
    Deck, Patio
    Fireplace
    1
    Appliances
    GasWaterHeater
    Size
    1,920 SF

    Utilities

    Heating system
    Natural Gas, Hot Water(Heating), Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Hardwood, Vinyl, Laminate, Varies, Tile
    Building materials
    WoodSiding
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Jill Burlington
    Jill Burlington

    Warren Real Estate (607) 257-0666

    Listing agent Jill Burlington (607) 257-0666 License #30BU0950986

    Listing date Feb 26, 2026

    MLS# R1585487 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.

    Learn more

    Property Insight Report

    Overview

    Ithaca Multifamily Investment Opportunity

    This property presents a rare investment opportunity near Cornell University, featuring two homes on a single parcel. The location is close to campus. The property is ideal for investors, owner-occupants, or multi-generational living. The main residence is a well-maintained ranch-style home with three bedrooms, a spacious living room with a fireplace, and an eat-in kitchen. It also includes an enclosed porch with washer and dryer hookups. A bonus open-concept second floor, complete with a full bath and private entrance, offers potential for additional living space or rental income. An attached one-bay garage and ample storage complete the home. The property also includes a separate two-story residence with two well-maintained 2-bedroom, 1-bath units. The lower unit showcases hardwood floors, a wood-burning fireplace, and abundant natural light. The upper unit offers a comfortable and functional layout. The property's location provides convenient access to campus, downtown Ithaca, shopping, dining, and public transportation. The property size is 1920 square feet. This property presents an opportunity to live in one unit while renting the others or to add a high-demand, income-producing asset to your portfolio.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.484571
    Latitude
    42.435442

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    FAQs

    What type of property is this?
    Multifamily property - Two homes on one parcel near Cornell University.
    Where is this multifamily property located?
    The property is located at 937 E State St Ithaca, NY.
    What is the asking price?
    The asking price for this property is $649,000.
    What are key features of this property?
    This property features: - Two Homes on One Parcel: Offers flexibility for investors, owner-occupants, or multi-generational living.; - Prime Location Near Cornell University: Highly desirable location close to campus, downtown Ithaca, shopping, dining, and public transportation.; - Income-Producing Potential: Strong rental appeal with existing units and potential for additional income from the main residence's second floor.
    (607) 592-0474
    Request Owner's contact information
    937 E State St Ithaca, NY 14850
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    Ithaca, NY 14850
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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
    937 E State St Ithaca, NY 14850
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    We can help!
    Listing Contact
    Jill Burlington
    Jill Burlington
    Real Estate License ID: 30BU0950986
    (607) 592-0474 (607) 257-0666
    Learn more
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