Side-by-Side Duplex with
For Sale
Under Contract
$495,000
911-11.5 N Cayuga Street, Ithaca, NY 14850
Residential, Ithaca, NY
Property Size1,860 SF
Lot Size0.13 Acres
Price / SF$266.13
Days on Market57
Property Features for 911-11.5 N Cayuga Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 6, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 5, Bathroom 1, Basement
Patio and Porch features
Deck, Porch
Interior features
NaturalWoodwork
Exterior features
Deck, PrivateYard
Appliances
GasWaterHeater
Subdivision
Section 27
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school
Fall Creek Elementary
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Standard status
Active Under Contract
APN
500700-027-000-0002-017-000-0000
Size
1,860 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
13380
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1870
Floors in Building
2
Number of units
2
Flooring type
Varies, Carpet, Vinyl, Hardwood
Building materials
AtticCrawlHatchwaysInsulated, BlownInInsulation, Frame, ShakeSiding, WoodSiding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Colleen Dobbins Cowan · License #10301220975
(607) 342-6495
Added: Jul 21
Changed: Sep 12
Last Checked: Sep 15 at 10:06AM
MLS# R1698768
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 side-by-side duplex contains 1,860 square feet across two residential units, each arranged with a living room, formal dining room, eat-in kitchen, three bedrooms, and one full bathroom. Front porches serve both sides, while hardwood flooring, original woodwork, and a newer rear deck add character and usable outdoor space. The property also includes a shaded private yard, public water, natural-gas forced-air heat, and a shingle roof.
Located at 911-11.5 N Cayuga Street in Ithaca, the 0.1286-acre property is outside the flood zone and within walking distance of the Commons, Ithaca Farmers Market, Waterfront Trail, and Ithaca Falls. Exterior improvements include roof and decking work completed in 2021, window updates around 2020, a back deck added in 2019, and exterior repainting in 2020. One side is described as move-in ready for an owner occupant.
Located at 911-11.5 N Cayuga Street in Ithaca, the 0.1286-acre property is outside the flood zone and within walking distance of the Commons, Ithaca Farmers Market, Waterfront Trail, and Ithaca Falls. Exterior improvements include roof and decking work completed in 2021, window updates around 2020, a back deck added in 2019, and exterior repainting in 2020. One side is described as move-in ready for an owner occupant.
Key Highlights
- Two‑unit side‑by‑side duplex with 1,860 square feet
- Each unit includes 3 bedrooms, a full bath, living room, dining room, and eat‑in kitchen
- Roof and decking replaced in 2021; windows updated around 2020
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
$24,620
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
4.97%
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%
$492,400
$492.4K
Cap Rate 7%
$351,714
$351.7K
Cap Rate 9%
$273,556
$273.6K
Market Conditions
NOI Build-Up for 1,860 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
$36.8K $19.80/SF
− Vacancy
−$1.7K −$0.89/SF
EGI
$35.2K $18.91/SF
− OpEx
−$10.6K −$5.67/SF
NOI
$24.6K $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%
$492,400
Cap Rate 7%
$351,714
Cap Rate 9%
$273,556
Alternative Uses
Best Use
Multifamily LT 5
$351.7K
$307.8K – $410.3K
NOI $24,620 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$325.9K
$285.2K – $380.3K
NOI $22,815 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$580.4K
$507.9K – $677.1K
NOI $40,628 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,160
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer owner-occupant flexibility, updated exterior components, and private outdoor areas.
Where is this duplex located?
The property is located at 911-11.5 N Cayuga Street Ithaca, NY.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two‑unit side‑by‑side duplex with 1,860 square feet; Each unit includes 3 bedrooms, a full bath, living room, dining room, and eat‑in kitchen; Roof and decking replaced in 2021; windows updated around 2020
