Side-by-Side
For Sale
$524,000
109 Birdseye View Drive, Ithaca, NY 14850
Residential, Ithaca, NY
Property Size2,880 SF
Lot Size0.31 Acres
Price / SF$181.94
Days on Market14
Property Features for 109 Birdseye View Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 4, Bedroom 1, Bedroom 5, Bathroom 1, Bedroom 2, Bathroom 3, Bathroom 2, Bathroom 4, Bedroom 3
Appliances
GasWaterHeater
Subdivision
Section 39
Lot features
Cul De Sac, Pie Shaped Lot, Near Public Transit
Elementary school
South Hill
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Standard status
Active
APN
503089-039-000-0011-012-000-0000
Size
2,880 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Annual Amount
12309
Utilities
Heating system
Baseboard, Hot Water(Heating), Natural Gas, Radiant
Water source
Public
Amenities
laundry
in-floor radiant heat
Building Details
Year built
2017
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Varies, Tile
Building materials
VinylSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
RE/MAX In Motion · RE/MAX International
(607) 277-1500
Listed By:
Alanie Woodin · License #10401354150
(607) 229-2203
Added: Sep 18
Changed: Sep 21
Last Checked: Oct 1 at 9:06PM
MLS# R1715386
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.
Built in 2017, this 2,880-square-foot duplex contains two separately metered residences on a 0.31-acre parcel. The larger unit offers three bedrooms, two full bathrooms, an open kitchen, living and dining area, plus a den or office, laundry, and radiant heat on the lower level. The second residence includes two bedrooms, one full bathroom, one half bathroom, an eat-in kitchen, living areas on two floors, and dedicated laundry space. Vinyl and tile flooring are used throughout, with natural gas radiant and hot-water heating systems.
Both units are currently rented, with residents responsible for their own utilities. The shared yard provides outdoor space for both residences. Restaurants and gas stations are within walking distance, while downtown Ithaca, Ithaca College, and Upper Buttermilk Falls State Park are a short drive away. Cornell University is approximately 10 minutes from the property, and public transportation is nearby.
Both units are currently rented, with residents responsible for their own utilities. The shared yard provides outdoor space for both residences. Restaurants and gas stations are within walking distance, while downtown Ithaca, Ithaca College, and Upper Buttermilk Falls State Park are a short drive away. Cornell University is approximately 10 minutes from the property, and public transportation is nearby.
Key Highlights
- 2,880‑square‑foot duplex on a 0.31‑acre parcel
- Built in 2017 with vinyl siding and asphalt roofing
- Unit mix includes 3 bedrooms/2 full bathrooms and 2 bedrooms/1 full plus 1 half bathroom
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
$38,121
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
7.27%
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%
$762,420
$762.4K
Cap Rate 7%
$544,586
$544.6K
Cap Rate 9%
$423,567
$423.6K
Market Conditions
NOI Build-Up for 2,880 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
$57.0K $19.80/SF
− Vacancy
−$2.6K −$0.89/SF
EGI
$54.5K $18.91/SF
− OpEx
−$16.3K −$5.67/SF
NOI
$38.1K $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%
$762,420
Cap Rate 7%
$544,586
Cap Rate 9%
$423,567
Alternative Uses
Best Use
Multifamily LT 5
$544.6K
$476.5K – $635.4K
NOI $38,121 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$504.7K
$441.6K – $588.8K
NOI $35,327 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$898.7K
$786.4K – $1.05M
NOI $62,908 @ 7.0% cap · market cap 12.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
89
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences offer separate utility metering and shared yard access.
Where is this duplex located?
The property is located at 109 Birdseye View Drive Ithaca, NY.
What is the asking price?
The asking price for this property is $524,000.
What are key features of this property?
This property features: 2,880‑square‑foot duplex on a 0.31‑acre parcel; Built in 2017 with vinyl siding and asphalt roofing; Unit mix includes 3 bedrooms/2 full bathrooms and 2 bedrooms/1 full plus 1 half bathroom
