1941 Colonial with Detached Tenant
1115 Danby Road Ithaca, NY 14850
New
1115 Danby Road, Ithaca, NY, 14850
$579,000
For Sale
$579,000
MULTI_FAMILY - Other - Ithaca, NY
Property Size2,476 SF
Lot Size1.10 Acres
Price / SF$233.84
Days on Market1
Property Features for 1115 Danby Road
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Bathrooms
- 3
- Rooms
- Bedroom 6, Bedroom 3, Bathroom 3, Bedroom 1, Bathroom 1, Bedroom 5, Bedroom 4, Bathroom 2, Basement, Bedroom 2
- Interior features
- NaturalWoodwork
- Exterior features
- PlayStructure, PrivateYard
- Fireplace
- 1
- Appliances
- ElectricWaterHeater
- Standard status
- Active
- APN
- 503089-043-000-0002-013-000-0000
- Size
- 2,476 SF
- Lot size
- 1.10 Acres
Taxes and HOA fees
- Tax Annual Amount
- 9794
Utilities
- Heating system
- Electric (Heating), Baseboard, Natural Gas, Hot Water(Heating)
- Water source
- Public
Building Details
- Year built
- 1941
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Hardwood, Varies, Vinyl
- Building materials
- Frame, WoodSiding
- Roof type
- Metal
- Architectural style
- Other
Listing Agency
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
140 Seneca Way Suite 200, Ithaca, NY
Listed by
Rebecca Driscoll · License #30DR0907810
(607) 342-1073
Added: Jul 16 Checked: Jul 16 at 7:06 pm
MLS# R1699086
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.
Investment Insights
Based on property information with market context.
Set far back from the road on a deep, private, partly wooded lot, this 1941 Colonial includes a main house and a detached 2-story tenant house. The main home offers 4 bedrooms and 1.5 baths, with a living room featuring a cozy fireplace, formal dining with an adjoining sunroom, and a renovated kitchen with exceptional cabinet storage, hardwood floors, and newer windows. Updates include newer metal roofs on both structures and a freshly painted exterior using a lead-encapsulating coating. The detached tenant house includes a pellet stove and is designed for flexible rental use.
The property provides extensive parking and convenient access to outdoor trails, with an ungroomed Buttermilk Falls trailhead across the road. A private path on the property leads to the Montessori School on E. King Road. It is also described as close to Ithaca College, downtown shopping, popular restaurants, and Cornell University.
Also listed as Single Family MLS #R1697670, this offering is positioned as a residential income property with two separate structures.
The property provides extensive parking and convenient access to outdoor trails, with an ungroomed Buttermilk Falls trailhead across the road. A private path on the property leads to the Montessori School on E. King Road. It is also described as close to Ithaca College, downtown shopping, popular restaurants, and Cornell University.
Also listed as Single Family MLS #R1697670, this offering is positioned as a residential income property with two separate structures.
Key Highlights
- 1941 Colonial main house with 4 bedrooms and 1.5 baths, built with frame and wood siding
- Living room with a fireplace; formal dining with an adjoining sunroom
- Renovated kitchen with hardwood floors and newer windows
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $49.0k | $19.80 |
| − Vacancy | −$2.2k | −$0.89 |
| EGI | $46.8k | $18.91 |
| − OpEx | −$14.0k | −$5.67 |
| NOI | $32.8k | $13.24 |
2,476 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$468.2K
$409.7K – $546.2K
NOI $32,773 @ 7.0% cap · market cap 5.66%
Second Best
Apartment 5plus
$433.9K
$379.6K – $506.2K
NOI $30,371 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$772.6K
$676.0K – $901.4K
NOI $54,083 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - 1941 main home plus a detached 2-story tenant house on a deep, partly wooded lot with extensive parking.
Where is this duplex located?
The property is located at 1115 Danby Road Ithaca, NY.
What is the asking price?
The asking price for this property is $579,000.
What are key features of this property?
This property features: 1941 Colonial main house with 4 bedrooms and 1.5 baths, built with frame and wood siding; Living room with a fireplace; formal dining with an adjoining sunroom; Renovated kitchen with hardwood floors and newer windows
