Updated
For Sale
$413,150
116-118 3rd Street, Ithaca, NY 14850
Two-unit residential property with interior updates, tenant-paid utilities, and leases extending into 2027.
Property Size2,298 SF
Days on Market79
Property Features for 116-118 3rd Street
General Information
Standard status
Active
Size
2,298 SF
Property subtype
Multi Family Home
Zoning
Residential 2 Unit
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,795
Building Details
Building Size
2,298 SF
Year Built
1900
Stories
2
Units
2
Listing Agency:
Berkshire Hathaway HomeServices Heritage Realty
(607) 275-1234
Listed By:
Brian DeYoung
(607) 275-1234
Source:
Wcirealty
Added: Jun 13
Changed: Aug 29
Last Checked: Aug 30 at 5:41PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway HomeServices Heritage Realty
Investment Insights
Based on property information with market context.
This 1900-built duplex contains two rented units and has received regular interior updates. The property is zoned Residential 2 Unit, and current occupants cover heat, hot water, gas, electric, and water expenses. Both units are rented into 2027, providing established occupancy for the next owner.
Located in downtown Ithaca at 116-118 3rd Street, the property is within walking distance of the Farmers Market, Cayuga Lake, Stewart Park, local dining, shopping, nearby medical facilities, and the science center. Red Feet and additional park access are also identified in the surrounding area.
Located in downtown Ithaca at 116-118 3rd Street, the property is within walking distance of the Farmers Market, Cayuga Lake, Stewart Park, local dining, shopping, nearby medical facilities, and the science center. Red Feet and additional park access are also identified in the surrounding area.
Key Highlights
- Two‑unit duplex built in 1900
- Zoned Residential 2 Unit
- Both units rented into 2027
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
$30,417
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
7.36%
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%
$608,340
$608.3K
Cap Rate 7%
$434,529
$434.5K
Cap Rate 9%
$337,967
$338.0K
Market Conditions
NOI Build-Up for 2,298 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
$45.5K $19.80/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$43.5K $18.91/SF
− OpEx
−$13.0K −$5.67/SF
NOI
$30.4K $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%
$608,340
Cap Rate 7%
$434,529
Cap Rate 9%
$337,967
Alternative Uses
Best Use
Multifamily LT 5
$434.5K
$380.2K – $507.0K
NOI $30,417 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$402.7K
$352.4K – $469.8K
NOI $28,188 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$717.1K
$627.4K – $836.6K
NOI $50,195 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,733
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 residential property with interior updates, tenant-paid utilities, and leases extending into 2027.
Where is this duplex located?
The property is located at 116-118 3rd Street Ithaca, NY.
What is the asking price?
The asking price for this property is $413,150.
What are key features of this property?
This property features: Two‑unit duplex built in 1900; Zoned Residential 2 Unit; Both units rented into 2027
