Duplex with Updated
For Sale
Contact for pricing
116 3rd Street, Ithaca, NY 14850
Both residences are leased through 2027, with tenants responsible for heat, water, gas, and electric service.
Property Size2,298 SF
Price / SF$179.79
Days on Market102
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Property Features for 116 3rd Street
General Information
Standard status
Active
Size
2,298 SF
Total Parking Spaces
2
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$33,055
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices CNY Realty Fayetteville
Listed By:
Thalia Collis · License #NY 30VI826997
Source:
Crexi
Added: Jul 6
Changed: Oct 15
Last Checked: Oct 14 at 8:12PM
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 CNY Realty Fayetteville
Investment Insights
Based on property information with market context.
This two-unit residential income property at 116 3rd Street in Ithaca contains 2,298 square feet and dates to 1900. Interior improvements have been completed over time, and both units are currently leased through 2027. Tenants pay the property’s heat, hot water, gas, electric, and water costs.
The duplex is located in downtown Ithaca, with the Farmers Market, Cayuga Lake, Stewart Park, dining, shopping, medical facilities, and the science center nearby. The property offers an established two-unit configuration with current tenancy and updated interior areas.
The duplex is located in downtown Ithaca, with the Farmers Market, Cayuga Lake, Stewart Park, dining, shopping, medical facilities, and the science center nearby. The property offers an established two-unit configuration with current tenancy and updated interior areas.
Key Highlights
- Duplex totaling 2,298 square feet
- Both units rented through 2027
- Tenants pay heat, hot water, gas, electric, and water
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,417
Cap Rate
7.36%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased through 2027, with tenants responsible for heat, water, gas, and electric service.
Where is this duplex located?
The property is located at 116 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: Duplex totaling 2,298 square feet; Both units rented through 2027; Tenants pay heat, hot water, gas, electric, and water
