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$188.19
Days on Market56
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: Aug 29
Last Checked: Aug 29 at 5:26PM
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 = 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
7.03%
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 7.03%
Second Best
Apartment 5plus
$402.7K
$352.4K – $469.8K
NOI $28,188 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$717.1K
$627.4K – $836.6K
NOI $50,195 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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
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 - 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 $432,450.
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
