Side-by-Side Duplex with
For Sale
$625,000
Pending
119 HEIGHTS CT, Ithaca, NY 14850
Two-unit property with separate utilities, individual laundry, off-street parking, and flexible lower-level storage areas.
Property Size3,290 SF
Days on Market240
Property Features for 119 HEIGHTS CT
General Information
Standard status
Pending
Size
3,290 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$21,784
Amenities
Gas, A/C - Other
Full
3
Hardwood, Vinyl
Other
Natural Woodwork
Asphalt
Full, Partial
Fenced Yard.
Stucco
Rectangular
50X100
Other, Historic Area, City Road, Rectangular.
Building Details
Year Built
1905
Listing Agency:
Howard Hanna S Tier Inc
(607) 319-6380
Listed By:
David Barken
(607) 319-6380
Source:
Xome
Added: Jan 2
Changed: Aug 30
Last Checked: Aug 30 at 1:43PM
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 Howard Hanna S Tier Inc
Investment Insights
Based on property information with market context.
This side-by-side duplex offers 3,290 square feet across two units, each configured with 1.5 baths and its own washer and dryer. Hardwood flooring, natural woodwork, vinyl finishes, and ample natural light contribute to the interior character. Full and partial basements, along with walk-up attics, provide additional storage or bonus-space options. The property is legally approved for a total of 7 unrelated occupants.
Gas, electric, and water/sewer are separately metered for each unit. The building also includes off-street parking and a fenced yard. Built in 1905, the property received a new roof in 2021 and is situated on a 50X100 lot in the Cornell Heights neighborhood, within a few minutes’ walk of Cornell University campus.
Gas, electric, and water/sewer are separately metered for each unit. The building also includes off-street parking and a fenced yard. Built in 1905, the property received a new roof in 2021 and is situated on a 50X100 lot in the Cornell Heights neighborhood, within a few minutes’ walk of Cornell University campus.
Key Highlights
- 3,290 SF side‑by‑side duplex on a 50X100 lot
- Legal occupancy for 7 unrelated occupants
- Each unit includes 1.5 baths and an individual washer/dryer
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
$43,547
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
6.97%
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%
$870,940
$870.9K
Cap Rate 7%
$622,100
$622.1K
Cap Rate 9%
$483,856
$483.9K
Market Conditions
NOI Build-Up for 3,290 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
$65.1K $19.80/SF
− Vacancy
−$2.9K −$0.89/SF
EGI
$62.2K $18.91/SF
− OpEx
−$18.7K −$5.67/SF
NOI
$43.5K $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%
$870,940
Cap Rate 7%
$622,100
Cap Rate 9%
$483,856
Alternative Uses
Best Use
Multifamily LT 5
$622.1K
$544.3K – $725.8K
NOI $43,547 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$576.5K
$504.5K – $672.6K
NOI $40,356 @ 7.0% cap · market cap 6.46%
Theoretical Best
Office A
$1.03M
$898.3K – $1.20M
NOI $71,864 @ 7.0% cap · market cap 11.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
628
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 property with separate utilities, individual laundry, off-street parking, and flexible lower-level storage areas.
Where is this duplex located?
The property is located at 119 HEIGHTS CT Ithaca, NY.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 3,290 SF side‑by‑side duplex on a 50X100 lot; Legal occupancy for 7 unrelated occupants; Each unit includes 1.5 baths and an individual washer/dryer
