Duplex with Off-Street
For Sale
$265,000
121 Elm Street, Ithaca, NY 14850
Two separate apartments include a vacant two-bedroom unit and a month-to-month one-bedroom tenancy.
Property Size1,644 SF
Days on Market14
Property Features for 121 Elm Street
General Information
Standard status
Active
Size
1,644 SF
Total Parking Spaces
1
Property subtype
Multi Family Home
Units
Unit Mix
1 x 2BR, 1 x 1BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,680
Amenities
private side patio
rear deck
Building Details
Building Size
1,644 SF
Year Built
1910
Stories
2
Units
2
Listing Agency:
Howard Hanna S Tier Inc
(607) 229-8573
Listed By:
Vincent Ferrara
(607) 229-8573
Source:
Homeprocny
Added: Aug 7
Changed: Aug 14
Last Checked: Aug 19 at 2:34PM
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 1910 duplex contains two distinct apartments with a practical mix of living arrangements. The main-level unit has two bedrooms and is vacant, while the upper-level apartment offers one bedroom and is occupied by a month-to-month tenant. The property also includes a newer roof, one off-street parking space, a private side patio, and a rear deck with seasonal inlet views during fall and winter.
Located at 121 Elm Street in Ithaca, the duplex is near Wegmans, the Ithaca Commons, Cornell University, Ithaca College, shopping, restaurants, and public transportation. The configuration supports an owner-occupant seeking rental income or an investor looking for a two-unit residential property with one existing tenancy and one available apartment.
Located at 121 Elm Street in Ithaca, the duplex is near Wegmans, the Ithaca Commons, Cornell University, Ithaca College, shopping, restaurants, and public transportation. The configuration supports an owner-occupant seeking rental income or an investor looking for a two-unit residential property with one existing tenancy and one available apartment.
Key Highlights
- Two‑unit duplex with a vacant two‑bedroom main‑level apartment
- Upper‑level one‑bedroom apartment leased to a month‑to‑month tenant
- Built in 1910 with a newer roof
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
$21,760
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
8.21%
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%
$435,200
$435.2K
Cap Rate 7%
$310,857
$310.9K
Cap Rate 9%
$241,778
$241.8K
Market Conditions
NOI Build-Up for 1,644 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
$32.6K $19.80/SF
− Vacancy
−$1.5K −$0.89/SF
EGI
$31.1K $18.91/SF
− OpEx
−$9.3K −$5.67/SF
NOI
$21.8K $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%
$435,200
Cap Rate 7%
$310,857
Cap Rate 9%
$241,778
Alternative Uses
Best Use
Multifamily LT 5
$310.9K
$272.0K – $362.7K
NOI $21,760 @ 7.0% cap · market cap 8.21%
Second Best
Apartment 5plus
$288.1K
$252.1K – $336.1K
NOI $20,166 @ 7.0% cap · market cap 7.61%
Theoretical Best
Office A
$513.0K
$448.9K – $598.5K
NOI $35,910 @ 7.0% cap · market cap 13.55%
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
71
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 separate apartments include a vacant two-bedroom unit and a month-to-month one-bedroom tenancy.
Where is this duplex located?
The property is located at 121 Elm Street Ithaca, NY.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Two‑unit duplex with a vacant two‑bedroom main‑level apartment; Upper‑level one‑bedroom apartment leased to a month‑to‑month tenant; Built in 1910 with a newer roof
