Turnkey Renovated
726 Cliff St Ithaca, NY 14850
726 Cliff St, Ithaca, NY, 14850
$349,900
For Sale
$349,900
Completely renovated duplex with two rented units, updated systems, and dedicated electric services for each apartment.
Property Size2,108 SF
Price / SF$165.99
Days on Market2001
Property Features for 726 Cliff St
General Information
- Standard status
- Active
- Size
- 2,108 SF
- Property subtype
- Duplex
Building Details
- Year Built
- 1971
Listing agency
(607) 279-5967
Listed by
Key Brokers
Source
Xome
Added: Jan 27, 2021 Updated: Jul 21 at 6:41AM Checked: Jul 21 at 6:41AM
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 Key Brokers
Investment Insights
Based on property information with market context.
This turnkey duplex was completely renovated inside and out in early 2023. Interior improvements include new click vinyl flooring, updated lighting, renovated bathrooms with new fixtures, and updated kitchen features such as new cabinets, a dishwasher, stove, fridge, microwave, and washer/dryer units. Each unit has been freshly painted and includes an electric fireplace with a rustic wood mantle. To help split utility costs, new electric service and a panel were installed for the upstairs apartment. Heating is provided by a gas boiler paid for by the landlord, with two thermostats controlled by each tenant.
Exterior renovations include a new steel roof and vinyl siding across the entire property. The property is situated on a bus route, and additional parking is available a few hundred feet down the road in a free city lot.
Both units are currently rented, with tenancy continuing until mid-2024.
Exterior renovations include a new steel roof and vinyl siding across the entire property. The property is situated on a bus route, and additional parking is available a few hundred feet down the road in a free city lot.
Both units are currently rented, with tenancy continuing until mid-2024.
Key Highlights
- Completely renovated duplex; both units freshly painted with updated kitchens, electric fireplaces, and new flooring and lighting
- Early 2023 renovations included new steel metal roof and vinyl siding on the entire exterior
- Separate electric service and panel for the upstairs apartment to split electric bills between tenants
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $41.7k | $19.80 |
| − Vacancy | −$1.9k | −$0.89 |
| EGI | $39.9k | $18.91 |
| − OpEx | −$12.0k | −$5.67 |
| NOI | $27.9k | $13.24 |
2,108 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$398.6K
$348.8K – $465.0K
NOI $27,902 @ 7.0% cap · market cap 7.97%
Second Best
Apartment 5plus
$369.4K
$323.2K – $431.0K
NOI $25,857 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$657.8K
$575.6K – $767.4K
NOI $46,045 @ 7.0% cap · market cap 13.16%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Completely renovated duplex with two rented units, updated systems, and dedicated electric services for each apartment.
Where is this duplex located?
The property is located at 726 Cliff St Ithaca, NY.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Completely renovated duplex; both units freshly painted with updated kitchens, electric fireplaces, and new flooring and lighting; Early 2023 renovations included new steel metal roof and vinyl siding on the entire exterior; Separate electric service and panel for the upstairs apartment to split electric bills between tenants
