Downtown Duplex with Private
For Sale
$389,000
136 Fayette St, Ithaca, NY 14850
Turn-key up/down duplex features updated kitchens and baths, two porches, off-street parking, and a fenced yard with patio.
Property Size1,716 SF
Price / SF$226.69
Days on Market2065
Property Features for 136 Fayette St
General Information
Standard status
Active
Size
1,716 SF
Property subtype
Duplex
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Amenities
Gas
Unfinished Basement, Walkup
3
Hardwood, Tile, Vinyl, Carpet
Gas Appliances, Dryer, Dishwasher, Gas Range/Cooktop, Range, Refrigerator, Washer, Carbon Monoxide Detector
Internet Connection, Open Floor Plan, Window Treatment
Alarm -Smoke/Fire
Double Pane
Asphalt
Full, Wood
Porch, Patio
Fenced Yard.
No Covered Parking.
Wood, Frame
45.4X69.5
Mineral Rights.
Building Details
Year Built
1900
Stories
2
Listing Agency:
(607) 273-3400
Listed By:
Carol Bushberg Real Estate
Source:
Xome
Added: Jan 11, 2021
Changed: Sep 2
Last Checked: Sep 6 at 5:38AM
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 Carol Bushberg Real Estate
Investment Insights
Based on property information with market context.
This turn-key up/down duplex is being offered as an owner-occupied or investment property. Each unit offers three bedrooms and one bath, with updated kitchens and baths. The home also includes newer roofing and exterior paint, along with front and back porches for both units. Off-street parking is provided, and the property includes access to a fenced-in yard with a patio.
The property is located in the heart of Downtown Ithaca, with walk-to access to schools, grocery stores, coffee shops, and the commons.
The current use is as a profitable short-term rental (Airbnb). The layout has also been described as capable of being converted back into a single-family home.
The property is located in the heart of Downtown Ithaca, with walk-to access to schools, grocery stores, coffee shops, and the commons.
The current use is as a profitable short-term rental (Airbnb). The layout has also been described as capable of being converted back into a single-family home.
Key Highlights
- Up/down duplex built in 1900 with 3 bedrooms and 1 bath on each floor
- Updated kitchens and baths in both units
- Newer roof and exterior paint
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
$22,713
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
5.84%
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%
$454,260
$454.3K
Cap Rate 7%
$324,471
$324.5K
Cap Rate 9%
$252,367
$252.4K
Market Conditions
NOI Build-Up for 1,716 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
$34.0K $19.80/SF
− Vacancy
−$1.5K −$0.89/SF
EGI
$32.4K $18.91/SF
− OpEx
−$9.7K −$5.67/SF
NOI
$22.7K $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%
$454,260
Cap Rate 7%
$324,471
Cap Rate 9%
$252,367
Alternative Uses
Best Use
Multifamily LT 5
$324.5K
$283.9K – $378.6K
NOI $22,713 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$300.7K
$263.1K – $350.8K
NOI $21,049 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$535.5K
$468.5K – $624.7K
NOI $37,483 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
2,715
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 - Turn-key up/down duplex features updated kitchens and baths, two porches, off-street parking, and a fenced yard with patio.
Where is this duplex located?
The property is located at 136 Fayette St Ithaca, NY.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Up/down duplex built in 1900 with 3 bedrooms and 1 bath on each floor; Updated kitchens and baths in both units; Newer roof and exterior paint
