Colonial Duplex with Sun
For Sale
$425,000
304 Mitchell St, Ithaca, NY 14850
Corner-lot duplex with a one-bedroom apartment, fenced yard, patios, and a gazebo near CU and downtown Ithaca.
Property Size2,488 SF
Price / SF$170.82
Days on Market2053
Property Features for 304 Mitchell St
General Information
Standard status
Active
Size
2,488 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Amenities
heated sun porch
fully fenced yard
stone patios
gazebo
Gas
Full, Unfinished Basement
3
Hardwood, Laminate
Gas Appliances, Dryer, Dishwasher, Disposal, Gas Range/Cooktop, Microwave, Range, Refrigerator, Range Hood, Washer, Carbon Monoxide Detector
Attic Storage, Internet Connection
Alarm -Smoke/Fire
Storm Window
Asphalt, Membrane
Full, Partial, Wood
Porch, Patio
Fenced Yard.
No Covered Parking.
Wood, Frame
92.5X94.2
Garden. Mineral Rights.
Building Details
Year Built
1925
Buildings
1
Construction
Colonial
Listing Agency:
(607) 257-0666
Listed By:
Warren Real Estate
Source:
Xome
Added: Jan 15, 2021
Changed: Aug 29
Last Checked: Aug 30 at 1:28PM
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 Warren Real Estate
Investment Insights
Based on property information with market context.
Built in 1925, this Colonial duplex offers 2,488 square feet with large rooms, hardwood and laminate flooring, a heated sun porch, dining room, and bedrooms with substantial closet space. The property includes a separate one-bedroom duplex apartment, a full unfinished basement, attic storage, gas appliances, and laundry equipment.
Set on a 92.5X94.2 corner lot, the grounds include a fully fenced yard, stone patios, a gazebo, and a garden. The home is positioned near CU, downtown Ithaca, Belle Sherman Elementary School, and 6 Mi Creek Nat Area. The property also includes a porch and has no covered parking.
Set on a 92.5X94.2 corner lot, the grounds include a fully fenced yard, stone patios, a gazebo, and a garden. The home is positioned near CU, downtown Ithaca, Belle Sherman Elementary School, and 6 Mi Creek Nat Area. The property also includes a porch and has no covered parking.
Key Highlights
- 2,488‑square‑foot Colonial duplex built in 1925
- Separate one‑bedroom duplex apartment
- 92.5X94.2 corner lot with fully fenced yard
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
$32,932
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
7.75%
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%
$658,640
$658.6K
Cap Rate 7%
$470,457
$470.5K
Cap Rate 9%
$365,911
$365.9K
Market Conditions
NOI Build-Up for 2,488 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
$49.3K $19.80/SF
− Vacancy
−$2.2K −$0.89/SF
EGI
$47.0K $18.91/SF
− OpEx
−$14.1K −$5.67/SF
NOI
$32.9K $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%
$658,640
Cap Rate 7%
$470,457
Cap Rate 9%
$365,911
Alternative Uses
Best Use
Multifamily LT 5
$470.5K
$411.7K – $548.9K
NOI $32,932 @ 7.0% cap · market cap 7.75%
Second Best
Apartment 5plus
$436.0K
$381.5K – $508.6K
NOI $30,518 @ 7.0% cap · market cap 7.18%
Theoretical Best
Office A
$776.4K
$679.3K – $905.8K
NOI $54,346 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
757
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 - Corner-lot duplex with a one-bedroom apartment, fenced yard, patios, and a gazebo near CU and downtown Ithaca.
Where is this duplex located?
The property is located at 304 Mitchell St Ithaca, NY.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,488‑square‑foot Colonial duplex built in 1925; Separate one‑bedroom duplex apartment; 92.5X94.2 corner lot with fully fenced yard
