Duplex with
For Sale
$269,000
104 Franklin St, Ithaca, NY 14850
Two residential units share an oversized mudroom and provide separate bedroom configurations within the property.
Property Size1,798 SF
Price / SF$149.61
Days on Market2046
Property Features for 104 Franklin St
General Information
Standard status
Active
Size
1,798 SF
Property subtype
Duplex
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Amenities
Gas
Unfinished Basement
3
Tile, Carpet
Gas Appliances, Dryer, Dishwasher, Gas Range/Cooktop, Range, Refrigerator, Washer, Carbon Monoxide Detector
Internet Connection
Alarm -Smoke/Fire
Double Pane
Asphalt
Wood
Storage Area. Fenced Yard.
No Covered Parking, Shared Driveway.
Wood, Vinyl, Frame
44X100
Garden, Extra Storage, Workshop. Mineral Rights.
Building Details
Year Built
1900
Buildings
1
Stories
2
Listing Agency:
(607) 257-0800
Listed By:
Howard Hanna
Source:
Xome
Added: Jan 22, 2021
Changed: Aug 29
Last Checked: Aug 30 at 2:50PM
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
Investment Insights
Based on property information with market context.
This two-unit residential property includes a 2-bedroom main-level apartment and a 3-bedroom upper-level apartment. The lower unit offers an open connection between the living and dining areas, along with a kitchen island designed for casual dining. The upper unit includes an updated bathroom with a new vanity and bathtub insert. Both units are accessed through an oversized shared mudroom, and the property also includes an unfinished basement, gas appliances, washer, dryer, dishwasher, refrigerator, and carbon monoxide and smoke/fire safety equipment.
Outside, the fenced backyard contains a garden, two storage sheds, and a workshop. The property has a shared driveway with no covered parking and includes wood and vinyl exterior elements. Built in 1900, it is located at 104 Franklin St in Ithaca, NY, with the farmers market, Aldi, and the science center within walking distance.
Outside, the fenced backyard contains a garden, two storage sheds, and a workshop. The property has a shared driveway with no covered parking and includes wood and vinyl exterior elements. Built in 1900, it is located at 104 Franklin St in Ithaca, NY, with the farmers market, Aldi, and the science center within walking distance.
Key Highlights
- 2‑bedroom main‑level apartment and 3‑bedroom upper‑level apartment
- Oversized shared mudroom serves both units
- Fenced backyard with garden, 2 storage sheds, and workshop
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
$23,799
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
8.85%
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%
$475,980
$476.0K
Cap Rate 7%
$339,986
$340.0K
Cap Rate 9%
$264,433
$264.4K
Market Conditions
NOI Build-Up for 1,798 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
$35.6K $19.80/SF
− Vacancy
−$1.6K −$0.89/SF
EGI
$34.0K $18.91/SF
− OpEx
−$10.2K −$5.67/SF
NOI
$23.8K $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%
$475,980
Cap Rate 7%
$339,986
Cap Rate 9%
$264,433
Alternative Uses
Best Use
Multifamily LT 5
$340.0K
$297.5K – $396.7K
NOI $23,799 @ 7.0% cap · market cap 8.85%
Second Best
Apartment 5plus
$315.1K
$275.7K – $367.6K
NOI $22,055 @ 7.0% cap · market cap 8.20%
Theoretical Best
Office A
$561.1K
$490.9K – $654.6K
NOI $39,274 @ 7.0% cap · market cap 14.60%
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
1,105
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 residential units share an oversized mudroom and provide separate bedroom configurations within the property.
Where is this duplex located?
The property is located at 104 Franklin St Ithaca, NY.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: 2‑bedroom main‑level apartment and 3‑bedroom upper‑level apartment; Oversized shared mudroom serves both units; Fenced backyard with garden, 2 storage sheds, and workshop
