Renovated Duplex with
For Sale
$650,000
137 Fayette Street, Ithaca, NY 14850
Corner-lot property with off-street parking and flexible two-unit configuration.
Property Size1,792 SF
Days on Market8
Property Features for 137 Fayette Street
General Information
Standard status
Active
Size
1,792 SF
Property subtype
Multi Family Home
Units
Unit Mix
1 x 2BR, 1 x 1BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,291
Amenities
wraparound porch
off-street parking
Building Details
Building Size
1,792 SF
Year Built
1900
Year Renovated
2023
Buildings
1
Stories
2
Units
2
Listing Agency:
Keller Williams Realty
(607) 275-5600
Listed By:
Rio Lange · License #10401301832
Source:
Northstarwny
Added: Aug 5
Changed: Aug 11
Last Checked: Aug 11 at 7:54AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Originally built in 1900, this duplex underwent a comprehensive renovation in 2023 that included structural improvements and replacement of major building systems. The primary residence features an open main-level living area, two bedrooms, a den, and a full bathroom. A separate upstairs apartment provides one bedroom, an open kitchen and living space, and an en-suite full bathroom. Updated electrical, plumbing, windows, kitchens, bathrooms, flooring, fixtures, and finishes contribute to a cohesive contemporary interior, with custom tilework and live-edge wood window sills adding distinctive detail.
The property occupies a corner lot with off-street parking and a wraparound porch. Its downtown Ithaca setting places it within walkable reach of the Ithaca Commons, restaurants, retail, entertainment, and downtown employers. The home is outside the flood zone. The two-unit layout supports owner occupancy with supplemental rental space or separate leasing of both residences, subject to local regulations and buyer verification.
The property occupies a corner lot with off-street parking and a wraparound porch. Its downtown Ithaca setting places it within walkable reach of the Ithaca Commons, restaurants, retail, entertainment, and downtown employers. The home is outside the flood zone. The two-unit layout supports owner occupancy with supplemental rental space or separate leasing of both residences, subject to local regulations and buyer verification.
Key Highlights
- 2023 renovation included structural improvements and replacement of electrical, plumbing, windows, kitchens, and bathrooms
- Main residence offers 2 bedrooms, a den, open living space, and a full bathroom
- Separate upstairs apartment includes 1 bedroom and an en‑suite full bathroom
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
$23,719
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
3.65%
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%
$474,380
$474.4K
Cap Rate 7%
$338,843
$338.8K
Cap Rate 9%
$263,544
$263.5K
Market Conditions
NOI Build-Up for 1,792 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
$35.5K $19.80/SF
− Vacancy
−$1.6K −$0.89/SF
EGI
$33.9K $18.91/SF
− OpEx
−$10.2K −$5.67/SF
NOI
$23.7K $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%
$474,380
Cap Rate 7%
$338,843
Cap Rate 9%
$263,544
Alternative Uses
Best Use
Multifamily LT 5
$338.8K
$296.5K – $395.3K
NOI $23,719 @ 7.0% cap · market cap 3.65%
Second Best
Apartment 5plus
$314.0K
$274.8K – $366.4K
NOI $21,981 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$559.2K
$489.3K – $652.4K
NOI $39,143 @ 7.0% cap · market cap 6.02%
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
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 - Corner-lot property with off-street parking and flexible two-unit configuration.
Where is this duplex located?
The property is located at 137 Fayette Street Ithaca, NY.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2023 renovation included structural improvements and replacement of electrical, plumbing, windows, kitchens, and bathrooms; Main residence offers 2 bedrooms, a den, open living space, and a full bathroom; Separate upstairs apartment includes 1 bedroom and an en‑suite full bathroom
