Renovated Duplex with Off-Street
For Sale
$650,000
137 Fayette Street, Ithaca, NY 14850
Two separate living spaces support a range of owner-occupancy and rental configurations.
Property Size1,792 SF
Price / SF$362.72
Days on Market87
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
off-street parking
wraparound porch
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
(561) 234-8510
Source:
Jamesorcutt
Added: Aug 5
Changed: Oct 27
Last Checked: Oct 26 at 7:24PM
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
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Investment Insights
Based on property information with market context.
Rebuilt in 2023, this 1,792-square-foot duplex contains a two-bedroom main residence and a separate one-bedroom apartment. The main unit includes an open living area, den, and full bath on the main level. Upstairs, the apartment has an open kitchen and living space, a bedroom, and an en-suite full bath.
The renovation replaced electrical, plumbing, windows, kitchens, bathrooms, flooring, fixtures, and finishes, while also addressing structural elements. Additional features include custom-tiled showers, a wraparound porch, and off-street parking. The property occupies a corner lot at 137 Fayette Street in Ithaca, with walkable access to the Ithaca Commons, restaurants, shops, entertainment, and downtown employers. It is outside the flood zone.
The renovation replaced electrical, plumbing, windows, kitchens, bathrooms, flooring, fixtures, and finishes, while also addressing structural elements. Additional features include custom-tiled showers, a wraparound porch, and off-street parking. The property occupies a corner lot at 137 Fayette Street in Ithaca, with walkable access to the Ithaca Commons, restaurants, shops, entertainment, and downtown employers. It is outside the flood zone.
Key Highlights
- Rebuilt in 2023 with electrical, plumbing, windows, kitchens, and bathrooms replaced
- 1,792 square feet with a two‑bedroom main residence and separate one‑bedroom apartment
- Upstairs apartment has an open kitchen and living area, bedroom, and en‑suite full bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,719
Cap Rate
3.65%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,715
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate living spaces support a range of owner-occupancy and rental configurations.
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: Rebuilt in 2023 with electrical, plumbing, windows, kitchens, and bathrooms replaced; 1,792 square feet with a two‑bedroom main residence and separate one‑bedroom apartment; Upstairs apartment has an open kitchen and living area, bedroom, and en‑suite full bath
