Renovated Duplex with Two
New
For Sale
$650,000
137 Fayette Street, Ithaca, NY 14850
MULTI_FAMILY - Ithaca, NY
Property Size1,792 SF
Lot Size0.10 Acres
Price / SF$362.72
Days on Market3
Property Features for 137 Fayette Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Basement, Bedroom 1, Bathroom 2, Bedroom 2
Appliances
ElectricWaterHeater
Lot features
Rectangular, Rectangular Lot
Elementary school
Belle Sherman
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Directions
Take W Clinton east from 13. House on the corner of W Clinton and Fayette St. Off street parking off of W Clinton. On street parking on Fayette St.
Subdivision
Ithaca-City-500700
Standard status
Active
APN
500700-080-000-0006-008-000-0000
Size
1,792 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
11291
Utilities
Heating system
Electric (Heating), Baseboard
Water source
Public
Amenities
wraparound porch
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Tile, Vinyl, Varies
Building materials
Frame
Listing Agency:
Keller Williams Realty
(607) 275-5600
Listed By:
Rio Lange · License #10401301832
(607) 275-5600
Added: Aug 5
Last Checked: Aug 7 at 3:06PM
MLS# R1704787
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,792-square-foot duplex was substantially renovated in 2023, including replacement or enhancement of the electrical, plumbing, windows, kitchens, bathrooms, flooring, fixtures, and finishes. The primary unit features an open-concept design, high ceilings, two bedrooms, a den, and a full bathroom on the main level. The upper apartment includes an open kitchen and living area, one bedroom, and an en-suite full bath. Tile backsplashes, custom tiled showers, and a wraparound porch add further detail to the property. Heating is provided by electric baseboard systems, and the home has public water service.
Set on a 0.1047-acre corner lot at 137 Fayette Street in Ithaca, the property includes off-street parking and is outside the flood zone. The location provides walkable access to the Ithaca Commons, restaurants, shopping, entertainment, and downtown employers. The two-unit configuration supports use as a residence with supplemental rental income or as a fully income-producing property, subject to local regulations and buyer verification.
Set on a 0.1047-acre corner lot at 137 Fayette Street in Ithaca, the property includes off-street parking and is outside the flood zone. The location provides walkable access to the Ithaca Commons, restaurants, shopping, entertainment, and downtown employers. The two-unit configuration supports use as a residence with supplemental rental income or as a fully income-producing property, subject to local regulations and buyer verification.
Key Highlights
- 2023 renovation included electrical, plumbing, windows, kitchens, bathrooms, flooring, fixtures, and finishes
- 1,792 square feet on a 0.1047‑acre corner lot
- Two‑bedroom main residence plus separate one‑bedroom apartment
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 combines a two-bedroom main residence with a separate one-bedroom apartment and off-street parking.
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 electrical, plumbing, windows, kitchens, bathrooms, flooring, fixtures, and finishes; 1,792 square feet on a 0.1047‑acre corner lot; Two‑bedroom main residence plus separate one‑bedroom apartment
