Four-Bedroom Duplex with Attached
For Sale
$645,000
148 TROY RD, Ithaca, NY 14850
Two separate residences offer flexible layouts, finished lower levels, decks, and private two-car garages.
Property Size3,980 SF
Price / SF$162.06
Days on Market212
Property Features for 148 TROY RD
General Information
Standard status
Active
Size
3,980 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$15,678
Amenities
Gas
Full, Finished
3
Tile, Laminate
Asphalt, Shingle
Deck
4 Garage Spaces. Garage.
Rectangular
130X175
Deck-Covered, Garage. Rectangular.
Building Details
Year Built
2009
Stories
1
Listing Agency:
Howard Hanna S Tier Inc
(607) 257-0800
Listed By:
Katherine Burke
(607) 342-2327
Source:
Xome
Added: Feb 4
Changed: Aug 30
Last Checked: Aug 31 at 2:41PM
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 S Tier Inc
Investment Insights
Based on property information with market context.
Built in 2009, this duplex contains 3,980 square feet across two distinct residences. Unit 148A includes four bedrooms, two additional upper-level rooms, two full bathrooms, a kitchen and dining area, fireplace insert, walk-in closet, private bathroom, finished lower-level room with full bath, laundry hookups, and a two-car attached garage. Unit 148B provides two main-level bedrooms, two full bathrooms, two lower-level bonus rooms, another full bathroom, dedicated laundry space, and its own two-car garage.
The property also includes covered decks and a rectangular 130X175 lot at 148 TROY RD in Ithaca, NY. Interior finishes include tile and laminate flooring, while the exterior uses asphalt and shingle materials. The two-unit design and separate garage accommodations support residential income use or an owner-occupant arrangement.
The property also includes covered decks and a rectangular 130X175 lot at 148 TROY RD in Ithaca, NY. Interior finishes include tile and laminate flooring, while the exterior uses asphalt and shingle materials. The two-unit design and separate garage accommodations support residential income use or an owner-occupant arrangement.
Key Highlights
- 3,980 SF duplex built in 2009
- Unit 148A has 4 bedrooms plus 2 additional upstairs rooms
- Unit 148B includes 2 bedrooms and 2 lower‑level bonus rooms
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
$52,680
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
8.17%
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%
$1,053,600
$1.1M
Cap Rate 7%
$752,571
$752.6K
Cap Rate 9%
$585,333
$585.3K
Market Conditions
NOI Build-Up for 3,980 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
$78.8K $19.80/SF
− Vacancy
−$3.5K −$0.89/SF
EGI
$75.3K $18.91/SF
− OpEx
−$22.6K −$5.67/SF
NOI
$52.7K $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%
$1,053,600
Cap Rate 7%
$752,571
Cap Rate 9%
$585,333
Alternative Uses
Best Use
Multifamily LT 5
$752.6K
$658.5K – $878.0K
NOI $52,680 @ 7.0% cap · market cap 8.17%
Second Best
Apartment 5plus
$697.4K
$610.3K – $813.7K
NOI $48,820 @ 7.0% cap · market cap 7.57%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,935 @ 7.0% cap · market cap 13.48%
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
20
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 separate residences offer flexible layouts, finished lower levels, decks, and private two-car garages.
Where is this duplex located?
The property is located at 148 TROY RD Ithaca, NY.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: 3,980 SF duplex built in 2009; Unit 148A has 4 bedrooms plus 2 additional upstairs rooms; Unit 148B includes 2 bedrooms and 2 lower‑level bonus rooms
