Cornell Heights Duplex Investment
150 Highland Avenue, Ithaca, NY 14850
- Added:
- Feb 25, 2026
- Days on Market:
- 80
- Last Refresh:
- May 16 at 12:06 am
Property Features for 150 Highland Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 3
- Rooms
- Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 3
- Patio and Porch features
- Deck
- Exterior features
- Deck
- Appliances
- GasWaterHeater
- Standard status
- Pending
- APN
- 8.-1-6
- Size
- 2,022 SF
- Lot size
- 2.50 Acres
Taxes and HOA fees
- Tax Annual Amount
- 10837
Utilities
- Heating system
- Hot Water(Heating), Natural Gas
- Water source
- Public
Building Details
- Year built
- 1920
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Carpet, Vinyl, Varies, Hardwood
- Building materials
- Cedar
- Roof type
- Asphalt
- Architectural style
- Other
Listing agent Kathleen (Kate) Seaman License #30SE0908346 (607) 280-3339
Listing office Warren Real Estate of Ithaca Inc. 830 Hanshaw Rd, Ithaca, NY (607) 257-0666
Listing date Feb 25, 2026
MLS# R1663151
Listing URL
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.
HighLights
- Prime location in Cornell Heights, adjacent to Cornell University campus.
- Income‑generating duplex with a solid rental history.
- Two apartments: a 2‑bedroom, 2‑bath unit and a 2‑bedroom, 1‑bath unit.
- Off‑street parking and private deck overlooking a large wooded lot.
- Opportunity to purchase an adjacent 2.5‑acre parcel with building potential.
- Under $350,000 in a desirable neighborhood.
Overview
Located in Cornell Heights, adjacent to Cornell University, this bungalow-style duplex offers an investment opportunity in a sought-after neighborhood. The first floor features a 2-bedroom, 2-bath apartment with off-street parking, a carport, and a private deck overlooking a wooded lot. The lower level includes a 2-bedroom, 1-bath apartment, also with off-street parking and views of the natural surroundings. The property has a rental history and is located close to campus. The total square footage is 2022, with 1206 square feet upstairs and 816 square feet downstairs. The property is intended for use as an income property. An adjacent 2.5-acre parcel with building potential is also available. Offers will be reviewed March 5th 2026.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$297.4K
NOI $26,764 @ 9.00% cap · cautious / downside scenario
Moderate
$382.3K
NOI $26,764 @ 7.00% cap · market / base-case scenario
Aggressive
$535.3K
NOI $26,764 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.0k | $19.80 |
| − Vacancy | −$1.8k | −$0.89 |
| EGI | $38.2k | $18.91 |
| − OpEx | −$11.5k | −$5.67 |
| NOI | $26.8k | $13.24 |
2,022 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$382.3K
$334.6K – $446.1K
NOI $26,764 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$354.3K
$310.0K – $413.4K
NOI $24,802 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$631.0K
$552.1K – $736.1K
NOI $44,167 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Ithaca
- County
- Tompkins
- State
- New York
- Longitude
- -76.486266
- Latitude
- 42.455044
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Charming duplex near Cornell University, ideal for income property.
Where is this duplex located?
The property is located at 150 Highland Avenue Ithaca, NY.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Prime location in Cornell Heights, adjacent to Cornell University campus.; Income‑generating duplex with a solid rental history.; Two apartments: a 2‑bedroom, 2‑bath unit and a 2‑bedroom, 1‑bath unit.
