Duplex with Private
For Sale
$349,000
Pending
150 Highland Avenue, Ithaca, NY 14850
MULTI_FAMILY - Other - Ithaca, NY
Property Size2,022 SF
Days on Market168
Property Features for 150 Highland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3
Patio and Porch features
Deck
Exterior features
Deck
Appliances
GasWaterHeater
Lot features
Irregular Lot, Near Public Transit, Residential Lot
Elementary school
Cayuga Heights Elementary
Middle school
Boynton Middle
High school
Ithaca Senior High
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Subdivision
Ithaca-City-500700
Standard status
Pending
APN
8.-1-6
Size
2,022 SF
Taxes and HOA fees
Tax Annual Amount
10837
Utilities
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
deck
carport
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Carpet, Hardwood, Varies
Building materials
Cedar
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Kathleen (Kate) Seaman · License #30SE0908346
(607) 280-3339
Added: Feb 25
Changed: Aug 4
Last Checked: Aug 12 at 2:06PM
MLS# R1663151
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.
Bungalow-style duplex with a deck and off-street parking, originally built in 1920. The first floor features a 2-bedroom, 2-bath apartment with a carport and a private deck overlooking a large wooded lot. The lower level includes a 2-bedroom, 1-bath apartment, also with off-street parking and views of the surrounding natural setting.
The property is located in Cornell Heights at 150 Highland Avenue, Ithaca, NY 14850, directly adjacent to Cornell University and just steps from campus. Public water is provided. Heating is natural gas hot water, and the roof is asphalt. Construction materials include cedar.
A separate adjacent 2.5-acre parcel is also available for purchase with building potential (R1663150). The total reported square footage is 2,022 SF, including 1,206 SF upstairs and 816 SF downstairs. Offers will be reviewed March 5th, 2026.
The property is located in Cornell Heights at 150 Highland Avenue, Ithaca, NY 14850, directly adjacent to Cornell University and just steps from campus. Public water is provided. Heating is natural gas hot water, and the roof is asphalt. Construction materials include cedar.
A separate adjacent 2.5-acre parcel is also available for purchase with building potential (R1663150). The total reported square footage is 2,022 SF, including 1,206 SF upstairs and 816 SF downstairs. Offers will be reviewed March 5th, 2026.
Key Highlights
- First‑floor unit: 2 bedrooms, 2 baths, carport, off‑street parking
- Lower‑level unit: 2 bedrooms, 1 bath, off‑street parking
- Deck overlooking a large wooded lot
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
$26,764
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
7.67%
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%
$535,280
$535.3K
Cap Rate 7%
$382,343
$382.3K
Cap Rate 9%
$297,378
$297.4K
Market Conditions
NOI Build-Up for 2,022 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
$40.0K $19.80/SF
− Vacancy
−$1.8K −$0.89/SF
EGI
$38.2K $18.91/SF
− OpEx
−$11.5K −$5.67/SF
NOI
$26.8K $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%
$535,280
Cap Rate 7%
$382,343
Cap Rate 9%
$297,378
Alternative Uses
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
628
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 - Bungalow-style duplex with two apartments, off-street parking, and a private deck overlooking a wooded lot.
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: First‑floor unit: 2 bedrooms, 2 baths, carport, off‑street parking; Lower‑level unit: 2 bedrooms, 1 bath, off‑street parking; Deck overlooking a large wooded lot
