Two-Unit Duplex with Updated
For Sale
$449,000
158 Troy Road, Ithaca, NY 14850
Residential, Ithaca, NY
Property Size2,981 SF
Lot Size0.99 Acres
Price / SF$150.62
Days on Market54
Property Features for 158 Troy Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 4, Bathroom 2
Appliances
GasWaterHeater
Lot features
Irregular Lot
Elementary school
South Hill
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Subdivision
Ithaca-Town-503089
Standard status
Active
APN
503089-044-000-0001-004-053-0000
Size
2,981 SF
Lot size
0.99 Acres
Taxes and HOA fees
Tax Annual Amount
9847
Utilities
Heating system
Hot Water(Heating), Natural Gas, Baseboard, Electric (Heating)
Water source
Public
Building Details
Year built
1988
Floors in Building
1
Number of units
2
Flooring type
Carpet, Varies, Vinyl
Building materials
AtticCrawlHatchwaysInsulated, VinylSiding
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Jill Burlington · License #30BU0950986
(607) 592-0474
Added: Jul 24
Changed: Sep 12
Last Checked: Sep 15 at 6:06AM
MLS# R1698560
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 2,981-square-foot duplex, built in 1988, has a top-and-bottom layout with three bedrooms and one and a half baths in each unit. Living areas are arranged for practical residential use, with vinyl siding, insulated attic crawl hatchways, public water, a gas water heater, and natural gas, hot water, baseboard, and electric heating systems. The property occupies 0.99 acres.
Flooring improvements include new carpet and LVP in the upper unit as of 2026. The lower unit has new LVP in the kitchen and both downstairs bathrooms. The property is near downtown Ithaca, Cornell University, Ithaca College, shopping, dining, parks, and public transportation. The configuration supports either investor ownership or an owner-occupant arrangement with one unit available for rent.
Flooring improvements include new carpet and LVP in the upper unit as of 2026. The lower unit has new LVP in the kitchen and both downstairs bathrooms. The property is near downtown Ithaca, Cornell University, Ithaca College, shopping, dining, parks, and public transportation. The configuration supports either investor ownership or an owner-occupant arrangement with one unit available for rent.
Key Highlights
- Duplex with top‑and‑bottom units, each offering 3 bedrooms and 1.5 baths
- 2,981 square feet on 0.99 acres
- Built in 1988 with vinyl siding
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
$39,457
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
8.79%
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%
$789,140
$789.1K
Cap Rate 7%
$563,671
$563.7K
Cap Rate 9%
$438,411
$438.4K
Market Conditions
NOI Build-Up for 2,981 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
$59.0K $19.80/SF
− Vacancy
−$2.7K −$0.89/SF
EGI
$56.4K $18.91/SF
− OpEx
−$16.9K −$5.67/SF
NOI
$39.5K $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%
$789,140
Cap Rate 7%
$563,671
Cap Rate 9%
$438,411
Alternative Uses
Best Use
Multifamily LT 5
$563.7K
$493.2K – $657.6K
NOI $39,457 @ 7.0% cap · market cap 8.79%
Second Best
Apartment 5plus
$522.4K
$457.1K – $609.4K
NOI $36,566 @ 7.0% cap · market cap 8.14%
Theoretical Best
Office A
$930.2K
$813.9K – $1.09M
NOI $65,114 @ 7.0% cap · market cap 14.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
23
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Top-and-bottom configuration offers separate living spaces with natural-gas heating and public water service.
Where is this duplex located?
The property is located at 158 Troy Road Ithaca, NY.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Duplex with top‑and‑bottom units, each offering 3 bedrooms and 1.5 baths; 2,981 square feet on 0.99 acres; Built in 1988 with vinyl siding
