Rented Duplex with Vacant
For Sale
$650,000
180 Kendall Ave, Ithaca, NY 14850
Fully rented duplex includes 13 vacant lots, with a new 2023 roof and separate heating systems for each unit.
Property Size2,832 SF
Price / SF$229.52
Days on Market2036
Property Features for 180 Kendall Ave
General Information
Standard status
Active
Size
2,832 SF
Property subtype
Duplex
Amenities
Electric, Gas, Ceiling Fan(s)
No Basement
3
Tile, Laminate, Wood
Electric Appliances, Gas Appliances, Dryer, Dishwasher, Electric Range/Cooktop, Gas Range/Cooktop, Range, Refrigerator, Washer, Carbon Monoxide Detector
Internet Connection
Alarm -Smoke/Fire
Double Pane
Asphalt
No Fence
Deck
Deck. Lot with Trees.
No Covered Parking.
Vinyl, Frame
Mineral Rights, Wooded.
Building Details
Year Built
1961
Stories
2
Listing Agency:
Berkshire Hathaway HomeService
(607) 428-0708
Listed By:
Jolene Rightmyer-Macolini
Source:
Xome
Added: Jan 24, 2021
Changed: Aug 17
Last Checked: Aug 14 at 7:51AM
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 Berkshire Hathaway HomeService
Investment Insights
Based on property information with market context.
This offering includes a fully rented duplex plus 13 vacant lots within the same community. The duplex is supported by attached documentation with floorplans, tax parcel layouts, and a 3D tour. The upper unit features 3 bedrooms and 2 full bathrooms. The lower unit features 3 bedrooms and 3 full bathrooms. Tenants pay utilities on both units, and the property is rented through July 31, 2024.
Unit 1 (upper) uses forced air heat, while Unit 2 (lower) uses electric heat. A new roof was installed in 2023.
The total acreage for the combined parcels is 3.02. Each unit currently rents at $1,950 per month.
Unit 1 (upper) uses forced air heat, while Unit 2 (lower) uses electric heat. A new roof was installed in 2023.
The total acreage for the combined parcels is 3.02. Each unit currently rents at $1,950 per month.
Key Highlights
- Fully rented duplex with Unit 1 and Unit 2 leased through July 31, 2024
- Unit 1 (upper) is 3BR/2 full baths and Unit 2 (lower) is 3BR/3 full baths, with rents of $1,950/month
- Separate heating systems: Bottom unit has electric heat; top unit has forced air
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
$37,485
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
5.77%
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%
$749,700
$749.7K
Cap Rate 7%
$535,500
$535.5K
Cap Rate 9%
$416,500
$416.5K
Market Conditions
NOI Build-Up for 2,832 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
$56.1K $19.80/SF
− Vacancy
−$2.5K −$0.89/SF
EGI
$53.6K $18.91/SF
− OpEx
−$16.1K −$5.67/SF
NOI
$37.5K $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%
$749,700
Cap Rate 7%
$535,500
Cap Rate 9%
$416,500
Alternative Uses
Best Use
Multifamily LT 5
$535.5K
$468.6K – $624.8K
NOI $37,485 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$496.3K
$434.2K – $579.0K
NOI $34,738 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$883.7K
$773.3K – $1.03M
NOI $61,860 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
88
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 - Fully rented duplex includes 13 vacant lots, with a new 2023 roof and separate heating systems for each unit.
Where is this duplex located?
The property is located at 180 Kendall Ave 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: Fully rented duplex with Unit 1 and Unit 2 leased through July 31, 2024; Unit 1 (upper) is 3BR/2 full baths and Unit 2 (lower) is 3BR/3 full baths, with rents of $1,950/month; Separate heating systems: Bottom unit has electric heat; top unit has forced air
