Two-Unit Duplex
New
For Sale
$379,000
193-195 Upper Creek Road, Freeville, NY 13068
Residential, Freeville, NY
Property Size2,739 SF
Lot Size1.80 Acres
Price / SF$138.37
Days on Market5
Property Features for 193-195 Upper Creek Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Basement, Bedroom 5, Bedroom 4, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 6
Parking features
Open, Garage
Appliances
ElectricWaterHeater
Lot features
Irregular Lot
Elementary school
Dryden Elementary
Middle school
Dryden Middle
High school
Dryden High
Elementary school district
Dryden
Middle school district
Dryden
High school district
Dryden
Subdivision
Dryden-502489
Standard status
Active
APN
502489-040-000-0001-045-002-0000
Size
2,739 SF
Lot size
1.80 Acres
Taxes and HOA fees
Tax Annual Amount
7686
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Electric (Heating), Propane (Heating), Baseboard
Water source
Well
Building Details
Year built
1940
Floors in Building
2
Number of units
2
Flooring type
Varies, Vinyl, Hardwood, Carpet
Building materials
VinylSiding
Roof type
Shingle, Metal
Architectural style
Other
Listing Agency:
Homecoin.com
(888) 400-2513
Listed By:
Jonathan Minerick · License #10311209448
(404) 388-9441
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 20 at 3:06AM
MLS# B1714561
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 duplex property consists of two detached residences on one parcel, with a combined 2,739 square feet. Each home includes three bedrooms and one bathroom. Improvements include a newer roof, vinyl siding, updated flooring, and updated appliances. The buildings were constructed in 1940 and include a mix of hardwood, carpet, and vinyl flooring.
Each residence is individually metered, with occupants responsible for heat, electricity, and other utilities. Heating includes electric, baseboard, forced-air, and propane systems. Open parking and garage parking are available, while the property is served by a private well and septic tank. Existing tenants are in place through May 2027 and July 2027. The property is in Freeville, with proximity to Ithaca, Cornell University, and Ithaca College.
Each residence is individually metered, with occupants responsible for heat, electricity, and other utilities. Heating includes electric, baseboard, forced-air, and propane systems. Open parking and garage parking are available, while the property is served by a private well and septic tank. Existing tenants are in place through May 2027 and July 2027. The property is in Freeville, with proximity to Ithaca, Cornell University, and Ithaca College.
Key Highlights
- Two detached residences totaling 2,739 square feet
- Each unit includes 3 bedrooms and 1 bathroom
- Tenants are in place through May 2027 and July 2027
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
$33,597
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
8.86%
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%
$671,940
$671.9K
Cap Rate 7%
$479,957
$480.0K
Cap Rate 9%
$373,300
$373.3K
Market Conditions
NOI Build-Up for 2,739 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
$63.8K $23.28/SF
− Vacancy
−$2.7K −$0.98/SF
EGI
$61.1K $22.30/SF
− OpEx
−$27.5K −$10.04/SF
NOI
$33.6K $12.27/SF
Area
Tompkins County, NY
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$671,940
Cap Rate 7%
$479,957
Cap Rate 9%
$373,300
Alternative Uses
Best Use
Multifamily LT 5
$517.9K
$453.2K – $604.2K
NOI $36,254 @ 7.0% cap · market cap 9.57%
Second Best
Apartment 5plus
$480.0K
$420.0K – $560.0K
NOI $33,597 @ 7.0% cap · market cap 8.86%
Theoretical Best
Office A
$854.7K
$747.9K – $997.1K
NOI $59,828 @ 7.0% cap · market cap 15.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 13068, NY
5,189
Population
2,165
Households
2.4
Avg Household Size
41
Median Age
40%
College-Educated
97%
High-School Grad
50.6 sq mi
ZIP Area
103
Density / Sq Mi
$79,521
Median Household Income
$45,760
Median Earnings
$1,011
Median Rent
$207,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two detached residences provide separately metered living spaces with established tenancy and updated interior and exterior components.
Where is this duplex located?
The property is located at 193-195 Upper Creek Road Freeville, NY.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: Two detached residences totaling 2,739 square feet; Each unit includes 3 bedrooms and 1 bathroom; Tenants are in place through May 2027 and July 2027
