Triplex With Shared
For Sale
$525,000
202 Lake Street, Ithaca, NY 14850
Three-unit rental property with basement laundry, current compliance certification, and access to downtown amenities and public transportation.
Property Size1,704 SF
Days on Market54
Property Features for 202 Lake Street
General Information
Standard status
Active
Size
1,704 SF
Property subtype
Multi Family Home
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$17,185
Amenities
washer and dryer
Building Details
Building Size
1,704 SF
Year Built
1870
Stories
2
Units
3
Listing Agency:
Berkshire Hathaway HomeServices Heritage Realty
(315) 807-2966
Listed By:
Isaac Kain
(315) 807-2966
Source:
Northstarwny
Added: Jun 28
Changed: Aug 13
Last Checked: Aug 19 at 2:23PM
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 HomeServices Heritage Realty
Investment Insights
Based on property information with market context.
Built in 1870, this three-unit residential property is configured for continued rental use and includes a basement laundry area shared by all tenants. A current Certificate of Compliance is in place. The property has been operated as a rental and can also accommodate an owner-occupant arrangement, with one unit retained for personal use and the remaining units rented separately.
The property is located at 202 Lake Street in Ithaca, near downtown, shopping, dining, and public transportation. Its three-unit layout provides a straightforward multifamily configuration for rental operations or combined residential use and income generation.
The property is located at 202 Lake Street in Ithaca, near downtown, shopping, dining, and public transportation. Its three-unit layout provides a straightforward multifamily configuration for rental operations or combined residential use and income generation.
Key Highlights
- Three‑unit multifamily property at 202 Lake Street, Ithaca, NY 14850
- Built in 1870
- Basement washer and dryer available to all tenants
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
$22,555
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
4.30%
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%
$451,100
$451.1K
Cap Rate 7%
$322,214
$322.2K
Cap Rate 9%
$250,611
$250.6K
Market Conditions
NOI Build-Up for 1,704 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
$33.7K $19.80/SF
− Vacancy
−$1.5K −$0.89/SF
EGI
$32.2K $18.91/SF
− OpEx
−$9.7K −$5.67/SF
NOI
$22.6K $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%
$451,100
Cap Rate 7%
$322,214
Cap Rate 9%
$250,611
Alternative Uses
Best Use
Multifamily LT 5
$322.2K
$281.9K – $375.9K
NOI $22,555 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$298.6K
$261.3K – $348.4K
NOI $20,902 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$531.7K
$465.3K – $620.4K
NOI $37,221 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,478
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?
Triplex - Three-unit rental property with basement laundry, current compliance certification, and access to downtown amenities and public transportation.
Where is this triplex located?
The property is located at 202 Lake Street Ithaca, NY.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Three‑unit multifamily property at 202 Lake Street, Ithaca, NY 14850; Built in 1870; Basement washer and dryer available to all tenants
