Updated Two-Unit
New
For Sale
$440,000
209 N Meadow St, Ithaca, NY 14850
Two separate apartments offer distinct three-bedroom and two-bedroom layouts with modernized kitchens and bathrooms.
Property Size1,764 SF
Days on Market2
Property Features for 209 N Meadow St
General Information
Standard status
Active
Size
1,764 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$12,911
Amenities
hardwood floors
updated kitchens with stainless steel appliances
modern bathrooms
ductless mini-split systems
vinyl siding
covered porches with low-maintenance decking
off-street parking
Building Details
Building Size
1,764 SF
Year Built
1880
Stories
2
Units
2
Listing Agency:
Heritage Realty of Central New York
Listed By:
Melissa Skodzinsky · License #30SK0987831
(607) 227-2863
Source:
Elliman
Added: Oct 30
Last Checked: Oct 30 at 2:43PM
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 Heritage Realty of Central New York
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Investment Insights
Based on property information with market context.
Built in 1880, this two-apartment duplex has a three-bedroom residence on the lower level and a two-bedroom residence above. Both units feature hardwood flooring, stainless steel kitchen appliances, refreshed bathrooms, and ductless mini-split systems. Covered porches with durable decking and off-street parking add practical features to the property, which also has vinyl siding.
The property is near downtown Ithaca shopping, restaurants, and entertainment. Its two distinct apartment layouts and shared exterior amenities define the offering.
The property is near downtown Ithaca shopping, restaurants, and entertainment. Its two distinct apartment layouts and shared exterior amenities define the offering.
Key Highlights
- Two apartments: a three‑bedroom lower unit and a two‑bedroom upper unit
- Both residences have stainless steel appliances, hardwood floors, updated bathrooms, and ductless mini‑split systems
- Covered porches with low‑maintenance decking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,349
Cap Rate
5.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$466,980
$467.0K
Cap Rate 7%
$333,557
$333.6K
Cap Rate 9%
$259,433
$259.4K
Market Conditions
NOI Build-Up for 1,764 SF
Gross rent
$34.9K $19.80/SF
− Vacancy
−$1.6K −$0.89/SF
EGI
$33.4K $18.91/SF
− OpEx
−$10.0K −$5.67/SF
NOI
$23.3K $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 Rate 5%
$466,980
Cap Rate 7%
$333,557
Cap Rate 9%
$259,433
Alternative Uses
Best Use
Multifamily LT 5
$333.6K
$291.9K – $389.2K
NOI $23,349 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$309.1K
$270.5K – $360.6K
NOI $21,638 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$550.4K
$481.6K – $642.2K
NOI $38,531 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,189
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate apartments offer distinct three-bedroom and two-bedroom layouts with modernized kitchens and bathrooms.
Where is this duplex located?
The property is located at 209 N Meadow St Ithaca, NY.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Two apartments: a three‑bedroom lower unit and a two‑bedroom upper unit; Both residences have stainless steel appliances, hardwood floors, updated bathrooms, and ductless mini‑split systems; Covered porches with low‑maintenance decking
