Historic Duplex with Bay
For Sale
$580,000
216 S Geneva Street, Ithaca, NY 14850
Owner-occupied two-unit home with separate entrances, flexible layouts, porches, and walkable access to downtown amenities.
Property Size2,978 SF
Days on Market20
Property Features for 216 S Geneva Street
General Information
Standard status
Active
Size
2,978 SF
Property subtype
Multi Family Home
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$14,851
Building Details
Building Size
2,978 SF
Year Built
1839
Stories
2
Units
2
Listing Agency:
Howard Hanna S Tier Inc
(607) 244-4814
Listed By:
Ellen Morris-Knower
(607) 244-4814
Source:
Northstarwny
Added: Jul 24
Changed: Aug 7
Last Checked: Aug 11 at 1:52PM
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 Howard Hanna S Tier Inc
Investment Insights
Based on property information with market context.
Built in 1839, this two-unit residence combines period architectural details with a practical duplex configuration. The lower residence includes three bedrooms, two full baths, a dining room, living room, eat-in kitchen, front porch, and private rear porch with patio garden. The upper apartment has two bedrooms, a living room, eat-in kitchen, workspace, private entrance from the deck, and dedicated laundry. High ceilings, wide-plank floors, wood trim, and Queen Anne-style bay windows add character throughout.
The property is located near The Commons, the library, restaurants, shops, theaters, groceries, parks, trails, and the TCAT bus. The surrounding downtown setting provides walkable access to daily amenities, with nearby routes connecting to destinations outside the area. Interior doors and back stairs offer a path to reestablishing a single-family flow, subject to applicable requirements.
The property is located near The Commons, the library, restaurants, shops, theaters, groceries, parks, trails, and the TCAT bus. The surrounding downtown setting provides walkable access to daily amenities, with nearby routes connecting to destinations outside the area. Interior doors and back stairs offer a path to reestablishing a single-family flow, subject to applicable requirements.
Key Highlights
- Two‑unit duplex configuration with separate entrances and flexible layouts
- Built in 1839 with Queen Anne‑style bay windows, wide‑plank floors, and classic wood trim
- Lower residence includes 3 bedrooms, 2 full baths, porches, and a patio garden
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
$39,418
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
6.80%
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%
$788,360
$788.4K
Cap Rate 7%
$563,114
$563.1K
Cap Rate 9%
$437,978
$438.0K
Market Conditions
NOI Build-Up for 2,978 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
$56.3K $18.91/SF
− OpEx
−$16.9K −$5.67/SF
NOI
$39.4K $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%
$788,360
Cap Rate 7%
$563,114
Cap Rate 9%
$437,978
Alternative Uses
Best Use
Multifamily LT 5
$563.1K
$492.7K – $657.0K
NOI $39,418 @ 7.0% cap · market cap 6.80%
Second Best
Apartment 5plus
$521.8K
$456.6K – $608.8K
NOI $36,529 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$929.3K
$813.1K – $1.08M
NOI $65,049 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,715
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 - Owner-occupied two-unit home with separate entrances, flexible layouts, porches, and walkable access to downtown amenities.
Where is this duplex located?
The property is located at 216 S Geneva Street Ithaca, NY.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: Two‑unit duplex configuration with separate entrances and flexible layouts; Built in 1839 with Queen Anne‑style bay windows, wide‑plank floors, and classic wood trim; Lower residence includes 3 bedrooms, 2 full baths, porches, and a patio garden
