Two-Family Duplex with Separate Electric
For Sale
$398,000
225 Snyder Hill Road, Ithaca, NY 14580
MULTI_FAMILY - Ithaca, NY
Property Size2,241 SF
Price / SF$177.60
Days on Market47
Property Features for 225 Snyder Hill Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 5, Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 1, Bedroom 4, Basement, Bedroom 6
Interior features
CeilingFans
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot
Elementary school
Caroline Elementary
Middle school
Dewitt Middle
High school
Ithaca Senior High
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Subdivision
Ithaca-Town-503089
Standard status
Active
APN
57.-1-8.68
Size
2,241 SF
Taxes and HOA fees
Tax Annual Amount
7844
Utilities
Heating system
Hot Water(Heating), Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1970
Floors in Building
2
Number of units
2
Flooring type
Carpet, Varies, Vinyl
Building materials
AluminumSiding, BlownInInsulation, Frame, CopperPlumbing
Roof type
Shingle
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Steven Saggese · License #30SA0532613
(607) 280-4350
Added: Jul 23
Changed: Aug 4
Last Checked: Sep 7 at 4:06AM
MLS# R1701072
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.
Well-maintained two-family duplex offering flexibility for owner-occupants and investors. The main level features a spacious three-bedroom unit, and the lower level provides a separate three-bedroom apartment. The home includes improvements such as a brand-new roof in 2026, replacement windows, and updated kitchens. Interior features include ceiling fans, and utilities include municipal services with public water. Construction includes aluminum siding, blown-in insulation, frame construction, and copper plumbing.
Additional conveniences include separate electric meters, ample off-street parking with a carport, and a generously sized yard. A private rear deck overlooks the backyard and adjoining woods. The property also offers direct access to the TCAT bus line and proximity to town parks, walking and hiking trails, and the East Hill Recreation Way that leads toward Cornell campus.
Built in 1970, the home totals 2,241 square feet and sits in a quiet residential neighborhood just off the edge of Cornell University.
Additional conveniences include separate electric meters, ample off-street parking with a carport, and a generously sized yard. A private rear deck overlooks the backyard and adjoining woods. The property also offers direct access to the TCAT bus line and proximity to town parks, walking and hiking trails, and the East Hill Recreation Way that leads toward Cornell campus.
Built in 1970, the home totals 2,241 square feet and sits in a quiet residential neighborhood just off the edge of Cornell University.
Key Highlights
- Separate electric meters for each unit
- Two separate three‑bedroom apartments across main and lower levels
- Brand‑new roof completed in 2026
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
$29,663
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
7.45%
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%
$593,260
$593.3K
Cap Rate 7%
$423,757
$423.8K
Cap Rate 9%
$329,589
$329.6K
Market Conditions
NOI Build-Up for 2,241 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
$44.4K $19.80/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$42.4K $18.91/SF
− OpEx
−$12.7K −$5.67/SF
NOI
$29.7K $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%
$593,260
Cap Rate 7%
$423,757
Cap Rate 9%
$329,589
Alternative Uses
Best Use
Multifamily LT 5
$423.8K
$370.8K – $494.4K
NOI $29,663 @ 7.0% cap · market cap 7.45%
Second Best
Apartment 5plus
$392.7K
$343.6K – $458.2K
NOI $27,489 @ 7.0% cap · market cap 6.91%
Theoretical Best
Office A
$699.3K
$611.9K – $815.8K
NOI $48,950 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
Explore this area
Business Placement
Demographics for 14580, NY
54,148
Population
24,355
Households
2.2
Avg Household Size
46
Median Age
45%
College-Educated
96%
High-School Grad
42.6 sq mi
ZIP Area
1,271
Density / Sq Mi
$95,499
Median Household Income
$58,150
Median Earnings
$1,387
Median Rent
$253,000
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 - Well-maintained two-family duplex with separate electric meters, updated kitchens, and ample off-street parking with carport.
Where is this duplex located?
The property is located at 225 Snyder Hill Road Ithaca, NY.
What is the asking price?
The asking price for this property is $398,000.
What are key features of this property?
This property features: Separate electric meters for each unit; Two separate three‑bedroom apartments across main and lower levels; Brand‑new roof completed in 2026
