Duplex with Separate Three-Bedroom
For Sale
$398,000
225 Snyder Hill Road, Ithaca, NY 14580
Residential, Ithaca, NY
Property Size2,241 SF
Price / SF$177.60
Days on Market71
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
Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 5, Basement, Bathroom 1, Bedroom 3, 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
Baseboard, Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
deck
carport
Building Details
Year built
1970
Floors in Building
2
Number of units
2
Flooring type
Varies, Vinyl, Carpet
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: Sep 16
Last Checked: Oct 1 at 9:06PM
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.
This 2,241-square-foot duplex contains two separate three-bedroom residences, with one unit on the main level and the other below. The property includes updated kitchens, replacement windows, a new roof installed in 2026, separate electric meters, public water, natural-gas hot-water and baseboard heating, and a gas water heater. Aluminum siding, copper plumbing, and a shingle roof are also in place.
Located at 225 Snyder Hill Road in Ithaca, the property has access to the TCAT bus line and is near Cornell University, town parks, walking and hiking trails, and the East Hill Recreation Way. The site includes off-street parking, a carport, a private rear deck, and a large yard with room for gardening, outdoor use, and pets. A basement and multiple bathrooms add functional support for the two-unit configuration.
Located at 225 Snyder Hill Road in Ithaca, the property has access to the TCAT bus line and is near Cornell University, town parks, walking and hiking trails, and the East Hill Recreation Way. The site includes off-street parking, a carport, a private rear deck, and a large yard with room for gardening, outdoor use, and pets. A basement and multiple bathrooms add functional support for the two-unit configuration.
Key Highlights
- Two separate three‑bedroom units within a 2,241‑square‑foot duplex
- New roof installed in 2026, plus replacement windows and updated kitchens
- Separate electric meters and public water service
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
$20,890
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
5.25%
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%
$417,800
$417.8K
Cap Rate 7%
$298,429
$298.4K
Cap Rate 9%
$232,111
$232.1K
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
$30.9K $13.80/SF
− Vacancy
−$1.1K −$0.48/SF
EGI
$29.8K $13.32/SF
− OpEx
−$9.0K −$4.00/SF
NOI
$20.9K $9.32/SF
Area
Monroe County, NY
Vacancy
3.50%
Lease Rate
$13.80 /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%
$417,800
Cap Rate 7%
$298,429
Cap Rate 9%
$232,111
Alternative Uses
Best Use
Multifamily LT 5
$298.4K
$261.1K – $348.2K
NOI $20,890 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$269.6K
$235.9K – $314.5K
NOI $18,869 @ 7.0% cap · market cap 4.74%
Theoretical Best
Specialty Retail
$430.2K
$376.4K – $501.9K
NOI $30,114 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
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
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-level income property with updated kitchens, off-street parking, and convenient access to Cornell University and public transportation.
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: Two separate three‑bedroom units within a 2,241‑square‑foot duplex; New roof installed in 2026, plus replacement windows and updated kitchens; Separate electric meters and public water service
