Two-Family Duplex with
For Sale
$315,000
Pending
3 Knollwood Drive, Freeville, NY 13068
MULTI_FAMILY - Other - Freeville, NY
Property Size2,232 SF
Lot Size0.69 Acres
Days on Market49
Property Features for 3 Knollwood Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Basement, Bathroom 2, Bedroom 4, Bedroom 1, Bedroom 5, Bedroom 2, Bathroom 1, Bathroom 3, Bedroom 3
Patio and Porch features
Deck
Exterior features
Deck
Appliances
ElectricWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Dryden
Middle school district
Dryden
High school district
Dryden
Directions
From Route 13 take a right onto Knollwood. The house is on the left-hand side of the road.
Subdivision
Dryden-502489
Standard status
Pending
APN
502489-046-000-0001-014-042-0000
Size
2,232 SF
Lot size
0.69 Acres
Taxes and HOA fees
Tax Annual Amount
7032
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Baseboard
Water source
Well
Amenities
deck
storage shed
off-street parking
Building Details
Year built
1979
Floors in Building
1
Number of units
2
Flooring type
Tile, Carpet, Vinyl, Varies
Building materials
VinylSiding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Berkshire Hathaway HomeServices Heritage Realty
(607) 428-0708
Listed By:
Kaitlin Berry · License #10491209803
(607) 745-8767
Added: Jul 15
Changed: Aug 17
Last Checked: Sep 1 at 6:06AM
MLS# S1688924
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 built in 1979, situated on a 0.69-acre lot. The upper unit features three bedrooms, 1.5 bathrooms, a bright living room, formal dining room, spacious kitchen, convenient laundry area, and a generous deck overlooking the large backyard. A garden-level apartment provides a comfortable two-bedroom, one-bath layout, supporting flexible use for rental income, extended family, or guests.
The home includes a storage shed on site. Construction features vinyl siding and a shingle roof. Interior finishes include tile, vinyl, carpet, and varied flooring. Heating is provided by baseboard with electric heating, and the property uses a well water source and septic tank for sewer.
With both a deck and separate unit layouts, the property offers practical everyday living space alongside income flexibility.
The home includes a storage shed on site. Construction features vinyl siding and a shingle roof. Interior finishes include tile, vinyl, carpet, and varied flooring. Heating is provided by baseboard with electric heating, and the property uses a well water source and septic tank for sewer.
With both a deck and separate unit layouts, the property offers practical everyday living space alongside income flexibility.
Key Highlights
- 0.69‑acre lot with a spacious backyard
- Upper unit: 3 bedrooms and 1.5 bathrooms plus deck
- Garden‑level apartment: 2 bedrooms and 1 bathroom
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
$27,378
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
8.69%
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%
$547,560
$547.6K
Cap Rate 7%
$391,114
$391.1K
Cap Rate 9%
$304,200
$304.2K
Market Conditions
NOI Build-Up for 2,232 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
$52.0K $23.28/SF
− Vacancy
−$2.2K −$0.98/SF
EGI
$49.8K $22.30/SF
− OpEx
−$22.4K −$10.04/SF
NOI
$27.4K $12.27/SF
Area
Tompkins County, NY
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$547,560
Cap Rate 7%
$391,114
Cap Rate 9%
$304,200
Alternative Uses
Best Use
Multifamily LT 5
$422.0K
$369.3K – $492.4K
NOI $29,543 @ 7.0% cap · market cap 9.38%
Second Best
Apartment 5plus
$391.1K
$342.2K – $456.3K
NOI $27,378 @ 7.0% cap · market cap 8.69%
Theoretical Best
Office A
$696.5K
$609.4K – $812.6K
NOI $48,754 @ 7.0% cap · market cap 15.48%
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
23
Businesses Nearby
Explore this area
Business Placement
Demographics for 13068, NY
5,189
Population
2,165
Households
2.4
Avg Household Size
41
Median Age
40%
College-Educated
97%
High-School Grad
50.6 sq mi
ZIP Area
103
Density / Sq Mi
$79,521
Median Household Income
$45,760
Median Earnings
$1,011
Median Rent
$207,900
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 home with a deck, upper three-bedroom layout, and a garden-level two-bedroom unit.
Where is this duplex located?
The property is located at 3 Knollwood Drive Freeville, NY.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 0.69‑acre lot with a spacious backyard; Upper unit: 3 bedrooms and 1.5 bathrooms plus deck; Garden‑level apartment: 2 bedrooms and 1 bathroom
