Renovated Duplex with Two
For Sale
$529,000
30 Main Street, Freeville, NY 13068
MULTI_FAMILY - Other - Freeville, NY
Property Size2,000 SF
Lot Size0.35 Acres
Price / SF$264.50
Days on Market62
Property Features for 30 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 4, Bathroom 4, Bathroom 3, Bathroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 2, Bedroom 1
Parking features
Garage
Interior features
CeilingFans, CathedralCeilings, NaturalWoodwork, ProgrammableThermostat
Exterior features
PrivateYard
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school
Freeville Elementary
Elementary school district
Dryden
Middle school district
Dryden
High school district
Dryden
Directions
From Ithaca, NY 13 North to Route 366, let to Village of Freeville. House is on the left. From Cortland; NY 13 South to Dryden, Right on Route 38 (Freeville Road) to Main Street (Route 366), left. House is on the right.
Subdivision
Freeville-Village-502403
Standard status
Active
APN
502403-004-000-0002-009-000-0000
Size
2,000 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Annual Amount
4022
Utilities
Heating system
Natural Gas, Hot Water(Heating), Baseboard, Electric (Heating), Zoned
Cooling system
Zoned
Water source
Well
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Building materials
BlownInInsulation, SprayFoamInsulation, WoodSiding, PexPlumbing
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Brent Katzmann · License #10301209565
(607) 280-8353
Added: Jun 26
Changed: Aug 8
Last Checked: Aug 26 at 3:06PM
MLS# R1692845
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 renovated duplex sits on a 0.35-acre lot and combines a vacant, owner-occupant-ready house with an adjacent 1-bedroom apartment. The 1910 home has been extensively updated, including new windows, wall and attic insulation, new drywall throughout, new flooring, new mechanicals, and an updated electric service. The kitchen has new appliances and the home includes two full bathrooms plus an en suite primary and two and a half newly finished bathrooms as part of the renovation scope. A covered front porch leads into the main living spaces, and the property includes a private deep rear yard.
The exterior was fully re-painted, with new roofing on most sides (one section replaced prior to the broader renovation). The home features two garages, one for the apartment and one for the house. Interior systems include zoned heating and cooling, a programmable thermostat, cathedral ceilings, and ceiling fans. Utilities include a well water source and a gas water heater.
Upstairs, the house provides three bedrooms and two full baths, while the adjacent unit is a 1-bedroom apartment suited to help offset housing expenses. The property is located in a sidewalk community near the elementary school and Village amenities, with TCAT service steps away, and is less than 15 minutes from Dryden, Cornell, and Ithaca.
The exterior was fully re-painted, with new roofing on most sides (one section replaced prior to the broader renovation). The home features two garages, one for the apartment and one for the house. Interior systems include zoned heating and cooling, a programmable thermostat, cathedral ceilings, and ceiling fans. Utilities include a well water source and a gas water heater.
Upstairs, the house provides three bedrooms and two full baths, while the adjacent unit is a 1-bedroom apartment suited to help offset housing expenses. The property is located in a sidewalk community near the elementary school and Village amenities, with TCAT service steps away, and is less than 15 minutes from Dryden, Cornell, and Ithaca.
Key Highlights
- Renovated duplex on a 0.35‑acre lot
- 1910 home with new windows, insulation, drywall, flooring, mechanicals, and electric service
- Vacant 3‑bedroom main house plus an adjacent 1‑bedroom apartment
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
$26,473
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
5.00%
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%
$529,460
$529.5K
Cap Rate 7%
$378,186
$378.2K
Cap Rate 9%
$294,144
$294.1K
Market Conditions
NOI Build-Up for 2,000 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
$39.6K $19.80/SF
− Vacancy
−$1.8K −$0.89/SF
EGI
$37.8K $18.91/SF
− OpEx
−$11.3K −$5.67/SF
NOI
$26.5K $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%
$529,460
Cap Rate 7%
$378,186
Cap Rate 9%
$294,144
Alternative Uses
Best Use
Multifamily LT 5
$378.2K
$330.9K – $441.2K
NOI $26,473 @ 7.0% cap · market cap 5.00%
Second Best
Apartment 5plus
$350.5K
$306.7K – $408.9K
NOI $24,532 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$624.1K
$546.1K – $728.1K
NOI $43,686 @ 7.0% cap · market cap 8.26%
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
65
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 - Renovated duplex on a 0.35-acre lot with a vacant 3-bedroom main home and an adjacent 1-bedroom apartment.
Where is this duplex located?
The property is located at 30 Main Street Freeville, NY.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Renovated duplex on a 0.35‑acre lot; 1910 home with new windows, insulation, drywall, flooring, mechanicals, and electric service; Vacant 3‑bedroom main house plus an adjacent 1‑bedroom apartment
