Wooded Duplex with Separate
For Sale
$719,000
300 Kline Road, Ithaca, NY 14850
Residential, Ithaca, NY
Property Size4,685 SF
Lot Size0.76 Acres
Price / SF$153.47
Days on Market61
Property Features for 300 Kline Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
6
Full bathrooms
4
Half bathrooms
2
Rooms
Bathroom 2, Bathroom 3, Bathroom 6, Basement, Bathroom 5, Bedroom 1, Bedroom 4, Bedroom 7, Bathroom 1, Bathroom 4, Bedroom 5, Bedroom 2, Bedroom 6, Bedroom 3
Fireplace
1
Appliances
ElectricWaterHeater
Lot features
Rectangular, Rectangular Lot, Wooded
Elementary school
Cayuga Heights Elementary
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Subdivision
Cayuga Heights-Village-503001
Standard status
Active
APN
503001-015-000-0001-001-001-0000
Size
4,685 SF
Lot size
0.76 Acres
Taxes and HOA fees
Tax Annual Amount
16262
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
wood burning fireplace
wood stove
screened porch
deck
Building Details
Year built
1986
Floors in Building
2
Number of units
2
Flooring type
Carpet, Varies, Hardwood
Building materials
Frame
Listing Agency:
Keller Williams Realty
(607) 275-5600
Listed By:
Rio Lange · License #10401301832
(607) 275-5600
Added: Jun 25
Changed: Aug 23
Last Checked: Aug 24 at 4:06PM
MLS# R1693766
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 4,685-square-foot duplex, built in 1986, occupies 0.76 acres in a wooded setting near Cayuga Heights. The primary residence features five bedrooms, an open living and dining area, hardwood floors, cathedral ceilings, skylights, extensive windows, and a wood-burning fireplace. A first-floor primary suite includes a private office, while the finished walkout level adds bedrooms, a recreation room, and direct outdoor access.
A separate lower-level apartment has its own entrance and patio, with two bedrooms and a full bath. The arrangement provides seven bedrooms across the property and supports flexible residential use, including multigenerational living or rental occupancy. Outdoor features include a screened porch, open deck, wooded surroundings, and a path leading toward the neighboring cemetery. The property also includes an attached garage connected by a breezeway, storage space, central air, forced-air natural gas heat, and public water.
A separate lower-level apartment has its own entrance and patio, with two bedrooms and a full bath. The arrangement provides seven bedrooms across the property and supports flexible residential use, including multigenerational living or rental occupancy. Outdoor features include a screened porch, open deck, wooded surroundings, and a path leading toward the neighboring cemetery. The property also includes an attached garage connected by a breezeway, storage space, central air, forced-air natural gas heat, and public water.
Key Highlights
- 4,685‑square‑foot duplex on 0.76 acres
- Separate lower‑level apartment with private entrance, patio, two bedrooms, and full bath
- Seven bedrooms across the primary residence and 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
$62,012
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
8.62%
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%
$1,240,240
$1.2M
Cap Rate 7%
$885,886
$885.9K
Cap Rate 9%
$689,022
$689.0K
Market Conditions
NOI Build-Up for 4,685 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
$92.8K $19.80/SF
− Vacancy
−$4.2K −$0.89/SF
EGI
$88.6K $18.91/SF
− OpEx
−$26.6K −$5.67/SF
NOI
$62.0K $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%
$1,240,240
Cap Rate 7%
$885,886
Cap Rate 9%
$689,022
Alternative Uses
Best Use
Multifamily LT 5
$885.9K
$775.2K – $1.03M
NOI $62,012 @ 7.0% cap · market cap 8.62%
Second Best
Apartment 5plus
$821.0K
$718.3K – $957.8K
NOI $57,467 @ 7.0% cap · market cap 7.99%
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,335 @ 7.0% cap · market cap 14.23%
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
416
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 - Versatile two-unit residence with wooded surroundings, flexible living areas, and convenient access to Cornell and downtown Ithaca.
Where is this duplex located?
The property is located at 300 Kline Road Ithaca, NY.
What is the asking price?
The asking price for this property is $719,000.
What are key features of this property?
This property features: 4,685‑square‑foot duplex on 0.76 acres; Separate lower‑level apartment with private entrance, patio, two bedrooms, and full bath; Seven bedrooms across the primary residence and apartment
