Duplex with Outdoor
For Sale
$469,900
316 Center Street, Ithaca, NY 14850
Two apartments offer separate layouts, with private outdoor features and several recent building improvements.
Property Size2,384 SF
Days on Market10
Property Features for 316 Center Street
General Information
Standard status
Active
Size
2,384 SF
Property subtype
Multi Family
Units
Unit Mix
3BR/1BA, 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,232
Amenities
pool
deck
covered front porch
in-unit laundry
fenced yard
Building Details
Building Size
2,384 SF
Year Built
1880
Listing Agency:
Tompkins Cortland Real Estate
Listed By:
Kristopher Buchan · License #10371200368
(607) 898-3456
Source:
Griffith-realty
Added: Oct 20
Changed: Oct 27
Last Checked: Oct 28 at 3:41PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Tompkins Cortland Real Estate
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Investment Insights
Based on property information with market context.
This two-unit duplex in Ithaca has a three-bedroom, one-bath apartment on the first floor and a two-bedroom, one-bath apartment upstairs. The lower unit includes a kitchen, living room, in-unit laundry and rear deck; the upper unit has a covered front porch. A pool and fenced front and back yards add outdoor features to the property. Built in 1880, the building has vinyl siding, replacement windows and a newer roof with a warranty through 2067.
Located in downtown Ithaca, the property combines two distinct apartment layouts with updated exterior components and outdoor areas.
Located in downtown Ithaca, the property combines two distinct apartment layouts with updated exterior components and outdoor areas.
Key Highlights
- Two apartments: one with 3 bedrooms and 1 bathroom, and one with 2 bedrooms and 1 bathroom
- Pool, rear deck, covered front porch, and fenced front and back yards
- Newer roof with a warranty through 2067
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,555
Cap Rate
6.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$631,100
$631.1K
Cap Rate 7%
$450,786
$450.8K
Cap Rate 9%
$350,611
$350.6K
Market Conditions
NOI Build-Up for 2,384 SF
Gross rent
$47.2K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$45.1K $18.91/SF
− OpEx
−$13.5K −$5.67/SF
NOI
$31.6K $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 Rate 5%
$631,100
Cap Rate 7%
$450,786
Cap Rate 9%
$350,611
Alternative Uses
Best Use
Multifamily LT 5
$450.8K
$394.4K – $525.9K
NOI $31,555 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$417.8K
$365.5K – $487.4K
NOI $29,243 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$743.9K
$650.9K – $867.9K
NOI $52,074 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,680
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two apartments offer separate layouts, with private outdoor features and several recent building improvements.
Where is this duplex located?
The property is located at 316 Center Street Ithaca, NY.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Two apartments: one with 3 bedrooms and 1 bathroom, and one with 2 bedrooms and 1 bathroom; Pool, rear deck, covered front porch, and fenced front and back yards; Newer roof with a warranty through 2067
