Two-Unit Duplex with Private
For Sale
$425,000
320 N Geneva Street, Ithaca, NY 14850
Residential 2 Unit zoning supports a main-level residence and an upper-level income apartment.
Property Size2,112 SF
Days on Market43
Property Features for 320 N Geneva Street
General Information
Standard status
Active
Size
2,112 SF
Property subtype
Multi Family Home
Zoning
Residential 2 Unit
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,711
Amenities
hard wood floors and carpeting
side porch
large bedrooms
high ceilings
private back yard with flagstone stone patio
Building Details
Building Size
2,112 SF
Year Built
1880
Stories
2
Units
2
Listing Agency:
James Orcutt Real Estate
(607) 592-7694
Listed By:
James Orcutt, Jr.
(607) 592-7694
Source:
Wcirealty
Added: Jul 11
Changed: Aug 22
Last Checked: Aug 22 at 4:03AM
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 James Orcutt Real Estate
Investment Insights
Based on property information with market context.
This 1880 duplex contains two separately configured residences, with one occupying the main level and the other on the upper level. Each unit includes two bedrooms and one bathroom. Interior features include hardwood flooring, carpeting, high ceilings, and generously sized bedrooms. A side porch and private rear yard with a flagstone patio add outdoor space to the property.
Located at 320 N Geneva Street in Ithaca, the home is near the Ithaca Commons. The current owners have used the property as a rental, while the existing layout also accommodates owner occupancy with an accessory income apartment. Residential 2 Unit zoning is in place.
Located at 320 N Geneva Street in Ithaca, the home is near the Ithaca Commons. The current owners have used the property as a rental, while the existing layout also accommodates owner occupancy with an accessory income apartment. Residential 2 Unit zoning is in place.
Key Highlights
- Two residences, each with 2 bedrooms and 1 bathroom
- Residential 2 Unit zoning
- Built in 1880
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
$27,955
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
6.58%
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%
$559,100
$559.1K
Cap Rate 7%
$399,357
$399.4K
Cap Rate 9%
$310,611
$310.6K
Market Conditions
NOI Build-Up for 2,112 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
$41.8K $19.80/SF
− Vacancy
−$1.9K −$0.89/SF
EGI
$39.9K $18.91/SF
− OpEx
−$12.0K −$5.67/SF
NOI
$28.0K $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%
$559,100
Cap Rate 7%
$399,357
Cap Rate 9%
$310,611
Alternative Uses
Best Use
Multifamily LT 5
$399.4K
$349.4K – $465.9K
NOI $27,955 @ 7.0% cap · market cap 6.58%
Second Best
Apartment 5plus
$370.1K
$323.8K – $431.8K
NOI $25,906 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$659.0K
$576.7K – $768.9K
NOI $46,133 @ 7.0% cap · market cap 10.85%
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
2,702
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 - Residential 2 Unit zoning supports a main-level residence and an upper-level income apartment.
Where is this duplex located?
The property is located at 320 N Geneva Street Ithaca, NY.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two residences, each with 2 bedrooms and 1 bathroom; Residential 2 Unit zoning; Built in 1880
