Historic Duplex with Park
502 W Court Street, Ithaca, NY 14850
For Sale
$345,000
Residential, Ithaca, NY
Property Size2,262 SF
Lot Size0.11 Acres
Price / SF$152.52
Days on Market50
Property Features for 502 W Court Street
General Information
Property type
Property subtype
Zoning description
Bedrooms
Bathrooms
Full bathrooms
Rooms
Patio and Porch features
Exterior features
Appliances
Lot features
Elementary school
Elementary school district
Middle school district
High school district
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Water source
Amenities
off-street parking
laundry in both units
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Architectural style
Buildings
Listing Agency:
RE/MAX In Motion · RE/MAX International
(607) 277-1500
Listed By:
Lindsay Hart · License NY #10491209901
(607) 227-5990
Added: Sep 21
Changed: Oct 30
Last Checked: Nov 9 at 8:06PM
MLS# R1716055
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.
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Investment Insights
Based on property information with market context.
Built in 1860, this two-unit residential property offers five bedrooms and three bathrooms across a 0.1125-acre lot. The building includes enclosed porch and porch areas, off-street parking, and laundry facilities serving both units. Construction features frame, stucco, and vinyl siding, with a metal roof, natural-gas hot-water heating, baseboard heat, and public water service.
The property sits directly across from Washington Park and has dual street frontage. The second-floor apartment is tenant-occupied, while the first-floor residence is expected to become available for occupancy. Its location places the property near downtown Ithaca, with a configuration suited to an owner-occupant or a purchaser seeking two residential units.
The property sits directly across from Washington Park and has dual street frontage. The second-floor apartment is tenant-occupied, while the first-floor residence is expected to become available for occupancy. Its location places the property near downtown Ithaca, with a configuration suited to an owner-occupant or a purchaser seeking two residential units.
Key Highlights
- Duplex built in 1860 on a 0.1125‑acre lot
- Five bedrooms and three bathrooms
- Dual street frontage across from Washington Park
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,941
Cap Rate
8.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$598,820
$598.8K
Cap Rate 7%
$427,729
$427.7K
Cap Rate 9%
$332,678
$332.7K
Market Conditions
NOI Build-Up for 2,262 SF
Gross rent
$44.8K $19.80/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$42.8K $18.91/SF
− OpEx
−$12.8K −$5.67/SF
NOI
$29.9K $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%
$598,820
Cap Rate 7%
$427,729
Cap Rate 9%
$332,678
Alternative Uses
Best Use
Multifamily LT 5
$427.7K
$374.3K – $499.0K
NOI $29,941 @ 7.0% cap · market cap 8.68%
Second Best
Apartment 5plus
$396.4K
$346.8K – $462.4K
NOI $27,746 @ 7.0% cap · market cap 8.04%
Theoretical Best
Office A
$705.8K
$617.6K – $823.5K
NOI $49,409 @ 7.0% cap · market cap 14.32%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,754
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
$334,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Duplexes in Ithaca, NY
Properties on Market for Duplexes in Ithaca
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with five bedrooms, three bathrooms, off-street parking, and laundry facilities in each residence.
Where is this duplex located?
The property is located at 502 W Court Street Ithaca, NY.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Duplex built in 1860 on a 0.1125‑acre lot; Five bedrooms and three bathrooms; Dual street frontage across from Washington Park
