Historic Duplex with Park
New
For Sale
$345,000
502 W Court Street, Ithaca, NY 14850
Residential, Ithaca, NY
Property Size2,262 SF
Lot Size0.11 Acres
Price / SF$152.52
Days on Market2
Property Features for 502 W Court Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential 2 Unit
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 5
Patio and Porch features
Porch
Exterior features
EnclosedPorch, Porch
Appliances
ElectricWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school
Beverly J Martin Elementary
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Subdivision
Ithaca-City-500700
Standard status
Active
APN
51.-5-8
Size
2,262 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
8872
Utilities
Heating system
Baseboard, Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
laundry available in both units
Building Details
Year built
1860
Floors in Building
2
Number of units
2
Flooring type
Carpet, Laminate, Varies
Building materials
Frame, Stucco, VinylSiding
Roof type
Metal
Architectural style
Other
Listing Agency:
RE/MAX In Motion · RE/MAX International
(607) 277-1500
Listed By:
Lindsay Hart · License #10491209901
(607) 227-5990
Added: Sep 21
Last Checked: Sep 22 at 1:06PM
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.
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 = 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
$29,941
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
8.68%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - 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
