Bi-Level Duplex with Fenced
For Sale
$430,000
527 Warren Road, Ithaca, NY 14850
Leased duplex with separate lower-level entrance, laundry, and garage access.
Property Size2,086 SF
Days on Market116
Property Features for 527 Warren Road
General Information
Standard status
Active
Size
2,086 SF
Property subtype
Multi Family Home
Zoning
Residential Multi Use
Occupancy
100%
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,744
Amenities
private deck
fenced yard
separate entrance
laundry
garage
Building Details
Building Size
2,086 SF
Year Built
1969
Buildings
1
Stories
2
Units
2
Listing Agency:
Howard Hanna S Tier Inc
(607) 244-4814
Listed By:
Ellen Morris-Knower
(607) 244-4814
Source:
Wcirealty
Added: May 7
Changed: Aug 30
Last Checked: Aug 30 at 3:26AM
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 Howard Hanna S Tier Inc
Investment Insights
Based on property information with market context.
Built in 1969, this bi-level duplex provides a five-bedroom, two-bathroom layout with distinct upper and lower living areas. The upper level includes three bedrooms, one bathroom, a living-dining room with cherry hardwood floors, and access to a private deck and fenced yard. The lower level adds two bedrooms, one bathroom, a separate entrance, laundry, and use of the garage.
The property is fully leased through May 2027 and is zoned Residential Multi Use. It sits one block from schools, near medical facilities, shopping, services, and the airport, with access to the TCAT busline. Cornell is approximately a five-minute drive away.
The property is fully leased through May 2027 and is zoned Residential Multi Use. It sits one block from schools, near medical facilities, shopping, services, and the airport, with access to the TCAT busline. Cornell is approximately a five-minute drive away.
Key Highlights
- Five‑bedroom, two‑bathroom bi‑level duplex
- Fully leased through May 2027
- Upper level features cherry hardwood floors and private deck access
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
$27,611
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
6.42%
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%
$552,220
$552.2K
Cap Rate 7%
$394,443
$394.4K
Cap Rate 9%
$306,789
$306.8K
Market Conditions
NOI Build-Up for 2,086 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
$41.3K $19.80/SF
− Vacancy
−$1.9K −$0.89/SF
EGI
$39.4K $18.91/SF
− OpEx
−$11.8K −$5.67/SF
NOI
$27.6K $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 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%
$552,220
Cap Rate 7%
$394,443
Cap Rate 9%
$306,789
Alternative Uses
Best Use
Multifamily LT 5
$394.4K
$345.1K – $460.2K
NOI $27,611 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$365.5K
$319.8K – $426.5K
NOI $25,587 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$650.9K
$569.6K – $759.4K
NOI $45,565 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
168
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 - Leased duplex with separate lower-level entrance, laundry, and garage access.
Where is this duplex located?
The property is located at 527 Warren Road Ithaca, NY.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Five‑bedroom, two‑bathroom bi‑level duplex; Fully leased through May 2027; Upper level features cherry hardwood floors and private deck access
