Two-Unit Duplex with Shared
For Sale
$320,000
536 Spencer Road, Ithaca, NY 14850
Separate upper- and lower-level apartments offer varied bedroom layouts, shared parking, and a large yard.
Property Size2,268 SF
Price / SF$141.09
Days on Market56
Property Features for 536 Spencer Road
General Information
Standard status
Active
Size
2,268 SF
Property subtype
Multi Family Home
Occupancy
100%
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,877
Amenities
large yard
shared parking area
shared laundry facilities
Building Details
Building Size
2,268 SF
Year Built
1920
Stories
1
Units
2
Listing Agency:
Howard Hanna S Tier Inc
(607) 257-0800
Listed By:
Trisha Shore
(607) 592-7283
Source:
Gentryrealtyproperties
Added: Sep 3
Changed: Oct 25
Last Checked: Oct 26 at 3:59AM
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
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Investment Insights
Based on property information with market context.
This 2,268-square-foot duplex, built in 1920, contains two apartments. The upper unit has three bedrooms and one full bath; the lower unit has one bedroom and one full bath and has been updated. Shared laundry and parking serve both apartments, and the property includes a large yard. The property is fully rented.
Located on Spencer Road in Ithaca, the duplex has access to bus routes and is near downtown Ithaca and the colleges. The lower apartment has entry-level access.
Located on Spencer Road in Ithaca, the duplex has access to bus routes and is near downtown Ithaca and the colleges. The lower apartment has entry-level access.
Key Highlights
- Two‑unit duplex with 2,268 square feet
- Upper apartment: 3 bedrooms and 1 full bath
- Updated lower apartment: 1 bedroom and 1 full bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,820
Cap Rate
8.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$556,400
$556.4K
Cap Rate 7%
$397,429
$397.4K
Cap Rate 9%
$309,111
$309.1K
Market Conditions
NOI Build-Up for 2,268 SF
Gross rent
$52.8K $23.28/SF
− Vacancy
−$2.2K −$0.98/SF
EGI
$50.6K $22.30/SF
− OpEx
−$22.8K −$10.04/SF
NOI
$27.8K $12.27/SF
Area
Tompkins County, NY
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$556,400
Cap Rate 7%
$397,429
Cap Rate 9%
$309,111
Alternative Uses
Best Use
Multifamily LT 5
$428.9K
$375.3K – $500.3K
NOI $30,020 @ 7.0% cap · market cap 9.38%
Second Best
Apartment 5plus
$397.4K
$347.8K – $463.7K
NOI $27,820 @ 7.0% cap · market cap 8.69%
Theoretical Best
Office A
$707.7K
$619.3K – $825.7K
NOI $49,540 @ 7.0% cap · market cap 15.48%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
604
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
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Separate upper- and lower-level apartments offer varied bedroom layouts, shared parking, and a large yard.
Where is this duplex located?
The property is located at 536 Spencer Road Ithaca, NY.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,268 square feet; Upper apartment: 3 bedrooms and 1 full bath; Updated lower apartment: 1 bedroom and 1 full bath
