Two-Unit Duplex with
For Sale
$315,000
609 Spencer Road, Ithaca, NY 14850
Both residences have private laundry, and the roof was replaced approximately two years ago.
Property Size1,920 SF
Price / SF$164.06
Days on Market56
Property Features for 609 Spencer Road
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Multi Family Home
Occupancy
100%
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$9,038
Amenities
in-unit laundry
balcony
Building Details
Building Size
1,920 SF
Year Built
1986
Buildings
1
Stories
2
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 26
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 1,920-square-foot duplex, built in 1986, contains two residences: a lower-level unit with 2 bedrooms and 1 full bath, and an upper unit with 3 bedrooms and 1 full bath. The upper residence also has a balcony, and each unit includes its own laundry. The property is fully rented, and the roof was replaced approximately two years ago.
At 609 Spencer Road, the duplex has access to bus routes and is near downtown Ithaca and the Colleges. The property may also be purchased as part of a bundle with 536 Spencer Rd, MLS R1709839.
At 609 Spencer Road, the duplex has access to bus routes and is near downtown Ithaca and the Colleges. The property may also be purchased as part of a bundle with 536 Spencer Rd, MLS R1709839.
Key Highlights
- Fully rented duplex with 1,920 square feet
- Lower unit: 2 bedrooms and 1 full bath; upper unit: 3 bedrooms and 1 full bath
- Private laundry in both units; upper residence includes a balcony
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,414
Cap Rate
8.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$508,280
$508.3K
Cap Rate 7%
$363,057
$363.1K
Cap Rate 9%
$282,378
$282.4K
Market Conditions
NOI Build-Up for 1,920 SF
Gross rent
$38.0K $19.80/SF
− Vacancy
−$1.7K −$0.89/SF
EGI
$36.3K $18.91/SF
− OpEx
−$10.9K −$5.67/SF
NOI
$25.4K $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%
$508,280
Cap Rate 7%
$363,057
Cap Rate 9%
$282,378
Alternative Uses
Best Use
Multifamily LT 5
$363.1K
$317.7K – $423.6K
NOI $25,414 @ 7.0% cap · market cap 8.07%
Second Best
Apartment 5plus
$336.4K
$294.4K – $392.5K
NOI $23,551 @ 7.0% cap · market cap 7.48%
Theoretical Best
Office A
$599.1K
$524.2K – $699.0K
NOI $41,939 @ 7.0% cap · market cap 13.31%
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
423
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
Frequently Asked Questions
What type of property is this?
Duplex - Both residences have private laundry, and the roof was replaced approximately two years ago.
Where is this duplex located?
The property is located at 609 Spencer Road Ithaca, NY.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Fully rented duplex with 1,920 square feet; Lower unit: 2 bedrooms and 1 full bath; upper unit: 3 bedrooms and 1 full bath; Private laundry in both units; upper residence includes a balcony
