Duplex with Two Street
For Sale
$625,000
616 N Cayuga Street, Ithaca, NY 14850
MULTI_FAMILY - Other - Ithaca, NY
Property Size3,940 SF
Price / SF$158.63
Days on Market61
Property Features for 616 N Cayuga Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 2, Bedroom 4, Bathroom 3, Bedroom 8, Basement, Bathroom 2, Bathroom 1, Bedroom 3, Bathroom 4, Bedroom 1, Bedroom 7, Bedroom 6, Bedroom 5
Parking features
Driveway, On Street
Patio and Porch features
Porch
Interior features
Attic, CathedralCeilings, ProgrammableThermostat
Appliances
GasWaterHeater
Lot features
Corner Lot, Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school
Fall Creek Elementary
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Subdivision
Ithaca-City-500700
Standard status
Active
APN
500700-034-000-0008-007-000-0000
Size
3,940 SF
Taxes and HOA fees
Tax Annual Amount
17190
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Vinyl, Varies
Building materials
BlownInInsulation, SprayFoamInsulation, VinylSiding, CopperPlumbing, PexPlumbing
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Jill Rosentel · License #10301201202
(607) 280-2491
Added: Jun 15
Changed: Aug 4
Last Checked: Aug 14 at 9:06AM
MLS# R1688656
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.
This duplex offers a well-maintained layout with two separate entries from different streets. The home has 6 bedrooms and 3.5 bathrooms, with each unit featuring a main-floor bedroom set, a large living room and dining area open to the kitchen, and three large bedrooms upstairs with a full bath. An additional large finished attic provides extra flexible space for a family room, recreation area, office, or artist studio.
The dry basement is fully insulated and includes washer and dryer plus walk-up access to the outside. The home features forced-air natural gas heat, asphalt roofing, and vinyl replacement windows. Construction includes blown-in insulation and spray foam insulation, along with vinyl siding, copper plumbing, and PEX plumbing. Each unit has separate utilities and front porches, and there is on-street parking available.
Additional interiors include programmable thermostats, cathedral ceilings, and an attic. Public water serves the property.
The dry basement is fully insulated and includes washer and dryer plus walk-up access to the outside. The home features forced-air natural gas heat, asphalt roofing, and vinyl replacement windows. Construction includes blown-in insulation and spray foam insulation, along with vinyl siding, copper plumbing, and PEX plumbing. Each unit has separate utilities and front porches, and there is on-street parking available.
Additional interiors include programmable thermostats, cathedral ceilings, and an attic. Public water serves the property.
Key Highlights
- Two street‑front doors for separate access
- 6 bedrooms and 3.5 bathrooms across the duplex layout
- Dry, fully insulated basement with washer and dryer and walk‑up 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
$52,151
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
8.34%
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%
$1,043,020
$1.0M
Cap Rate 7%
$745,014
$745.0K
Cap Rate 9%
$579,456
$579.5K
Market Conditions
NOI Build-Up for 3,940 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
$78.0K $19.80/SF
− Vacancy
−$3.5K −$0.89/SF
EGI
$74.5K $18.91/SF
− OpEx
−$22.4K −$5.67/SF
NOI
$52.2K $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%
$1,043,020
Cap Rate 7%
$745,014
Cap Rate 9%
$579,456
Alternative Uses
Best Use
Multifamily LT 5
$745.0K
$651.9K – $869.2K
NOI $52,151 @ 7.0% cap · market cap 8.34%
Second Best
Apartment 5plus
$690.4K
$604.1K – $805.5K
NOI $48,329 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$1.23M
$1.08M – $1.43M
NOI $86,062 @ 7.0% cap · market cap 13.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,377
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 - Duplex built in 1890 featuring two street-front doors, separate utilities, and a finished attic space.
Where is this duplex located?
The property is located at 616 N Cayuga Street Ithaca, NY.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two street‑front doors for separate access; 6 bedrooms and 3.5 bathrooms across the duplex layout; Dry, fully insulated basement with washer and dryer and walk‑up access
