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    Turnkey Investment Property Near Ithaca Title is generated by Realmo AI

    675 & 677 Spencer Rd, Candor, NY 13743

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    For Sale
    $351,900

    MULTI_FAMILY - Candor, NY

    Property size:
    5,784 SF
    Lot size:
    2.11 Acres
    Price / SF:
    $60/SF
    Added:
    Mar 19, 2026
    Days on Market:
    65
    Last Refresh:
    May 22 at 9:06 am

    Property Features for 675 & 677 Spencer Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Rooms
    Bedroom 5, Bedroom 1, Bedroom 3, Bedroom 6, Bedroom 4, Basement, Bedroom 2
    Patio and Porch features
    Porch
    Exterior features
    GravelDriveway, PropaneTankOwned
    Appliances
    ElectricCooktop, ElectricWaterHeater, PropaneWaterHeater, Refrigerator
    Standard status
    Active
    APN
    70.00-1-12.212
    Size
    5,784 SF
    Lot size
    2.11 Acres

    Taxes and HOA fees

    Tax Annual Amount
    9493

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Baseboard, Propane (Heating), Hot Water(Heating), Electric (Heating)
    Water source
    Well

    Building Details

    Year built
    1956
    Floors in Building
    2
    Number of units
    4
    Flooring type
    Laminate, Varies, Hardwood, Tile, Vinyl, Carpet
    Building materials
    VinylSiding
    Roof type
    Metal

    We can help!

    Listing Contact
    Suzanne Powers

    Listing agent Suzanne Powers License #10401300020

    Listing office RE/MAX In Motion 412 E Upland Rd, Ithaca, NY

    Listing date Mar 19, 2026

    MLS# R1668020 Listing URL

    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.

    HighLights

    • Turnkey, income‑producing property generating over $54,000 annually.
    • Includes a two‑story building with four apartments and two single‑wide trailers, all currently fully rented.
    • Located on 2.11 acres with potential for future development.
    • Well‑maintained and updated property.
    • Each apartment has covered porch space and dedicated parking.
    • Convenient utility room/garage for storage of maintenance equipment.

    Overview

    This income-producing property is located just 20 minutes outside of Ithaca. Situated on 2.11 acres, the property features a two-story building with four apartments, plus two single-wide trailers. The main house includes four rental units, each with covered porch space and dedicated parking. The property has been updated and maintained. A utility room/garage provides storage for maintenance equipment and supplies. Located behind the main building, the two single-wide trailers have also been updated and are fully rented. Currently fully occupied, the property generates over $54,000 annually. The expansive rear portion of the lot offers opportunity for future development, such as adding storage units, additional rental units, or other income-producing structures, with appropriate approvals. The property is 5784 square feet and is located in Candor, NY.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mobile home & RV ...

    Map

    City
    Candor
    County
    Tioga
    State
    New York
    Longitude
    -76.401603
    Latitude
    42.222129

    FAQs

    What type of property is this?
    Apartment building - Income-producing property with apartments and trailers on 2.11 acres.
    Where is this apartment building located?
    The property is located at 675 & 677 Spencer Rd Candor, NY.
    What is the asking price?
    The asking price for this property is $351,900.
    What are key features of this property?
    This property features: Turnkey, income‑producing property generating over $54,000 annually.; Includes a two‑story building with four apartments and two single‑wide trailers, all currently fully rented.; Located on 2.11 acres with potential for future development.
    (607) 277-1500
    We can help!
    Listing Contact
    Suzanne Powers
    Real Estate License ID: 10401300020
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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