Renovated Furnished
For Sale
$535,000
Pending
702 Hudson St, Ithaca, NY 14850
Two furnished units feature updated finishes, generous bedrooms, and layouts suited to student or traditional residential occupancy.
Property Size3,590 SF
Days on Market561
Property Features for 702 Hudson St
General Information
Standard status
Pending
Size
3,590 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 6BR/2BA
Multifamily Units
2
Additional Details
Furnished
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$17,004
Amenities
Gas
No Basement
3
Vinyl
Internet Connection
Membrane, Rubber
Other, Full, Partial
Balcony
Corner Lot. Fenced Yard.
1 Garage Spaces. Gravel.
Other
Irregular
130X62
Trash Collection. Corner, Irregular.
Building Details
Year Built
1968
Year Renovated
2014
Buildings
1
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 592-1762
Listed By:
Garrett Venuto · License #10401360100
(607) 592-1762
Source:
Xome
Added: Feb 15, 2025
Changed: Aug 29
Last Checked: Aug 30 at 3:11PM
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 Warren Real Estate of Ithaca Inc.
Investment Insights
Based on property information with market context.
This 3,590-square-foot duplex in Ithaca’s South Hill area was renovated in 2014 and includes two furnished residences. The lower unit has 3 bedrooms and 2 full bathrooms, while the upper unit contains 6 bedrooms and 2 full bathrooms. Both feature stainless steel appliances, granite countertops, custom-tiled bathrooms, in-unit washers and dryers, oversized bedrooms, and ample closet space. The property also includes a balcony, fenced yard, no basement, and 1 garage space with gravel parking.
The residence is down the street from the back entrance to Ithaca College and within walking distance of the South Hill Recreation Trail. A nearby bus stop connects with downtown Ithaca, Cornell University, and local amenities. The surrounding area includes both student housing and primary residences, supporting the property’s stated use as an owner-occupant residence with rental income from the second unit or as part of a student housing portfolio.
The residence is down the street from the back entrance to Ithaca College and within walking distance of the South Hill Recreation Trail. A nearby bus stop connects with downtown Ithaca, Cornell University, and local amenities. The surrounding area includes both student housing and primary residences, supporting the property’s stated use as an owner-occupant residence with rental income from the second unit or as part of a student housing portfolio.
Key Highlights
- Two‑unit duplex with 3,590 square feet of property size
- Lower unit has 3 bedrooms and 2 full bathrooms
- Upper unit offers 6 bedrooms and 2 full bathrooms
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
$47,518
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
8.88%
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%
$950,360
$950.4K
Cap Rate 7%
$678,829
$678.8K
Cap Rate 9%
$527,978
$528.0K
Market Conditions
NOI Build-Up for 3,590 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
$71.1K $19.80/SF
− Vacancy
−$3.2K −$0.89/SF
EGI
$67.9K $18.91/SF
− OpEx
−$20.4K −$5.67/SF
NOI
$47.5K $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%
$950,360
Cap Rate 7%
$678,829
Cap Rate 9%
$527,978
Alternative Uses
Best Use
Multifamily LT 5
$678.8K
$594.0K – $792.0K
NOI $47,518 @ 7.0% cap · market cap 8.88%
Second Best
Apartment 5plus
$629.1K
$550.5K – $733.9K
NOI $44,036 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$1.12M
$980.2K – $1.31M
NOI $78,417 @ 7.0% cap · market cap 14.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
571
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 - Two furnished units feature updated finishes, generous bedrooms, and layouts suited to student or traditional residential occupancy.
Where is this duplex located?
The property is located at 702 Hudson St Ithaca, NY.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Two‑unit duplex with 3,590 square feet of property size; Lower unit has 3 bedrooms and 2 full bathrooms; Upper unit offers 6 bedrooms and 2 full bathrooms
