Fully Renovated Duplex with In-Unit
For Sale
$535,000
Pending
702 Hudson Street, Ithaca, NY 14850
MULTI_FAMILY - Other - Ithaca, NY
Property Size3,590 SF
Lot Size0.19 Acres
Days on Market428
Property Features for 702 Hudson Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential 2 Unit
Bedrooms
9
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 9, Bedroom 3, Bathroom 2, Bathroom 5, Bedroom 6, Bedroom 7, Bedroom 4, Bedroom 1, Bathroom 3, Bathroom 4, Bathroom 1, Bedroom 8, Bedroom 5, Bedroom 2
Exterior features
Balcony, Fence
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Corner Lot, Irregular Lot
Elementary school
South Hill
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Directions
North on Hudson past South Hill Elementary, across from Therm.
Subdivision
Ithaca-City-500700
Standard status
Pending
APN
500700-113-000-0006-006-000-0000
Size
3,590 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
17004
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1968
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Varies
Roof type
Rubber, Membrane
Architectural style
Other
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Garrett Venuto · License #10401360100
(607) 592-1762
Added: Jun 11, 2025
Changed: Aug 4
Last Checked: Aug 12 at 2:06PM
MLS# R1613968
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.
A fully renovated duplex on Ithaca’s South Hill offers two furnished units with updated interiors and in-unit laundry. Renovated in 2014, the downstairs unit features three bedrooms and two full bathrooms, while the upstairs unit offers six bedrooms and two full bathrooms. Both units include stainless steel appliances, granite countertops, custom tiled bathrooms, oversized bedrooms with ample closet space, and an in-unit washer and dryer.
The property sits on a 0.1859-acre lot and includes 3,590 square feet of space. Built in 1968, it is served by public water and heated with forced air natural gas. Exterior features include a balcony and fenced areas.
Additional details include vinyl flooring (varies by area) and a rubber/membrane roof system. The location supports both student housing and primary residences, with the back entrance to Ithaca College down the street and the South Hill Recreation Trail a short walk away. A nearby bus stop provides access to downtown Ithaca, Cornell University, and local amenities.
The property sits on a 0.1859-acre lot and includes 3,590 square feet of space. Built in 1968, it is served by public water and heated with forced air natural gas. Exterior features include a balcony and fenced areas.
Additional details include vinyl flooring (varies by area) and a rubber/membrane roof system. The location supports both student housing and primary residences, with the back entrance to Ithaca College down the street and the South Hill Recreation Trail a short walk away. A nearby bus stop provides access to downtown Ithaca, Cornell University, and local amenities.
Key Highlights
- Fully renovated duplex completed in 2014
- Downstairs unit: 3 bedrooms and 2 full bathrooms
- Upstairs unit: 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
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully renovated South Hill duplex with furnished units, in-unit washer and dryer, and updated stainless steel appliances.
Where is this duplex located?
The property is located at 702 Hudson Street 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: Fully renovated duplex completed in 2014; Downstairs unit: 3 bedrooms and 2 full bathrooms; Upstairs unit: 6 bedrooms and 2 full bathrooms
