Ithaca Two-Family Investment
9 Sanctuary Drive, Ithaca, NY 14850
MULTI_FAMILY - Other - Ithaca, NY
Property size:
3,597 SFLot size:
0.34 AcresPrice / SF:
$208/SF- Added:
- Mar 12, 2026
- Days on Market:
- 65
- Last Refresh:
- May 15 at 3:06 pm
Property Features for 9 Sanctuary Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Bathrooms
- 7
- Rooms
- Bathroom 5, Bathroom 7, Bedroom 3, Bedroom 5, Bathroom 2, Bedroom 6, Bedroom 1, Bedroom 4, Bathroom 1, Bathroom 6, Bedroom 2, Bathroom 3, Bathroom 4, Basement
- Parking features
- Open
- Window features
- Skylight(s)
- Patio and Porch features
- Deck
- Interior features
- CathedralCeilings, EntranceFoyer, Skylights
- Exterior features
- Deck
- Fireplace
- 1
- Appliances
- ElectricWaterHeater
- Standard status
- Active
- APN
- 503089-073-000-0001-009-005-0000
- Size
- 3,597 SF
- Lot size
- 0.34 Acres
Taxes and HOA fees
- Tax Annual Amount
- 16988
Utilities
- Heating system
- Natural Gas, Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1999
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Varies, Carpet, Tile, Vinyl
- Building materials
- VinylSiding
- Roof type
- Asphalt
- Architectural style
- Other
Listing agent Grace Petrisin License #10401252123 (607) 592-9335
Listing office Warren Real Estate of Ithaca Inc. (Downtown) 140 Seneca Way Suite 200, Ithaca, NY (607) 257-0666
Listing date Mar 12, 2026
MLS# R1665815
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
- Great Location on Major Hwy
- Rustic and Ready
- Various types of businesses will fit
- Over 2 Acres
- Fully furnished with equipment, tables, chairs etc.
- Turn Key Operations
Overview
Located in Ithaca's desirable Northeast neighborhood, this well-maintained two-family property features a 4-bedroom, 3.5-bathroom main residence and a private 2-bedroom apartment. The main house includes vaulted cathedral ceilings, an open layout, a large kitchen with abundant counter space, a formal dining room, a mudroom, and a full, private basement with finishing potential. The primary suite features an ensuite bath and private deck. The 2-bedroom apartment, situated at the rear of the property, faces a stream and includes multiple windows, new skylights with remote-controlled blinds, and a two-story vaulted living/dining/kitchen area. It also has 2.5 bathrooms and a private full basement that could be finished. The attached three-car garage is divided with two spaces for the main house and one for the apartment. Both units have their own central air conditioning systems. Recent improvements include a new roof, new furnaces, a new primary shower, and new porch steps. The property, situated on a 0.34-acre lot, offers possibilities for multi-generational living, rental income, or guest accommodations. The property size is 3597 square feet.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$529.0K
NOI $47,611 @ 9.00% cap · cautious / downside scenario
Moderate
$680.2K
NOI $47,611 @ 7.00% cap · market / base-case scenario
Aggressive
$952.2K
NOI $47,611 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $71.2k | $19.80 |
| − Vacancy | −$3.2k | −$0.89 |
| EGI | $68.0k | $18.91 |
| − OpEx | −$20.4k | −$5.67 |
| NOI | $47.6k | $13.24 |
3,597 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$680.2K
$595.1K – $793.5K
NOI $47,611 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$630.3K
$551.5K – $735.4K
NOI $44,122 @ 7.0% cap · market cap 5.88%
Theoretical Best
Office A
$1.12M
$982.1K – $1.31M
NOI $78,570 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Ithaca
- County
- Tompkins
- State
- New York
- Longitude
- -76.452568
- Latitude
- 42.472563
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Well-maintained two-family property in Ithaca's desirable Northeast neighborhood.
Where is this duplex located?
The property is located at 9 Sanctuary Drive Ithaca, NY.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Great Location on Major Hwy; Rustic and Ready; Various types of businesses will fit
