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    Ithaca Multifamily Property Near College Title is generated by Realmo AI

    918 Danby Road, Ithaca, NY 14850

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    For Sale
    $495,000

    MULTI_FAMILY - Other - Ithaca, NY

    Property size:
    2,859 SF
    Lot size:
    0.50 Acres
    Price / SF:
    $173/SF
    Added:
    Dec 26, 2025
    Days on Market:
    141
    Last Refresh:
    May 16 at 8:06 am

    Property Features for 918 Danby Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    8
    Bathrooms
    4
    Rooms
    Basement, Bathroom 3, Bedroom 5, Bedroom 1, Bedroom 8, Bathroom 1, Bedroom 2, Bathroom 4, Bedroom 7, Bedroom 4, Bedroom 6, Bedroom 3, Bathroom 2
    Window features
    Wood Frames
    Patio and Porch features
    Patio, Deck
    Interior features
    SlidingGlassDoors, NaturalWoodwork
    Exterior features
    Balcony, Deck, Patio, PrivateYard
    Fireplace
    1
    Appliances
    GasWaterHeater
    Standard status
    Active
    APN
    503089-040-000-0003-007-000-0000
    Size
    2,859 SF
    Lot size
    0.50 Acres

    Taxes and HOA fees

    Tax Annual Amount
    10300

    Utilities

    Heating system
    Natural Gas, Baseboard, Forced Air, Hot Water(Heating)
    Water source
    Public

    Building Details

    Year built
    1938
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Carpet, Hardwood, Vinyl, Varies
    Building materials
    BlownInInsulation, Cedar, FoamInsulation, Stucco, CopperPlumbing, PexPlumbing
    Architectural style
    Other

    We can help!

    Listing Contact
    Michelle Morusty-Adams

    Listing agent Michelle Morusty-Adams License #40MO1147908

    Listing office Keller Williams Realty 602 W State St, Ithaca, NY

    Listing date Dec 26, 2025

    MLS# R1655430 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

    • Prime Location: Walking distance to Ithaca College and 1 mile from downtown Ithaca
    • Two Income‑Generating Units: Features two separate four‑bedroom apartments
    • Separate Utilities: Each unit has separate electric and natural gas meters
    • Outdoor Living: Includes a balcony, deck, patio, and private yard
    • Durable Construction: Built with cedar, stucco, copper plumbing, and Pex plumbing
    • Multiple Heating Systems: Equipped with natural gas, forced air, baseboard, and hot water heating

    Overview

    Located at 918 Danby Road in Ithaca, New York, this two-family property is conveniently situated within walking distance of Ithaca College and approximately one mile from downtown Ithaca. The property features two four-bedroom units set back from the road, providing ample open space. One unit is a two-story apartment, while the other spans three stories. The location offers convenient access to both the college campus and downtown Ithaca. The building has separate electric and natural gas meters. The property size is 2,859 square feet and the lot size is 0.5 acres.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $420.5K
    NOI $37,843 @ 9.00% cap · cautious / downside scenario
    Moderate
    $540.6K
    NOI $37,843 @ 7.00% cap · market / base-case scenario
    Aggressive
    $756.9K
    NOI $37,843 @ 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 $56.6k $19.80
    − Vacancy −$2.5k −$0.89
    EGI $54.1k $18.91
    − OpEx −$16.2k −$5.67
    NOI $37.8k $13.24
    2,859 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $540.6K
    $473.0K – $630.7K (±1% cap)
    NOI $37,843 @ 7.0% cap · market cap 7.65%
    Second Best
    Apartment 5plus
    $501.0K
    $438.4K – $584.5K (±1% cap)
    NOI $35,069 @ 7.0% cap · market cap 7.08%
    Theoretical Best
    Office A
    $892.1K
    $780.6K – $1.04M (±1% cap)
    NOI $62,449 @ 7.0% cap · market cap 12.62%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.499684
    Latitude
    42.426415

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    FAQs

    What type of property is this?
    Duplex - Two-unit multifamily property near Ithaca College and downtown.
    Where is this duplex located?
    The property is located at 918 Danby Road Ithaca, NY.
    What is the asking price?
    The asking price for this property is $495,000.
    What are key features of this property?
    This property features: Prime Location: Walking distance to Ithaca College and 1 mile from downtown Ithaca; Two Income‑Generating Units: Features two separate four‑bedroom apartments; Separate Utilities: Each unit has separate electric and natural gas meters
    (607) 280-5182
    We can help!
    Listing Contact
    Michelle Morusty-Adams
    Real Estate License ID: 40MO1147908
    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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