Duplex With Private Yard and
For Sale
$485,000
918 Danby Road, Ithaca, NY 14850
Residential, Ithaca, NY
Property Size2,859 SF
Lot Size0.50 Acres
Price / SF$169.64
Days on Market239
Property Features for 918 Danby Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential 2 Unit
Bedrooms
8
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 8, Bedroom 7, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 4, Basement, Bathroom 4, Bathroom 3
Window features
Wood Frames
Patio and Porch features
Patio, Deck
Interior features
SlidingGlassDoors, NaturalWoodwork
Exterior features
Balcony, Deck, Patio, PrivateYard
Fireplace
1
Appliances
GasWaterHeater
Lot features
Irregular Lot, Near Public Transit
Elementary school
South Hill
Middle school
Boynton Middle
High school
Ithaca Senior High
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Directions
From downtown Ithaca, take Route 96B/Danby Road, head south. The house is 1mile on the right. Grey color with burgundy trim.
Subdivision
Ithaca-Town-503089
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
Baseboard, Natural Gas, Hot Water(Heating), Forced Air
Water source
Public
Building Details
Year built
1938
Floors in Building
2
Number of units
2
Flooring type
Varies, Hardwood, Vinyl, Carpet
Building materials
BlownInInsulation, Cedar, FoamInsulation, Stucco, CopperPlumbing, PexPlumbing
Architectural style
Other
Listing Agency:
Keller Williams Realty
(607) 275-5600
Listed By:
Michelle Morusty-Adams · License #40MO1147908
(607) 280-5182
Added: Dec 26, 2025
Changed: Aug 19
Last Checked: Aug 22 at 7:06PM
MLS# R1655430
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.
This duplex at 918 Danby Road includes two residential units, each built for a four-bedroom layout. The property features one two-story 4-bedroom apartment and one 3-story apartment, with units set back from the road and surrounded by open space. Interior details include sliding glass doors and natural woodwork. Heating includes natural gas with hot water (heating) plus baseboard and forced air systems, and there is a gas water heater.
Exterior amenities include a private yard plus a mix of outdoor living spaces with a balcony, deck, and patio. The home also includes a fireplace. Construction features include blown-in insulation, stucco, copper plumbing, and PEX plumbing. Fireplaces are a confirmed interior feature.
Utilities are separately metered with separate electric and natural gas meters for the two units, supporting independent utility management. The property sits on a 0.5-acre lot and was built in 1938, with public water service.
Exterior amenities include a private yard plus a mix of outdoor living spaces with a balcony, deck, and patio. The home also includes a fireplace. Construction features include blown-in insulation, stucco, copper plumbing, and PEX plumbing. Fireplaces are a confirmed interior feature.
Utilities are separately metered with separate electric and natural gas meters for the two units, supporting independent utility management. The property sits on a 0.5-acre lot and was built in 1938, with public water service.
Key Highlights
- Two four‑bedroom units: one two‑story 4‑bedroom apartment and one 3‑story apartment
- 0.5‑acre lot with units set back from the road and open space
- Separate electric and natural gas meters for each unit
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
$37,843
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
7.80%
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%
$756,860
$756.9K
Cap Rate 7%
$540,614
$540.6K
Cap Rate 9%
$420,478
$420.5K
Market Conditions
NOI Build-Up for 2,859 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
$56.6K $19.80/SF
− Vacancy
−$2.5K −$0.89/SF
EGI
$54.1K $18.91/SF
− OpEx
−$16.2K −$5.67/SF
NOI
$37.8K $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%
$756,860
Cap Rate 7%
$540,614
Cap Rate 9%
$420,478
Alternative Uses
Best Use
Multifamily LT 5
$540.6K
$473.0K – $630.7K
NOI $37,843 @ 7.0% cap · market cap 7.80%
Second Best
Apartment 5plus
$501.0K
$438.4K – $584.5K
NOI $35,069 @ 7.0% cap · market cap 7.23%
Theoretical Best
Office A
$892.1K
$780.6K – $1.04M
NOI $62,449 @ 7.0% cap · market cap 12.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
479
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 four-bedroom units are set back from the road with a private yard, fireplace, and separate electric and natural gas meters.
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 $485,000.
What are key features of this property?
This property features: Two four‑bedroom units: one two‑story 4‑bedroom apartment and one 3‑story apartment; 0.5‑acre lot with units set back from the road and open space; Separate electric and natural gas meters for each unit
